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4 tips to help CHROs boost employee retention
Analyzing employee data can help provide CHROs with insight into reasons for employee departures. Learn some other tips that can help HR leaders improve employee retention.
One of a CHRO’s biggest challenges is maintaining a good employee retention rate. Every company must carry out a targeted approach to employee retention that focuses on the factors that lead to attrition.
Departing employees often cite poor management, lack of professional development opportunities, benefits that don’t align with their needs and burnout as their primary reasons for leaving. To boost employee retention, CHROs should consider implementing certain strategies that will help improve life for their workforce and thus benefit the company overall.
Here are some of the strategies to try.
1. Data analysis
Analyzing employee data can help provide CHROs with insight into reasons for employee departures.
An Employee Net Promoter Score measures employee sentiment and loyalty, and some HR platforms can flag employees who may be considering leaving based on the workers’ feedback. Managers can then intervene and hopefully remediate the issue that is causing negative employee sentiment. Often, management simply demonstrating that they are willing to listen to employee concerns can boost retention.
2. Flexible benefits
Providing different options for employee benefits may also help improve retention.
Employees may feel their company’s benefits don’t match their lives. For example, a childless employee may value other benefits more than paid parental leave. Some benefits platforms enable employees to model benefits scenarios, compare costs and receive AI-driven personalized benefits programs. Providing this level of benefits customization can boost retention.
3. Technology
CHROs should look into tools that focus on two of the most common reasons for employee departures: lack of advancement opportunities and bad managers.
Tools that use AI to match employees with internal job openings or assignments that allow them to develop their skills can help address employees’ concerns about lack of advancement. Employee frustration with lack of professional development opportunities can also potentially be improved by company-paid access to self-directed, on-demand learning platforms.
In addition, some HR platforms use AI to provide personalized management training and feedback for managers on the best leadership strategies.
4. Employee wellness programs
Burnout is another leading cause of employee departures. Departing employees often say they are leaving because they sought out a less stressful job.
CHROs must recognize that burnout is a serious problem and prioritize employee wellbeing. Free access to wellness programs can help demonstrate that the company cares about its employees.
The most effective retention strategies don’t simply identify the issues that are causing employee departures -- they include ways to take action as well. Instead of relying on “golden handcuffs” to retain top talent, such as stock options or bonuses, CHROs should inspire employee loyalty by demonstrating that the company values its employees.
Lynda Spiegel is a freelance writer and former global HR executive for financial services, telecommunications and SaaS companies.
