Employee Retention is a difficult and continuous effort. If you have ever had that ‘serious talk’ with your boss or your direct report, you’ll know what I’m referring to. As an employee – have you ever faced a situation when you were unhappy and wanted to leave your job and your organization did nothing about it? As a manager– have you ever let a good employee go without trying to convince them to stay? Or have you tried talking to them and convincing them? Did your methods of convincing work – or did they fail? Be honest, they failed, didn’t they? If your answer to any of the questions above is a big resounding YES, this blog is for you. Employee retention can be simplified for an organization, but you need to have certain tools handy for this. In this blog, I have curated 25 incredible tools for employee retention for your organization.
The most important requirement of employee retention is having a set of managers in the organization who understand, appreciate and are prepared to create an environment that fosters and promotes retention. Most employees require support, encouragement, direction and recognition to grow and give 100 percent to their jobs.
In addition to using tools for employee retention, managers need to demonstrate support and encouragement to their employees. They also need to follow it up with the right doses of motivation on an ongoing basis.
The key to successfully retaining good employees is to keep them engaged and involved in the development of their own goals – which should align with the organization’s goals and objectives. Involving employees in the goal-setting process from the start creates an atmosphere of trust, which helps employees feel heard and understood.
However, employee retention comes with some interesting concerns, problems and myths associated with it. Let’s take a look at a few surprising (and commonly heard) myths about employee retention.
4 Common Myths about Employee Retention – and the Truth Behind Them
Myth #1: Employees leave companies, not managers
To a large extent, employee turnover and retention are both in the hands of the manager. In fact, according to research by Gallup, over 50% of the employees who leave, cite their managers as the reason for doing so. Managers, leadership, and the organizational culture they create can make or break a company’s strategy for employee retention.
Myth #2: Retention does not affect profitability
On the contrary – the higher the rate of retention, the higher the company’s profitability. Employees who remain with the company, know the value the company brings to the table and can establish stronger relationships with their customers. Conversely, short-term employees may draw customers away with them when they leave the company – leading to a decrease in profitability. Backfilling to make up for gaps when employees leave is also a very expensive proposition.
Myth #3: Money is all that matters to an employee
True, some employees change their jobs for a higher salary or more perks and benefits. However, turnover is most likely determined by the employees’ relationship with management, their job skills, opportunities for growth within the organization, and organizational culture. Similarly, employee retention depends upon these factors as well, and money is not the only variable that motivates an employee to leave or stay in an organization.
Myth #4: An employee is only as good as their last deliverable
Employee potential is a really critical indicator to understand. Assessing potential definitely plays a role in employee retention. If a manager assesses their employees, they will know exactly who the ones with potential are, and they can make greater efforts to retain those good performers.
Employee Retention – STAT!
The aforementioned STAT I’m referring to, are merely statistics about employee retention which will clarify why retaining one’s employees has become the current hot topic in the HR sphere. Here are a few important stats, which will help you understand the need to use tools for employee retention:
- According to a study by Willis Towers Watson, more than 50% of all organizations globally have difficulty retaining some of their most valued employees
- 87% of global HR leaders consider retention to be a critical or high priority over the next 5 years (research by Kronos and Future Workplace)
- Companies that support remote work have a 25% lower turnover rate than companies that don’t (research by Owl Labs and TINYpulse)
- According to Gallup, employees who are ‘engaged and thriving’ are 59% less likely to look for a new job in the next 12 months
- Another Willis Towers Watson study of over 31,000 employees worldwide found that over 41% said job security was a major retention driver
25 Incredible Tools for Employee Retention
If you’re concerned about employee retention, there are plenty of handy tools in the HR domain to assist you. These tools for employee retention can be broadly classified into assessment tools to evaluate employees, 360° feedback and mood-based surveys. Here are 25 of the best tools for employee retention available:
Assessment Tools to Evaluate Employee Potential
- Psychometrica – Online psychometric tests for assessment and recruitment of potential candidates
- Eval – Self assessment, psychometric assessment, behavioral and domain specific assessments to evaluate employees and understand them which helps the organization retain them
- Revelian – Assessments to identify and hire top performers, improve culture and engagement, assess technical skills, create a profile on the organization, etc.
- Mettl – Recruitment and training assessments for a list of vocations and identifying people with potential in each vocation
- MBTI – MBTI stands for The Myers-Briggs Type Indicator which focuses solely on a personality theory and makes it understandable and relevant to people’s lives
- SimilarMinds.com – Personality theories and research to help organizations understand their employees better
- Qualtrics – An Employee Experience management platform to help organizations reduce attrition and improve employee engagement
- Middle Earth HR – Talent acquisition and strategic HR specialists to improve recruitment and employee engagement
- 36 Dollar 360 by SVI – Web-based solution with validated competency models for easy sharing of 360° feedback
- Loop – An intuitive mobile application with streamlines 360° feedback and recognition, and empowers employees to own their growth by allowing them to set goals and track development
- Spidergap – 360° feedback assessments for employees to take action on personal development
- Zugata – Provides meaningful and actionable feedback to employees and enables conversations about goals and development between employees and their managers
- VibeCatch – Job satisfaction and quality of life polls along with continuous feedback
- Synergita – Performance management software to enhance employee experience
- Impraise – Real time feedback exchange and coaching conversations to guide employees
- OfficeVibe – Managers can obtain honest feedback from teams to ensure they feel engaged and heard
- Empower 360 by Track Surveys – Designing and delivering 360° surveys to track and improve one’s performance
- Feedback by Quantum Workplace – Performance feedback for managers and teams to boost trust, manager effectiveness and team performance
Mood Surveys and Studies
- Niko Niko by Crunchbase – An app which allows users to track their mood throughout the day
- Vibe – A mood-based survey to study how employees feel about a certain phenomenon in the organization. Management can analyze employee moods to understand their sentiment
- TINYPulse – Studies how happy, frustrated or burnt-out employees are to understand the company’s culture
- TeamMood – Managers can track the well-being of their team and analytics ensure continuous improvement
- Culture Amp – This makes it easy to collect, understand and act on employee feedback
- Hppy – Applies scientific strategies to work to make the workplace a happier space to be in
- Morale.me – An app which studies employee morale at work
Although retention continues to be a problem, many organizations today are willing to put in the hard work required, and commit to retaining their employees. They can do so using the tools for employee retention given above. This will simplify the task of hiring the right people and keeping them engaged.
Employee retention is possible – if the strategies are carried out well, this can result in a win-win situation for the employee and the organization.
As mentioned above, there are many tools for employee retention, which ensure that an organization retains its top talent. You just have to pick the tools that are the best for your organization and run with it! Write to us at [email protected] to know more about how our solutions can help your organization.