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Five Employee Retention Strategies Organisations Should Implement

Published: Mon 4 Mar 2024 05:26 PM
By Tony Maguire, Regional Director for Australia & New Zealand at D2L
Navigating the ongoing issue of talent acquisition is a perpetual challenge for organisations striving for success. The key to resolving this challenge lies in ensuring a healthy employee retention rate, which is something that demands strategic focus. In an economy where the labour market is characterised by layoffs in some sectors and a scarcity of qualified candidates in others, retaining top talent becomes a significant objective.
The departure of a valuable employee not only triggers a costly cycle but also leaves a void in productivity and institutional knowledge. The recruitment process itself is a resource-intensive task, spanning weeks or even longer. In addition, the onboarding period for a new hire can extend up to a year before that employee might be able fully perform in their role with the expected skills required.
Compounding this, the team left behind shoulders the burden of additional responsibilities, leading to potential burnout among remaining members. This, in turn, may set off a chain reaction as team members seek new opportunities. Strategically addressing employee retention is not just a reactive measure. It is a proactive approach to circumvent an expensive, disruptive circumstance.
I recently came across a blog outlining 19 employee retention strategies. There were five points that really stood out as the most effective tactics that organisations can implement to fortify their talent foundation and safeguard against employee turnover.
1. Encourage Career Growth
A lack of career advancement opportunities was the most common reason individuals mentioned for leaving their jobs, according to a 2021 study conducted by McKinsey & Company. The data highlights a significant employment trend: without the potential for professional growth, employees will look for a new role elsewhere.
That is why organisations should be encouraged to give employees the time to pursue learning and cover the expenses of doing so. Employees are more likely to stay with a company that invests in their professional development. Providing avenues for career growth— whether through mentorship programs, training opportunities or clear advancement paths— creates a sense of purpose and commitment among employees.
2. Foster Employee Engagement
The company vision and values must be central to everything an organisation does. More than ever, money can’t buy happiness. Pay is no longer the key determinant of a happy and engaged workforce.
When it comes to engaging employees, organisations cannot leave this responsibility solely to human resources. Successfully moving the needle on engagement and retention means involving leaders and understanding what makes employees happy.
Learning management system (LMS) tools can be leveraged to create interactive and engaging training modules, team-building exercises and knowledge-sharing platforms. Regular feedback sessions and open communication channels contribute to a sense of belonging and value among employees. An engaged workforce is not only more productive but also more resilient.
3. Challenge Employees
Providing employees with challenging and meaningful work is a powerful retention strategy. Talented individuals look for opportunities that allow them to grow and use their skills to the fullest. Organisations can use their LMS to design and deliver stimulating training programs and projects that align with employees' career aspirations.
Encouraging innovation fosters a culture of continuous learning and keeps employees motivated. By consistently challenging their workforce, organisations can demonstrate a commitment to individual growth, which can enhance retention rates.
4. Focus on Diversity, Equity and Inclusion
The recent Diversity Matters Report by McKinsey & Company found that the top-quartile companies surveyed had a 39 percent increased likelihood of financial outperformance compared to their bottom-quartile peers.
Organisations should actively promote diversity, equity and inclusion (DEI) initiatives to create a workplace where everyone feels valued and supported. LMS tools can be used to deliver DEI training programs, encouraging awareness and a better understanding of the benefits of these.
Establishing diverse hiring practices and providing equal opportunities for career advancement contribute to a culture that attracts and retains talent from diverse backgrounds. A commitment to DEI will also help strengthen an organisation's reputation as an employer of choice.
5. Create a Learning Culture
Encouraging a mindset of curiosity and adaptability positions employees to thrive in evolving work environments. By fostering a learning culture, organisations not only retain top talent but also position themselves as industry leaders, attracting professionals who value ongoing growth and development.
Conclusion
The challenges of talent acquisition require organisations to adopt a proactive stance on employee retention. By implementing these five strategies, organisations can build a resilient and committed workforce.
A robust LMS is a key enabler in executing these strategies, providing the tools and resources needed to support employees in their professional journeys. In doing so, organisations not only reduce the costly consequences of employee turnover but also position themselves as employers of choice in a competitive market.

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