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How to Implement Retention Strategies, Reduce Turnover and Increase Loyalty

By Fazrur1 Comment

Employee retention is a crucial challenge for many organisations, especially in a competitive and dynamic market. Retaining talent is not only beneficial for the performance and productivity of the company but also for the morale and satisfaction of the employees. However, retentiveness is not a one-size-fits-all solution. Employees may have different needs, preferences, and motivations influencing their loyalty and commitment to the organisation. Therefore, it is vital to implement holding strategies tailored to each employee group's specific characteristics and goals.

In this blog post, we will discuss some of the best practices and examples of implementing retention strategies that reduce turnover and increase loyalty among different types of employees. We will focus on three categories: high performers, high potentials, and high risks.

High Performers

High performers are employees who consistently exceed expectations and deliver outstanding results. They are valuable assets for the organisation, contributing to its competitive advantage and innovation. However, high performers may also be more likely to leave the organisation if they feel they need to be more appreciated, energised, and energised. Therefore, retention strategies for high performers should aim to:

  • Recognise and reward their achievements and contributions. Management can do this through monetary incentives, such as bonuses or stock options, or non-monetary incentives, such as public recognition, awards, or special projects.
  • Please provide them with challenging and meaningful work opportunities. Management can assign them to strategic initiatives, cross-functional teams, or leadership roles that allow them to use their skills and talents to the fullest extent.
  • Support their career development and growth. Management can do this by offering them mentoring, coaching, feedback, training, or education opportunities that help them enhance their competencies and expand their horizons.

High Potential.

High potentials are employees who aspire to advance to higher levels of responsibility and leadership in the organisation. They are the organisation's future leaders and successors, as they can fill critical roles and drive strategic change. However, high potentials may also be more likely to leave the organisation if they feel they need to be more satisfied and fulfilled. Therefore, retention strategies for high potentials should aim to:

  • Identify and communicate their potential and career path. Management can do this through formal assessments, performance reviews, or talent reviews that help them understand their strengths and areas of improvement, as well as their career goals and opportunities within the organisation.
  • Engage them in succession planning and talent development programs. Management can do this by involving them in succession planning discussions, exposing them to senior leaders and stakeholders, or enrolling them in leadership development programs that prepare them for future roles and challenges.
  • Empower them with autonomy and responsibility. Management can do this by giving them more decision-making authority, flexibility, or resources that enable them to take ownership of their work and demonstrate their capabilities.

High Stakes

High-risk employees are likely to leave the organisation for various reasons, such as dissatisfaction, burnout, conflict, or personal issues. They are potential liabilities for the organisation, as they may negatively affect its performance, reputation, or culture. However, high risks may also be retained or re-engaged if given the appropriate support and intervention. Therefore, retention strategies for high stakes should aim to:

  • Understand and address their concerns and needs. Management can do this through surveys, interviews, exit interviews, or focus groups that help them express their feedback and grievances openly and honestly.
  • Please provide them with counselling and assistance. Management can do this by offering employees assistance programs (EAPs), wellness programs, or mediation services that help them cope effectively with their personal or professional issues.
  • Realign them with the organisational vision and values. Management can do this by reinforcing the organisational mission, vision, values, and culture through communication campaigns, events, or activities that help them reconnect with the purpose and meaning of their work.
retention

Retention Strategy 

One of the critical challenges for any organisation is to attract and retain the best talent in the market. It is essential to have a clear and compelling brand culture that reflects the organisation's values, vision and purpose. A brand culture is not just a set of slogans or logos but a way of living and working that inspires and motivates employees to deliver on the brand promise.

Suitable Candidates

To attract suitable candidates, the organisation needs to position itself as an employer of choice that offers meaningful and rewarding work opportunities, a supportive and collaborative environment, and a culture of learning and growth. The organisation should communicate its brand culture through various channels, such as its website, social media, job postings, employee testimonials and events. The organisation should also leverage its existing employees as brand ambassadors who can share their positive experiences and referrals with potential candidates.

Best Talent

To retain the best talent, the organisation must empower its employees to perform at their best and achieve their goals. The organisation should provide its employees with clear expectations, feedback and recognition, and opportunities for development and career advancement. The organisation should also foster a culture of trust and respect where employees feel valued and appreciated for their contributions. The organisation should also encourage employees to feel ownership and pride in their work and the brand.

To define what kind of talent suits the organisation, the organisation needs to go beyond technical and soft skills and look for candidates who share its brand culture. The organisation should identify the core values and attributes that define its brand cultures, such as innovation, excellence, integrity or customer focus. The organisation should then assess candidates based on how well they align with these values and attributes and how they can add value to the organisation and its customers. The organisation should look for passionate candidates about the brand and its purpose, adapt to changing needs and expectations, and collaborate effectively with others.

