Thanks to all respondents to the CPHR Alberta poll on your organization’s employee retention strategies – the results are in and suggest that employee retention is a priority for a majority of organizations.
Nearly 80% of members participating in the poll indicated that they have an employee retention strategy in place, compared to 18.4% who do not.
Among the strategies in place, the most popular are to offer professional development opportunities (15.8%) or increased salary and bonus compensation (10%). Other strategies selected by participants include offering time off, on the spot recognition, and a ‘better work experience’ which may include food or social clubs, or a ‘secret sauce’ which would be something specific to that organization.
31.6% of respondents indicated that they use a combination of strategies in their employee retention efforts.
Employee retention rates reflect an organization’s ability to get the work done. Organizations with lower attrition rates are more likely to have a more engaged workforce, higher productivity and greater profits. The focus on employee retention allows organizations to be more effective in their day to day operations, save time and money, and to plan for the future.
There are all kinds of articles and white papers, and theories and proven strategies, about the reasons for and the ways to improving employee retention rates in an organization. What approach an organization takes depends on what its particular situation and challenges are. If an organization is larger, they are more likely to need a multi-faceted approach and are more likely to have the budget to support a wider-reaching retention program. Smaller companies may want a targeted solution initially to tackle one area of concern and build out from there as they gain capacity to support more.
Recommendations to Build Your Employee Rendition Strategy on:
Hire the right people
Provide feedback (formal or informal, people want to know how their doing)
Track employee retention and employee satisfaction
Ensure managers are trained to communicate effectively and will do so with their teams
Provide development and career growth opportunities
Recognize contributions and efforts
Customize a solution – know your needs, know your people and find what works (maybe it’s flex-scheduling or grants for volunteering
Wherever you are in the strategic process, with or without programs in place, CPHR Alberta welcomes your comments on this poll or your insights on retention - is it a concern, do you have a strategy in place, is your plan working?