4^th Quarter Newsletter 2018

Today, employee retention is one of the biggest challenges to organisations. Below we outline 9 key strategies for improving employee retention and cultivating loyal long-term employees.

 

Onboarding

First impressions really do matter. Whilst it is important to ensure that a new employee is provided with all the relevant information as they embark on their new chapter, it is also vital to connect with the employee emotionally. The onboarding period is an opportunity to create a lasting impression and to win the hearts and minds of new employees. The organizations successfully turning attractive job candidates into loyal long-term employees are those with well thought out and well implemented onboarding processes.

 

Clear policies and expectations

Providing clear guidelines to new employees is crucial in maintaining the morale of a new joiner. Clarity in relation to job responsibilities, company policies and performance measurement metrics will go a long way towards turning your new joiner into a loyal long term employee. Communication and transparency is key. All new employees need to understand your company’s mission statement and core values – expectations and policies should be written down and accessible at all times and the new joiner should be provided ample opportunity and be actively encouraged to ask questions if unsure. Company policies need to be applied consistently and fairly. 

 

Compensation & Benefits

It’s essential in the competitive labour market of today to offer attractive compensation packages. This should extend beyond simply monetary compensation and staples to benefits that truly serve your employees. Flexible time, better health coverage are examples of key non monetary components that employees value.

 

Learn more: https://blogs.gemini-global.com

 

Employee Development

Continuous, active employee development is a crucial part of employee retention and success. Employers who fail to focus on learning will struggle to retain talent. Linkedin’s 2018 Workforce Learning Report found that 94% of employees would stay at a company longer if they invested in their career development

Developing an employee development program not only improves retention but also employer branding. Employers should assess what kind of skills and experience are currently required and are likely to be required in the future and align this program with the short and long term goals of employees.

 

Trust Centric Culture

As the saying goes, employees don’t leave jobs, they leave bosses. Establishing a trust-centric relationship with transparency between boss and employee will increase engagement, productivity and lay the foundations for developing a loyal employee/employer relationship. 

 

Employees who are free to speak their minds and offer constructive criticism to their direct superiors will

feel they are contributing more to the overall evolution of the organisation. This will improve employee morale and increase the likelihood of developing a long term employee.

 

Recognise Achievement

It goes without saying that recognising achievement is key in retaining high performers. And yet employee recognition is often performed badly, if at all. Ideally, managers and leaders are provided with programs, principles and procedures in line with corporate values that enable them to give recognition when it’s deserved. Even where there isn’t the budget for a formal program, simply praising an employee’s work goes along way towards improving their happiness.

 

Work life balance

Work life balance is becoming increasingly important to employees in Hong Kong and Asia. Companies offering flexible working time, remote working are distinguishing themselves as employers of choice in a market where such solutions are not yet common place.

Allowing an employee more time to spend with family, to put more time into leisure activities or charity work can go a long way to improving an employee’s morale, their productivity and their commitment.

 

Work life balance is a vitally important component of maintaining a healthy work environment. With chronic stress and workplace burnout growing ever more common amongst employees, employers that prioritize work life balance are more likely to retain key employees in the long term.

 

Exit interviews

Understand why employees leave – but also why they stay.

A thorough and professional exit interview provides invaluable insights into your workplace and enables you to pinpoint ways of improving employee engagement and retention

However many organisations neglect to investigate the key drivers behind their long term employees longevity.  Soliciting feedback during appraisals could provide useful insights for creating a corporate culture that employees want to be part of for the long term

 

Taking care of employees post employment

A growing number of caring companies are offering services to employees post employment. A laid off employee will more often than not maintain good friendships with remaining employees.  Offering departing employees career transition services or outplacement can improve morale among the remaining employees, reassuring them that their employer is one that cares about its employees not only during employment, but also post employment.

 

 

Looking for support on employee retention? Gemini Development offers a complete package of solutions, including development assessments, career coaching, career transition support and employee training.

 

Send an email to consulting@gemini.com.hk for more information. 

Gemini @ JobMarket’s Career Day

On 11 September Gemini’s HR Consulting Manager, Clement Lo, was invited by JobMarket to give a talk on CV writing and job search.

 

In front of a full house audience he shared tips on how to write a professional CV, and how to properly prepare for job interviews. The audience was very engaged and it turned out to be a very informative seminar. Of all the questions raised by the crowd, there was one we would like to highlight:

 

“What do you think is more important: money or passion?”

 

 

“There is a saying in Cantonese: 行行出狀元, meaning there are masters in every profession. Whether you are a master in accounting, a baking champion, or an expert in unpicking locks or repairing broken umbrellas, as long as you are passionate about what you do, there is always a path to success. Passion will only be passion unless you put in dedication and sweat to turn passion into expertise, and expertise will turn into money.

 

The true meaning behind the saying, is about knowing your value. Knowing your value means knowing your strengths and knowing where your opportunities lie. Many employees often neglect this and after several years remaining in the same position/industry feel they can’t progress in their careers or feel like they made wrong choices in the past. So the most important tip when it comes to successfully searching for jobs is asking yourself “what is my value and what am I passionate about”?

 

Clement Lo is HR Consulting Manager at Gemini Development and helps clients develop and retain talent through assessment, training and career transition support. For more information contact Clement at consulting@gemini.com.hk