EMPLOYEE RETENTION 

Singapore - While the economic downturn might have kept employee attrition low, disgruntled workers will start looking for new jobs once the economic picks up.

This is why it is critical for employers to focus on retention strategies, says general manager of Hays Singapore, Chris Mead.

"While there are many cases of employers that maintained their focus on retention during the downturn in order to be ready for the economic reversal, there are others that pushed retention to the side. These employers now need to revisit their retention strategy, or risk losing staff to an improving job market."

Some of the retention tips Mead suggests include:

Work/life balance: “If longer hours have become the norm in your workplace, cut them back if you can. If workloads are no longer manageable in the standard working day, it might be time to find extra help – consider using a temporary resource to boost resources short term. You only pay for the time worked and the team will definitely appreciate the extra support.”

Recognition: While salary increases or bonuses may not be an option for companies, Mead says giving positive feedback and praise for a job well done can go a long way.

Development: In addition to formal courses, Mead says one-on-one training and mentorships can be just as effective. "An employee could take on additional duties, such as chairing meetings. Investing in your employees’ skills development allows them to be the best they can be, which has obvious rewards for both them and you.”

Communication: “The communication of strategic action plans can boost confidence and morale amongst employees. But make sure communication flows both way and allow employees to communicate back to you. This can be as simple as a staff satisfaction survey.”

And if your company's retention efforts still fail, Mead says that making sure exiting employees have a positive experience will enable leavers to speak highly of an organisation even after they are gone.

"Even something as simple to implement as an exit interview can have a very positive impact," says Mead.

 

 

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