There’s a common misconception that employee retention ideas must include monetary incentives, that it’s more about bribes than intrinsic rewards because staffers only care about gift cards and bonuses. While those things do motivate employees, they also dig into your profit margin and send the wrong message. On the other hand, exclusive online training events and gamification spark meaningful change within your organization. But every company needs to find an approach that works best for their objectives, budget, and employee preferences. So, how do you find fresh ideas for your staff retention strategy?
1. Survey Your Team To Look For Hidden Motivations
Why not go straight to the source and ask your team about their primary motivators. What prompted them to join your organization in the first place, and what’s making them stay? Is there anything missing from your business or L&D strategy? Are they unhappy about career advancement opportunities or ongoing support? Surveys and focus groups give you the chance to get their input and identify flaws, then you can custom-tailor your employee retention plan based on their needs and expectations. You will also discover what drives them and how they define success.
2. Evaluate LMS Reports To Look For Popular Training Topics
Many employees leave their jobs because they’re looking for new opportunities. They need continual growth and skill development. As such, you can evaluate your LMS reports to see which courses, certification paths, and topics are most popular, then use the data to enrich your online training program and boost employee retention. For example, host live events that cover subtopics or tasks or develop microlearning resources to bridge gaps. Staffers are more likely to stay if they have support resources that tie into their job duties and career paths.
3. Scope Out The Competition To Improve Employee Retention
There’s nothing wrong with doing a little market research to see what the competition’s doing. What incentive programs do they offer? What are their employee retention stats? You can visit their website or job posting platforms for targeted info, or even attend their next live hiring event to see which benefits they provide. Another option is to analyze employee retention surveys and case studies conducted by research companies. This gives you a better idea of common pain points and retention cost factors.
4. Brainstorm With Your HR And L&D Teams
Your HR team is there for exit interviews and new hire recruiting while your L&D is charged with analyzing employee performance data, which puts them both in a unique position. They’re on the front lines, so to speak. As such, they can help you come up with new ideas for your staff retention strategy. For example, one of the most common reasons why employees leave (based on exit polls) is lack of JIT support. So, you might consider a microlearning library for every department or even an exclusive VIP repository that covers advanced topics.
5. Ask New Hires
Exiting employees aren’t the only source of data. You can also ask your new hires for input. After all, they joined your company for a reason, and they have their whole career path ahead of them, at least in terms of your organization. What do they expect? Why did they choose your company over the competition? If they could change your incentive program, what would they add or remove? Of course, they want to make a great first impression so you need to make everything anonymous to get honest answers. For example, make it an online poll or survey that doesn’t ask for their name or job position.
6. Use Free Online Resources To Find Employee Retention Ideas
There are plenty of online guides, articles, and checklists to help you find fresh employee retention ideas for your business. The secret is to focus on techniques that fall into your price range and use case. You also have to sort through all of the ones that include expensive vacation packages or big bonuses. Another place to check is social media. Join L&D or HR groups and ask for ideas. They may already have a pinned list of employee retention strategies they’ve used in the past. You can also reach out to members for more info. For instance, an HR manager posted their employee retention techniques and stats. Were there any challenges? What was the general budget? And how long did it take to kick in and reduce staffer turnover rates?
7. Consult With an eLearning Content Provider
An eLearning content provider that specializes in employee retention can help you develop new ideas, but they can also dig into their playbook to save time. For example, they may have a list of strategies for every price range. Another reason to invest in employee retention services is to disclose hidden gaps in your current plan. They can help you evaluate exit surveys to see why people are dissatisfied with their job roles or the L&D program, then use that data to improve employee motivation and develop new online training opportunities.
The secret to finding fresh employee retention ideas is to analyze your L&D needs and get employee feedback. You need to know what makes them tick and how to tap into their primary sources of motivation. Another option is to hire an outsourcing partner who has a few innovative solutions up their sleeve. If you’re looking for the right eLearning content provider to improve employee retention, our online directory features the leading vendors. You can also evaluate their solutions, support services, and pricing options.
How do you hold on to your top talent? Download our eBook Employee Retention Strategies: How To Retain Talent And Bring Business Success for secrets to retain staffers and create a strong brand culture.