We are now living in a time when the labor market has become a place where the surrounding conditions and constant changes are more unpredictable than ever before. Today, organizations are doing everything they can to protect their most valuable asset, the employee. 

Therefore, investing in the implementation and formulation of effective employee retention strategies plays a pivotal role in order for your organization to achieve the success it has always dreamed of.

 This article explains the importance of retaining talent from employees and the best strategies followed in this aspect that HR professionals can implement within the organizations for which they work.

The importance of talent retention 

Hiring the best talent to help achieve your organizational goals is very important, which is why a company losing its employees is expensive not only financially. That is why investing in a set of proven and proven practices, policies and strategies in terms of effectiveness to maintain the best performance and reduce employee turnover is extremely important.

Reasons for retaining employees:

• Cost savings: replacing an employee can cost from a third to twice his annual salary, if we take into account recruitment, recruitment and training processes, which can lead to significant financial expenses.
• Better team morale-when an employee leaves, he usually leaves a vacancy available for a few months, and the rest of the team often has to take on the workload left behind, and it is possible that this leads to increased work pressure and stress, which can have a negative impact on performance and morale and lead to more resignations.
• Knowledge retention – the longer an employee stays in an organization, the more he accumulates institutional knowledge and the more he applies it.this is very important in the journey to success, and that's why keeping an employee of this type allows him the ability to transfer all his knowledge and experience to new employees. 
• Increasing competitiveness-providing employees with opportunities for development and growth is an effective retention strategy because this will not only raise the rate of existing competencies in the company, but will also give the company itself a competitive advantage in the race to attract competent employees. 
• Sustainable business growth-high retention rates mean that you rely less on hiring new employees to fill vacancies, which can lead to a more sustainable business and long-term growth.
• Better cooperation-the longer an employee stays at the enterprise, the more familiar he becomes with its policies and the working methods of the colleagues around him, which enhances cooperation and helps everyone achieve common goals.

The best employee retention strategies 

• Providing attractive benefits to employees that can be fulfilled from the very beginning of the recruitment journey. 
•  Strengthen the process of preparing Employee Onboarding. 

•  Application of the flexible work policy. 

•  Take care of the value proposition presented to the EVP employee and make sure that it is convincing and achieves the required balance that the employee aspires to. 

• Strengthen professional development programs and invest in employee development. 
• Prioritize the overall well-being of the employee, from a financial, psychological and social point of view.
• Application of DEIB principles (Diversity, equity, inclusion, belonging) To enhance the capabilities of the work team and increase their loyalty rates. 

•  Provide financial allowances and fair benefits
• Effective management of performance appraisal
•  Show feelings of gratitude and appreciation for the work of the employee. 
• Follow proper leadership and management methods. 

In addition, there are also some basic steps that organizations can take that help implement employee retention strategies and increase their effectiveness such as:

Collect employee feedback – Conduct interviews regularly to find out what attracts employees in your organization, identify key areas for improvement. Make the necessary changes to improve your retention rates.

Constantly tracking turnover and job retention rates – Knowing who will stay in your organization and who will leave will help you design effective employee retention strategies. 

Encourage transparent communication between employees, managers and leaders – If employees feel comfortable expressing their concerns and thoughts to managers and leaders, these issues can be addressed early before they worsen. So that some solutions can be applied that enhance employee satisfaction, which helps to build a culture of respect and mutual trust.

Source 

https://www.aihr.com/blog/employee-retention-strategies/