Employee retention is a company’s ability to keep its employees in contract, making for a more stable, productive workforce. Those that succeed in achieving high staff retention rates operate at an advantage both in meeting goals and in recruiting new talent.
High employee turnover can bring several challenges for an organization, including:
Increased recruitment costs. Constantly replacing employees can be expensive for an organization. Recruitment costs such as advertising, screening, interviewing, and onboarding can add up quickly.
Poor productivity. When employees leave, it takes time for new hires to get up to speed, learn the job, and become productive. This can result in decreased productivity for the organization.
Low morale. High employee turnover can be demotivating for the remaining employees. If they see colleagues leaving frequently, they may start to wonder if they should also look for a new job. This can lead to decreased morale and increased stress levels.
Loss of knowledge and expertise. When experienced employees leave, they take their knowledge and expertise with them. This can be especially challenging for organizations that rely on specific skills or specialized knowledge.
Damage to reputation. High employee turnover can damage an organization's reputation as an employer. This can make it more difficult to attract and retain top talent in the future.
An intranet can contribute to better staff retention rates in a variety of ways, including:
Organizations with a strong onboarding process improve new hire retention by 82% and productivity by over 70%.A well-structured intranet can bring your new staff up-to-speed quickly with all they need to know to get going in their new environment. It’s a well-known fact that better employee onboarding improves retention. New hires can search the profile directory and virtually meet their teammates.
An intranet can improve communication between employees and management, helping to keep staff informed about company news, policies, and procedures. This can increase transparency and help employees feel more connected to the company.
Streamlining administrative tasks.
Use your intranet to automate many administrative tasks such as HR (Human Resources) forms, benefits enrollment, and time-off requests, freeing up staff time and reducing frustration with bureaucratic processes.
Providing training and development resources.
Provide a central location on your intranet for providing training and development resources, such as online courses, webinars, and other materials. This can help employees enhance their skills and knowledge, making them more valuable to the organization and more satisfied with their work.
Delivering employee recognition.
An intranet can offer ways to recognise employees for good work, allowing them to be rewarded for their contributions. This can help foster a sense of gratitude and motivate employees to continue performing at a high level.
Employees who feel recognized and rewarded by organizations are much easier to retain long term, but studies also show those employees will work harder and be more productive. Unfortunately, over 80% of US workers say they don’t feel recognized or rewarded. A report by the Brandon Hall Group found companies that prioritize recognizing their employees' multiple times per month are 41% more likely to see increased retention and 34% more likely to see increased employee engagement.
Portray the company’s culture.
Another key retention strategy is creating a work culture that your employees want to be part of. A Glassdoor study found that an organizations culture matters significantly not only to those potential staff who are considering a job (77% said they would consider a company’s culture), but also to employees staying in their jobs. In fact, two-thirds of employees said a good company culture as one of the main reasons they elect not to change jobs.
An intranet can provide opportunities for employees to give candid feedback and share their ideas about the organization. This can help employees feel that their input is valued and that they are contributing to the success of the organization, as well as creating a sense of community which can be motivating.
Workers tend to stay longer at organizations where they are aligned with the values, vision, and mission. Your intranet should champion your business: Who you are, what you do, and why you do it. In the bigger scheme of things - the core values of your organization, your mission - should be directly aligned on your intranet. For all parts of your organization to be clear, they are working towards the same goals and values.
No matter the reason a good offboarding experience is important. Departing employees provide a valuable opportunity to learn what’s going well and what’s not, and this information can be acted upon. Offboarding processes and key documents can be stored on your Intranet for easy access by managers. Remember staff that have left could always return as future employees or even customers, so don’t burn your bridges.