Most organisations have to face skills shortages and secure their best talents. There are many factors why employees come and go. 

You might not be able to fix this overnight, you can focus on increasing talent retention by launching an intranet. Offering additional benefits can cost your business, but losing a talent can cost a lot more. 

Based on stats, the average cost of talent leaving your organisation can be around more than $30,000. The average cost of replacing talent is about 2 times their annual salary. Not to mention, the cost of hiring, onboarding, and training can be a pain for the company.

So, what can you do to retain your talent? Can a company intranet help?

Talent or employee retention is the ability of an organisation to retain its employees.  Why should companies have a low turnover rate? Aside from being costly, a high turnover rate signals a bad company culture. Most people are quitting their jobs to seek better opportunities that align with their needs and they assess their work-life balance.

If you’re struggling with talent retention, you should create an employee retention plan that addresses the reasons why most talents quit their jobs. Investing in an intranet is a good place to start!

An intranet or employee experience platform (EXP) can help alleviate a lack of communication, toxic company culture, flexibility, and stress or burnout. It’s a digital workplace where employees can engage, collaborate, and connect with each other no matter where they are. It’s designed for hybrid and remote working environments too. When an intranet is used correctly, it also helps improve the well-being and mental health of your employees. 

Onboarding 

Did you know that up to 33% of employees leave within the first three months of employment?

To reduce turnover rates for new hires, you should prioritise improving the hiring process and have a great employee onboarding process. 

An intranet can be used as an onboarding tool, especially if your organisation supports hybrid or remote working environments. Basically, an intranet includes everything new hires need, from company rules and processes to company news and employee directories. Since new hires will have access to important information and documents, the onboarding process would be easier.

Create a Good Company Culture

Your company culture is more than just your company values, vision, and purpose. Good company culture is based on the interaction between the management and employees. In companies that have offices across the country, digital tools are vital in establishing a good company culture. 

An intranet can help improve your company culture by having an inclusive, accessible, positive, and interactive space where it acts as a source of truth and where employees can connect to share ideas, interests, or events. 

Keeping articles and videos of your CEO or management updates can really reinforce this cultural aspect, especially in global situations or where remote/hybrid situations access can be limited.

Promote Flexibility

Nowadays, more employees are seeking flexible working options. Digital technology is the key to offering hybrid and remote working opportunities. An intranet allows this because employees can have access to company information no matter where they are. As long as your intranet has the right tools, your intranet can be part of your employee retention strategy.

Recognising your employees lets them know that they contribute to the success of the team and the company. Reward employees who exhibit creative problem-solving, excellent customer support, strong teamwork, or other positive behaviours.

For example in our Heroes Recognition Module for Steegle.One Intranet tool we have default recognition values like:

• Always on time

• Amazing feedback 

• Bright Ideas 

• Global Champion 

• Hitting targets 

• Increased performance 

• Kudos 

• New joiner 

• Opportunity finder 

• Prize winner 

• Star performer 

• Superman/Superwoman 

• Top contributor 

• Top suggestion 

Obviously, every business will be different and they can be tailored to your exact business needs. Most typically these will follow company values.

Communication

One of the reasons why most employees leave the company is they feel that their employer does not communicate with them or keep them informed about updates or important events. Lack of communication leads to disengagement and can impact employee turnover. 

An intranet helps employees know what is happening in the company and what are the upcoming events. Giving your employees some visibility will help build trust, transparency, and leadership. Moreover, it will make employees feel included and connected to the organisation. 

For example, having a company calendar with upcoming social and business events visits by important guests can be helpful to do. Our Steegle Schedule displays upcoming events clearly and simply to make sure no one is left out.