How to Improve Employee Retention
Hiring someone may seem relatively easy, but retaining motivated, successful employees is much harder. If you are struggling to improve employee retention, you’re not alone. Because of the costs of constantly training new people and mistakes from lack of experience, employers have realized the importance of keeping an employee long term. Here are the best ways to go about it!
Stay Competitive with Salary and Benefits
If someone sees a for-hire sign for a position they’re qualified for, and it pays much more than you do, you’re likely to lose an employee. A simple way improve employee retention is to make sure your offered salaries and benefits are up to par with the market. As a bonus, being competitive in compensation will also increase your likelihood of hiring a competent, experienced, and motivated professional. The higher cost on your business finances will be well worth the investment!
When employees are doing well, they want to feel like it. Almost 80% of people say they quit a company because of lack of recognition, so you’ll go a long way in improving retention by taking the time to recognize achievements. There are a few simple ways to do this, such as offer promotions, give pay raises or bonuses, give a gift, or just announce the achievement to all employees. Simply thanking them for a job well done and offering specifics on what they did well will motivate an employee to do the same or better in the future.
Improve Employee Retention by Improving Workplace Culture
Considering how many hours full-time employees spend working, the culture they work at is incredibly impactive. When your workplace is positive and uplifting, a person will want to stay there, and even pick it over a more lucrative option. When your workplace fosters negativity and a lack of communication, a worker is often relieved when another opportunity comes their way. Strategize improving workplace culture by sticking to core values, instigating out-of-office bonding, and cultivating positivity in feedback, for starters. Also, don’t hire people or keep people that act directly against the kind of culture that you’re trying to create. You’ll make great headway in increasing productivity and employee retention.
If the number of employees handing in their resignation is troubling you, it’s time to think about solutions. Asking them why is one last thing to consider. Small and simple methods can really turn around your employees’ perception of your business, and help make it a positive experience for everyone.
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