Retaining the right talent is a key factor of success for any business. Employee retention is an integral part of any company and can be a significant factor in business success. With the right employees and work relationships, you can foster a healthy and productive work environment that people want to work within.
Employee retention refers to how a company keeps their employees from leaving. Various strategies can encourage people to continue working for you, including increased salaries, career opportunities, and much more. In 2018, the Work Institute found that employers paid more than $600 billion in employee turnover expenses. Improving your retention rates can make you more attractive for investors, clients and potential employees, as well as reducing your turnover costs. Win, win!
Hiring a new team takes time, money and a lot of resources. Once you have scanned through hundreds of resumes, interviewed applicants, and found your new employee, you must begin training them. Training costs money and often results in the entire team taking time out of their schedules to build a working relationship with the new company member. High turnover rates can make it difficult for your team to form relationships, which can impact productivity, motivation and team morale. Besides, if someone leaves your company, they may end up working for your competitor in the future. You will lose the skill and potential of an individual to your competitor company.
Here are a few strategies that can improve your employee retention rates.
Salary and benefits
In a recent Glassdoor survey, a whopping 45% of employees quit because of the salary at their job. You need to offer competitive salary rates and an attractive benefits package, equipped with wellness opportunities, maternity and paternity packages and other perks.
A form of employee incentive can come with reloadable cards that businesses can use to reward team members for their hard work.
The business industry has undergone a drastic change since the pandemic, and more employees are looking for a healthier work-life balance. Consider offering discounting gym memberships, lunchtime yoga classes, meditation workshops or a healthy office breakfast every morning.
Hire the right person initially
Don’t jump into hiring someone if you’re not certain they are the right person for the job. You need someone that will fit into your team well, has the skills to do the job and preferably, has a self-starter attitude. No one wants to work with a negative Nancy…
Employees will often leave a role if it turns out to be a completely different position than advertised in the hiring process. Be clear, specific and honest!
Think career progression
You need to understand the career goals of every member of your team. Think about how you can include training courses, skills workshops and advancement opportunities for each individual. In a few years, your current employees may be ready to take on my responsibility in senior positions at your company. Consider their career path and put the steps in place to help them reach their goals.
Many of us leave our jobs because we’re unmotivated and unsatisfied with our role. Career progression can help to motivate your team to reach higher and work harder for promotions, pay rises and senior positions. Hiring within your team is also a great way to improve your employee retention rates.
Take a step back and consider how you can improve your employee retention this year.