An employee retention program can play a vital role in both attracting and retaining key employees, as well as in reducing turnover and its related costs. When managers and supervisors work to make their teams feel valued and motivated, employees are more likely to stay with a company. And this can contribute to the company’s overall growth and prosperity. Fairness and transparency are fundamental and powerful concepts that make a lasting impression on employees. Read more to learn how to retain employees and why team members leave.
Instead of spending time recruiting and training new employees, managers and supervisors can take their time and focus on current employees being more productive. A stable and competent staff knows what needs to be done and how they can achieve it.
Hiring and training new employees are often more expensive than offering development opportunities to current employees. Consider offering current employees an educational stipend to advance their skills, on-site training, conference options or promotions, and/or extra benefits or perks.
During the onboarding process, take the opportunity to make a positive first impression on a new employee. Every new hire should be set up for success from the start. Your onboarding process should teach new employees not only about the job but also about the company culture and how they can contribute to it. Don’t skimp on initial training as these first steps will lay the foundation for the employee’s success.
Pairing a new employee with a seasoned staff member is a good way to help new employees feel welcomed and know they have someone to turn to.
To improve how your team feels about promotions, make sure you have conversations with people about their aspirations before a new role even opens up. Discussion about career progression can go a long way for a team member. And when there is an opportunity available, encourage internal people to apply — don’t wait for them to raise their hand.
In a competitive job market, it’s essential that you reward your employees with adequate compensation and benefits when you can. Even if your business can't increase pay right now, consider whether you could provide other forms of compensation, such as bonuses. Don’t forget about improving health care benefits and retirement plans, which can help raise employees’ job satisfaction, too.
Hold team events, outings, or team-building activities. And it doesn't have to be anything elaborate or expensive. This will help employees connect, and encourage collaboration and cooperation among your team members. When employees can work together in harmony, they may feel more relaxed and happy at work.
You can help employees achieve a more balanced work-life experience by giving staff more flexibility with their schedules. Consider allowing employees to come in late and make up their work if they need to leave for an appointment. If possible, give employees the option to work remotely, even if only part-time.
Employee performance review is something to not be taken lightly. Meet periodically to discuss their strengths, weaknesses, and career goals. Take this meeting opportunity to offer positive feedback so you can help employees feel valued and more satisfied at work.
Acknowledge, acknowledge, acknowledge! Whether your team finishes ahead of a major project deadline, or a worker reaches a five-year work anniversary, seize the opportunity to mark the milestone together. Even if you need to celebrate virtually, it can be a meaningful and memorable moment for everyone.
Times are continuously changing and it’s your job as a leader to make sure your company is keeping up. Retention strategies suggested above are just some ways to help increase your team members’ job satisfaction.
There are a wide variety of reasons why people leave a job and below is a list of reasons often given. An exit interview is a wonderful part of the off-boarding process and often allows you insight whereas current staff might be more reluctant to speak up.
Employee retention is critical to your company’s success and overall employee satisfaction. But as you read above, it’s not all about compensation and benefits. From a moral standpoint, turnover can negatively and directly impact the entire office and workforce, bringing down productivity and engagement. And looking at costs alone, a study found that turnover costs employers $15,000 per worker.
If you’re newly implementing an employee retention program plan, introduce small changes that are manageable for you and your employees. Some of the retention strategies and questions on how to retain employees can be a big initiative. So, work at your own pace and make sure it’s right for your company and team!
All things Human Resources can be challenging and that’s why we’re here to help. You focus on your company and let a local PEO (professional employment organization) help with the HR.