Process & Systems Retention

Operationalising the brand is a crucial challenge for any organisation that wants to create a strong and consistent brand culture. It requires a strategic alignment of the people, processes and systems that support the brand vision and values. 

One of the Chief People Officer's (CPO) roles is to ensure that the brand culture is embedded in every aspect of the employee lifecycle, from recruitment to retention. The CPO works closely with the Chief of Staff (CoS) and the HR expert to design and implement policies and practices that foster a brand-aligned workforce. 

Some of the ways to operationalise the brand include:

  • Developing a clear and compelling brand story that communicates the purpose, mission and values of the organisation
  • Creating a brand framework that defines the behaviours, skills and attitudes that reflect the brand identity
  • Incorporating the brand framework into the onboarding process, providing new hires with the tools and resources to understand and embody the brand
  • Establishing key performance indicators (KPIs) and feedback mechanisms that measure and reward brand alignment and engagement
  • Providing ongoing learning and development opportunities that reinforce and enhance the brand culture
  • Encouraging employees to use their own space and voice to express and promote the brand

Organisations can turn employees into people who breathe it by operationalising the brand, creating a competitive advantage and a loyal customer base.

Leadership In Retention

One of the challenges that leaders face in today's competitive market is retaining their top talent and fostering a sense of loyalty and commitment among their employees. Holding strategies that reduce turnover and increase loyalty are beneficial for the organisation's performance and reputation but also for the well-being and satisfaction of the staff. Here are some ways that leaders can implement retention strategies from their perspective:

Share the Vision with Talent

Leaders should communicate clearly and frequently the organisation's vision, mission, values and goals to their employees and how each individual contributes to them. This helps to align the employees' personal and professional aspirations with the organisation's direction and purpose and to create a sense of belonging and ownership.

Internal Campaigns to Share Brand Strategy

Leaders should also leverage internal communication channels and platforms to share the brand strategy and identity of the organisation with their employees. This includes highlighting the unique value proposition, competitive advantages, customer segments, social impact and corporate culture of the organisation. This helps to build strong brand awareness and affinity among the employees and to foster a sense of pride and passion for their work.

Onboarding on The Brand

Leaders should ensure that new hires are appropriately onboarded on the brand and culture of the organisation from day one. This includes providing them with a comprehensive orientation program, assigning them a mentor or buddy, involving them in team-building activities, and giving them regular feedback and recognition. This helps to create a positive first impression, to facilitate their integration and adaptation, and to enhance their engagement and retention.

Where do I find CFO? Background seniority?

If you are looking for a chief financial officer (CFO) for your company, you need to consider the background and seniority of the candidates. A CFO is a senior executive who oversees the financial activities and strategies of the organisation. A CFO should have a strong background in accounting, finance, business administration, or related fields. A CFO should also have experience in managing budgets, financial reporting, risk management, and strategic planning. A CFO should be able to communicate effectively with other executives, board members, investors, and stakeholders. You can find qualified CFO candidates through various channels, such as professional networks, online platforms, recruitment agencies, or referrals.

Management in Retention

One of the critical aspects of effective management is to provide personal development programmes for your team members. This helps them improve their skills and performance and motivates them to grow and advance in their careers. However, personal development programmes require budget and time allocation, which can be challenging in a fast-paced and competitive environment. How can you balance your team's needs with your organisation's demands? Here are some tips to consider:

  • Assess the current and future needs of your team and organisation. What are the skills gaps that need to be filled? What are the opportunities for growth and innovation? How can you align your team's goals with your organisation's strategic vision?
  • Identify the best learning methods and resources for your team. Depending on your team members' learning objectives, preferences and styles, you may choose from various options such as online courses, workshops, mentoring, coaching, job shadowing, etc. You may also leverage internal or external experts, partners or vendors to provide training or guidance.
  • Allocate a realistic and flexible budget and time for personal development programmes. You may need to negotiate with your senior management or stakeholders to secure the necessary funds and resources for your team's learning. You may also need to adjust your project timelines or workloads to accommodate the time required for learning activities. Be transparent and communicative with your team and other parties involved about the expectations and outcomes of the personal development programmes.
  • Avoid micromanaging and empower your team to take ownership of their learning. Micromanaging can undermine the trust and confidence of your team members and hinder their growth potential. Instead, empower them to set their own learning goals, choose their learning methods and track their progress. Provide regular feedback, support and recognition to encourage them to keep learning and improving.

In conclusion, employee retentiveness is a complex and multifaceted issue that requires a customised and holistic approach. By implementing retention strategies that reduce turnover and increase loyalty among different types of employees, organisations can enhance their competitive edge and foster a positive work environment.

Reference

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One comment on “How to Implement Retention Strategies, Reduce Turnover and Increase Loyalty”

  1. Id like to thank you for the efforts youve put in penning this site. Im hoping to see the same high-grade blog posts by you in the future as well. In fact, your creative writing abilities has motivated me to get my very own site now 😉

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