In this article, we will discuss what employee retention is, the benefits of retaining employees, and the types of retention models. And how HR leaders can integral role in retaining employees and share managing tips for employee retention. We will also explore some top HR strategies for retaining employees and choosing Mantra Care EAP as your Employee Assistance Program (EAP).
Understanding Employee Retention
Employee retention is the process and/or strategy an organization uses to keep its employees from leaving. In other words, it’s a proactive way to reduce turnover and keep good employees with your company. A good employee retention strategy will take into account the reasons why employees leave in the first place. Some of those reasons might be:
- Not being paid enough
- A lack of work/life balance
- Don’t have room for growth
- Not challenged in their role
- The company culture is poor
- Feel like they’re not valued or appreciated
By understanding the reasons why employees leave, you can put strategies in place to prevent them from leaving. Since, the cost of employee turnover is high – and it’s not just the obvious costs like advertising for a new position, interviewing candidates, and onboarding a new hire. The cost of employee turnover can be as much as 213% of an employee’s annual salary. That’s a lot of money!
Benefits of Employee Retention
There are many benefits of employee retention. A few key benefits are:
- Reduced costs: As we mentioned, the cost of employee turnover can be high. By retaining employees, you can reduce those costs.
- Increased productivity: When employees feel valued and appreciated, they are more productive.
- Improved morale: When employees see that their company invests in them, it improves morale.
- High job satisfaction: When employees are happy in their jobs, they are less likely to look for a new job.
- Greater customer satisfaction: When you have a team of employees who have a sense of belonging to the company, they will provide better customer service.
Types of Employee Retention Models
There are three main types of employee retention models:
- The carrot model: This model focuses on rewarding employees for their loyalty to the company. The rewards can be monetary or non-monetary.
- The stick model: This model focuses on preventing employees from leaving the company. The “sticks” can be things like contract agreements or non-compete clauses.
- The hybrid model: This model is a combination of the carrot and stick models. It rewards employees for their loyalty to the company and also puts policies in place to prevent them from leaving.
Managing For Employee Retention
The integral role of HR in employee retention cannot be understated. HR leaders play a key role in managing employee retention. They are responsible for setting the tone for the company culture and ensuring that employees feel valued and appreciated. Additionally, they are responsible for putting policies and procedures in place to reduce turnover.
Top HR Strategies For Employee Retention
There are many HR strategies that can help reduce turnover. Some of the top HR strategies for employee retention are:
Creating a Positive Company Culture
Creating a positive company culture is essential for employee retention. Employees want to work for a company that values its employees and has a positive work environment.
Offering Competitive Salaries And Benefits
Offering competitive compensation and benefits is a key way to retain employees. Employees want to be paid fairly and have access to good benefits.
Allowing Flexible Work Arrangements
By offering flexible work arrangements, you can make it easier for employees to balance their work and personal life. This can be a huge selling point for potential employees and can help retain current employees.
Communicating Openly
Employees want to feel like they are in the loop. They also want to be able to voice their concerns without fear of retribution. By communicating openly, you can create an environment of trust and transparency.
Providing Training and Development Opportunities
By providing training and development opportunities, you can help employees feel like they are being invested. This can lead to increased job satisfaction and loyalty to the company. Simultaneously, it makes employees feel challenged and engaged in their work.
Making Employee Recognition a Priority
Employee recognition is a key part of retention. Employees want to feel like their hard work is being recognized. This can be done through things like awards, bonuses, and public recognition.
Conducting Stay Interview
This is where you interview employees who have been with the company for a while to find out what keeps them there. This can be done through surveys or one-on-one interviews. The stay interview is the most effective type of employee retention strategy. This is because it allows you to find out what keeps employees with the company.
Organizing Exit Interview
This is where you interview employees who are leaving the company to find out why they are leaving. This can be done through surveys or one-on-one interviews. The exit interview is also an effective type of strategy, but it only tells you why employees are leaving the company. It does not tell you what keeps them with the company.
Choosing Mantra Care EAP For Employee Retention
Mantra Care EAP is a leading provider of employee assistance programs. We offer a comprehensive suite of services to help employees stay healthy and productive. Mantra Care EAP can help employee retention by:
- reducing stress
- improving job satisfaction
- increasing employee morale
Services That We Offer
For Mental Health
Our services include:
- Mental health services: We offer mental health services to help employees cope with mental health issues.
- Employee counseling: We offer counseling services to help employees deal with personal and work-related issues.
- Substance abuse counseling: We offer substance abuse counseling to help employees deal with addiction.
- Work-life balance programs: We offer work-life balance services to help employees achieve a healthy balance between work and life.
- Stress management: We offer stress management services to help employees cope with work-related stress.
For Physical Health
Our services include:
- Physical health services: We offer physical health services to help employees stay healthy and productive.
- Fitness and wellness programs: We offer fitness and wellness programs to help employees stay fit and healthy.
- Nutrition counseling: We offer nutrition counseling to help employees make healthy food choices for improved energy levels.
- Yoga and meditation: We offer yoga and meditation classes to help employees relax and de-stress.
Our services ensure that employees cope with the challenges of work and life in a healthy and better way. We also offer a variety of resources to help employees stay healthy and productive. Our resources include:
- an online library of articles and tips
- a 24/hour email and chat support
- a website with tools and resources
Some Client Testimonials
“Mantra Care EAP has been a lifesaver for me. I was struggling with work-life balance and was feeling burnt out. Mantra Care EAP helped me find a new job that is a better fit for my lifestyle.”
-Tara, Maruti
“I was going through a tough time at work and was thinking about quitting. Mantra Care EAP helped me see that there were other options and I was able to stay at my job and be successful.”
-John, Heineken
“I was struggling with addiction and thought I would lose my job because of it. Mantra Care EAP helped me get the help I needed to recover and now I’m doing better than ever.”
-Sameer, HnM
Conclusion
HR leaders play a vital role in employee retention. By understanding the factors that contribute to turnover, HR leaders can develop strategies to reduce turnover costs.
Moreover, if you are looking for an employee retention solution, look no further than Mantra Care EAP! Our team of experts can help you create a customized plan to fit the needs of your organization. Contact us today to learn more about our Employee Assistance Programs.