How to create a Retention Strategy based on data
The workplace has changed a lot in the last few years. Today, having a good retention strategy is more important and can seem more difficult than ever.
In fact, only one in three employees is actively engaged in the workplace. This makes it easy to understand why most of them are not satisfied with their current jobs and are ready to leave.
Nowadays the ability to retain employees is imperative. Especially if you want to differentiate yourself on the job market. Being able to make your employees understand your assets as an employer and what they gain out of working for you is undeniably important. Furthermore, understanding what your employees expect from you and how you can drive engagement from them is also critical.
Consequently, creating an employee retention strategy is crucial. Employees need more than a good salary in order to be happy in the workplace. In your new retention strategy, you should implement employee recognition and employee engagement. In fact, employees like to be recognized and appreciated for what they do for your company.
1. Collecting old and new data
The very first step in creating a new retention strategy should be finding out what your current retention rate is. In order to do that, you need to look at your current data and then analyze it. Your organization needs to determine its existing retention practices, methods, successes, and failures. Determining quickly where there is room for improvement will help you move forward faster. This is why using existing data first is important.
Once you’ve analyzed all the data already available you should then start to gather new data. Start by asking your employees for the information you don’t already have. For instance, if you have no existing data on how your employees feel about your cultural values, this should be your starting point. In order to develop a retention strategy that will work for your organization, you need to find out what type of practices didn’t work in the past and why it didn’t work so you can move forward with solutions.
When it comes to improvement, the most important part is definitely finding out why your past errors happened. It is important to keep in mind that the more data you will collect the more accurate your results will be. Your next step is to find out what retains your employees and what makes them feel satisfied. To do that, you need as much information as possible from as many levels of the organization as possible.
2. Analyze all your data
Once you’ve collected all your data you can then find ways to improve your company’s culture. You can start by finding out what drives employee engagement and what helps them feel recognized and valued. You can use the data to boost your employees’ happiness and engagement. This is why analyzing your data will play a big part in how you will take action. Being able to find the root of the problem is the most important thing when you are looking to develop a new strategy. The last thing you want to do is to recreate the same mistakes.
From there, you can also generate surveys to provide your company with some real-time feedback. You will constantly be getting the pulse on how your employees feel about the changes you are making in your new retention plan. Identifying what you are doing right and what you need to improve is the key to creating the perfect strategy for your company. Knowing this, you can make decisions that are based on facts rather than based on feelings.
3. Take action – Implement your new retention strategy
Once you’ve analyzed your data you can then implement your solutions through your actions and behaviors. In fact, your company’s actions and behaviors make up your employee’s work experience. How you act and behave will determine whether your employees will stay engaged or not in your organization.
The stronger the company’s culture is, the stronger the company’s values will be communicated and respected by your employees. Reinforcing your culture should be a big part of your new retention strategy. Implementing new values your employees are looking for in the workplace can also be a great way to make them happier.
The data you collected is gold for your organization. You should make sure you use it wisely in order to develop the best possible strategy. The one thing you shouldn’t forget to do is to constantly ask for your employees’ feedback while you are implementing your new retention strategy.