26 Mar Employee Lifecycle Model Stage Five: Retention
Stage Five of the Employee Lifecycle Model series is Retention. As a reminder, the Employee Lifecycle Model is an organizational method used to visualize how an employee engages with the company they are a part of. There are six stages involved in this model: Attraction, Recruitment, Onboarding, Development, Retention, and Separation.
The retention stage is critical given the cost to replace employees. As such this is the time to focus your energies on keeping your top employees, and ensuring they are happy and sufficiently challenged in their respective roles.
The influence of company culture goes a long way in this stage. If the culture in your organization is poor, it inevitably leads to a high employee turnover rate. Improving the retention stage is a great way to counteract this risk and promote longevity and satisfaction amongst your team’s career paths.
Of course, we have some tips to help you retain key team members and improve the employee retention stage of your lifecycle model as much as possible. Read on…
- Hire the right people
To retain top talent, you need to first attract and hire top talent. This is where you can measure the success of your attraction and retention stages. The more careful you were in these stages, the better chance you have of keeping the right employees on your team.
- Cultivate strong and unique relationships with each team member
Fostering an open, honest, and respectful relationship with everyone on your team is critical to motivating them to stay with the company. No one employee is exactly the same, and in turn, no one thing will motivate every single employee to perform. Understanding what drives and motivates individual team members means you can connect with them on a whole new level.
- Openly communicate your organizational mission and team aspirations
To improve your employee retention rate, you must ensure that your team thoroughly understands and is committed to the company’s mission and direction. Regularly discuss their contribution to the bigger picture and how their specific roles and accomplishments help the organization execute its mission.
- Utilize a performance management tool
Implementing a system for performance appraisals and evaluations gives employees an idea of their progress and standing in the organization. You’ll not only retain employees, but also ensure their continued development. Consider mentorship programs, succession-planning, or e-learning programs. And take the time to recognize excellent performance. Positive employment recognition is so impactful to a positive culture, but so often overlooked.
- Seek out employee feedback and measure team morale frequently
Specific and frequent “check-ins” are a must. Make time for them at the end of regular 1-on-1 meetings or small team gatherings. You may also consider employee pulse surveys. Whatever the method, ask for and be open to constant feedback. Where possible you will also want to act on that feedback.
For long term success, align your employee retention and recognition activities with your company values. This approach will connect the attitude and performances of staff to the integral belief system of the organization.
For more information on the Employee Lifecycle Model, go to www.cfosuite.com/blog as we continue to explore each of the six stages. Need help implementing a winning strategy? This is where The CFO Suite can be a game changer for you.
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