If you have a high employee retention rate, then congratulations! But if your business seems to have a problem with frequent employee turnover, perhaps you are wondering how you can keep your employees from leaving.
In today’s competitive business arena, top talent is in high demand. If you can’t make your workers happy, another company might come along to take them from you.
Below are some great tips to help ensure that your employees won’t leave your company for many years.
1. Offer Opportunities for Growth
Expect your recently hired employees to arrive fully certified and trained. Still, you must willingly invest to help them maintain such qualifications and credentials. If you take your workers’ education seriously, whether you give them membership to an e-learning site or send them to a reputable training center, they will see this as an important investment in their career.
Remember that talented employees want more so they can become better. So make sure to give them the training they will need to develop their skills and feel like they’re a part of the organization.
But before shoving them into a training program, you need to consider their preferences. You must assess their goals and abilities as well as figure out what they wish to do. This way, they can become more loyal and involved in the organization that allows them to grow and be more competent.
2. Create a Good Culture
Searching for employees who can build a strong bond with your business begins with creating a work environment that will attract this kind of employees. The culture of your company must match the type of employee you wish to employ, regardless if you choose to maintain a strict workplace or a laid-back workspace.
3. Give Proper Guidance
Make sure that all your employees know the duties that come with their job. This can be accomplished by having a job plan in place and giving them regular feedback on their performance. When your employees feel confused regarding their role in the company, they will most likely feel disgruntled. Thus, they will start to search for something else.
Giving proper feedback is critical to keeping your top performance. Highly motivated and talented people wish to know how they’re perceived by their superiors. Feedback does not just include bad feedback; rather, it is also about congratulating them on a good performance, giving incentives, and doing this consistently.
4. Pay Them Well
Although it is quite difficult to pay competitive salaries if your budgets are tight and funds are low, consider computing the cost of hiring new employees. This can cost as much as 30-50% of the annual salary of an entry-level employee. Remember that workers usually find that they can enjoy a 10-20% increase in their salary by just moving from one firm to another. So always make sure that you pay your employees well and on time. In case of salary delays, inform your employees upfront.
5. Be Flexible
Modern workers prefer a flexible working condition. So if you expect your employee to answer a phone call at 7 p.m. on a Friday, you must also understand when that worker needs to take off early or comes to work late one morning.
6. Offer Benefits and Perks
Most small businesses struggle to compete with bigger corporations when it comes to giving benefits. Although you do not have to beat large businesses in terms of the healthcare options you provide, you can actually offer other things that they will not get elsewhere. These include more flexible vacation offerings, possibilities of working from their homes, and performance bonuses.
You can also boost employee retention by creating creative perks. For instance, you can use your connections to get special discounts at local retailers or free VIP tickets to events.
7. Connect with Your Employees Directly
Your employees may be leaving because of you. Studies have shown that people often quit their bosses and not companies. As much as possible, you must cultivate a work environment wherein your employees can feel gratified and rewarded. Be a positive model and connect with your employees directly. This way, you will understand what they need to help your business thrive.
8. Perform Stay Interviews
Instead of waiting until your employees leave your company to find out their reason for doing so, it is better for you to meet team members annually to discuss their concerns. Ask them about what isn’t going well in the company, what must be done, and what kinds of relationships they have with their superiors. This way, you can implement changes to make sure that your workers won’t leave your company in the future.
9. Implement Excellent Communication Programs
An effective communication program for your workers allows you to determine what your employees want. Equipped with such information, you can be able to satisfy the needs of your employees. Also, this will allow them to be more committed, feel involved, and become loyal –and all these can help increase your employee retention rate.
The most valuable asset of your organization is your employees. If you don’t make them feel valued, they may decide to call it quits. So make sure to recognize hard work, stay transparent about where your business is headed, and always keep an open line of communication.