A Guide to Greater Employee Retention

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Retaining employees is a lot more worthwhile than having to hire new ones and these tips will help you do just that.

1. Onboarding and orientation – it is important to set up new hires for success from the start. The onboarding process should be about not only teaching the new hires about the job, but also the company culture and what they can do to contribute to it. This is a very important step that you shouldn't skimp on: the support and training you provide from the first day, whether virtually or in person, is going to set the tone for the entire tenure at the firm. People consulting is a good way to manage employee retention.

2. Mentorship programs – a good way of adding an extended onboarding process is to pair the new employee with a mentor, especially in a remote working environment. Mentors can be there to welcome them to the company and guide and advise them. This is a win-win situation: the new employees get the chance of learning from the more experienced employees, while they offer a fresh viewpoint to their mentors in return.

You should not limit mentorship opportunities to new hires. A mentor-mentee relationship can be good for your existing staff – and employee retention and their job satisfaction.

3. Employee compensation – Companies should make sure they are paying their employees competitive compensations, which involves evaluating and adjusting employee salaries regularly. Even if the business cannot afford an increase now, then it might be better to look at other ways of compensating employees, e.g. paid time off and bonuses. Make sure you think about retirement plans and health benefits too. When you improve these value offerings, it is going to lead to improved job satisfaction.

4. Perks – They can make your workplace stand out to potential new hires and also re-engaging your current employees, and boosting morale at the same time. Some of the perks professionals value the most include flexible and remote work options (this is separate from the stay-at-home orders as a result of the pandemic). A study found out that a third of employees considered paid parental leave a big plus.

5. Wellness offerings – it is good for the business when the employees are fit – mentally, financially, and physically. The pandemic has forced many employees to improve and expand their wellness offerings so that their employees can feel they are supported and their well-being is being prioritized. Retirement planning services, stress management programs, and reimbursement on fitness classes are some of the examples that a company can provide to its employees.

6. Communication – the pandemic has shown the importance of a workplace having good communication. Those under you should feel like they can approach you and let you know their ideas, concerns, or ask questions at any time. When you are a leader, it is important to make sure you are promoting timely, positive, and constructive communication across your time. This includes remote and onsite employees. It is also good to regularly connect with each staff member. This will allow you to get a sense of their job satisfaction and workload.

7. Continuous feedback on performance – more and more employers are choosing frequent meetings with their team members instead of annual performance review. During the one-on-one meetings, you get to talk to the employees about their long-term and short-term professionals’ goals and find a way of helping them visualize their future with the company. Be careful not to make any promises that you cannot keep suggest TrackTime24. Talk about their potential career advancements and a plan to reach the goals they have concerning their careers.

8. Training and development – as you provide your employees with continuous feedback on their performance, you can also help them in identifying areas for professional growth, like learning new skills. Adding skills is even more important with today's technology because it has changed how we work. As they learn new skills, employees gain new abilities and competencies because the requirements of every business have to evolve.

You should work toward investing in their professional development. If they want to attend virtual conferences, give them time. Pay for continuing education or provide tuition reimbursement. Succession planning is also important because it is a good method to build leadership skills and advance professional development.

9. Recognition and rewards systems – everyone likes it when they are appreciated when they do something. Gratitude toward your employee can have a big impact, especially with the “anywhere workforce” today. This is why it is a good idea to thank those reporting to you and let them know that their hard work is helping the organization. There are companies with formal rewards systems to encourage innovation and great ideas. If you have a small team or limited budget, then compelling recognition programs are going to work too.

10. Work-life balance – is your time management sending a positive or negative message to your employees? Do you expect your employees to be always available? A healthy work-life balance is important when it comes to job satisfaction. It is important for employees to know that their managers understand that they have lives outside of work – this can be even more challenging when it involves working from home. It is a good idea to encourage staff to take vacation time and set boundaries. If an employee has to work late nights for a given project, team members should be given extra time to compensate.