The trend of decreasing worker retention rates has been amplified with millennials entering the workforce. This has come at a cost to organisations, who are scrambling to figure out how to increase their staff retention rates, because let's face it, staff turnover is expensive!
But we've been searching high and low for the answer, and we think we've cracked the code! Here's our top tricks to increasing your retention rate, proven to work even for millennials:
1. First, look at your hiring strategy
Retention rate shouldn’t be an afterthought, you should be thinking of staff retention rates in the first stages of interviewing.
Identify the personality traits, skills, backgrounds and values that your long standing employees share, this will give you a framework when interviewing to identify those candidates who are more likely to stay with your organisation long term.
2. Encourage personal and professional growth (and facilitate it!)
This is not a 'nice to have' for millennials, it is important to them and they expect it.
And guess what, those who are supported by their organisation and get development opportunities tend to stay.
Furthermore, millennials want 'open door' policies, where they have the freedom to speak with management about their needs, suggestions and feedback. But here's the catch, they also expect these to be taken onboard!
3. Create a customer-centric culture
The benefit of this is twofold, not only will it help you attract and retain customers, but it will also increase your staffs' engagement and retention rate as well, double win!
By creating great customer experiences, your employees will see firsthand the satisfaction they bring their customers and the difference their work makes, giving more value and meaning to their work. This leads to higher levels of engagement with their work and increased loyalty to your organisation.
4. Encourage shared team values and provide purpose
Millennials are looking for purpose, not just a paycheck.
When millennials experience meaningful work, they are three times more likely to stay with their employer.
Apart from implementing a customer-centric culture, employers build greater employee purpose through creating strong team values. Millennials don't only want to be connected to their work, but also to their teams in an environment where they share values and a sense of belonging.
And there you have it, all our tips and tricks for increasing retention rates are exposed!
Want to discover our tricks to nailing the hiring process? Download your free copy of our guide, hiring done right here!