Each employee serves as a pillar of the success of an organization. Without one, it can all come crumbling down. Voluntary employee turnover rates in the US have doubled in the last ten years.
Job seekers are taking a new approach to building their careers. Many of the best talents won’t hesitate to leave a company in search of brighter horizons. Every business must strive for a good employee retention plan.
So, how do you keep your employees happy and inspire loyalty in your team? We cover five tips for achieving a high employee retention rate. Read on to find out more.
1. Cultivate a Positive Company Culture
Your company’s culture can make or break your employee retention strategy. Job seekers are no longer submitting to the archaic working model. People are putting their needs and physical and mental well-being first.
Flexible and Effective Working Model
Burnout is a leading cause of high employee turnover rates. Building a better company culture can keep employees happy and engaged. In turn, this can improve performance and productivity.
Start by planning your working model. The pandemic proved that remote work can be more effective than being in the office five to six days a week. Consider adopting a hybrid working model.
People want to have healthy work-life balances, and the ability to work from home can help establish that. You can also consider other strategies like flexible hours.
It also helps to promote collaboration between teams. This enables employees to form positive relationships with their peers. Simple team-building activities like having lunch together can make a huge difference to team morale.
A team that gets along with each other is more capable of cooperating during projects.
Acknowledge Notable Achievements
Celebrating milestones and small achievements will make your employees feel valued. Acknowledge these, whether it’s a work anniversary or finishing ahead of the deadline.
2. Provide Guidance
Help employees feel welcome as soon as you bring them into your team. An effective onboarding process can help set your employees up for success. Don’t expect them to figure everything out on their own.
Provide your employees with a clear explanation of your expectations. Give them metrics and rubrics that you’ll use to evaluate their performance. Ensure your employees know how their actions can affect other team members and the organization.
Of course, you shouldn’t limit onboarding to new employees. Guide employees who have earned new duties, like a promotion or new role. Don’t forget to have an efficient onboarding system when you hire remote talent.
One great way to help employees settle into their new roles is to pair them with mentors. This is especially helpful for a remote work environment. Mentors can serve as a guiding light and provide managers with updates simultaneously.
You can extend this program to existing staff. This helps with improving collaboration skills and relationships. Everyone can learn something from one another, and shared skills can be a huge benefit to a business.
3. Give Employees Opportunities to Grow
Whether you own a large company or small business, your employees will likely move on to pursue new opportunities. If you want to hold onto your best talent as long as possible, you can start a career development program. Funding outside courses and offering on-site training is only the beginning of what you can do.
Providing your employees with opportunities for growth helps them see the value in your company. It can also be an attractive perk for potential hires.
Upskilling your employees also helps your business grow as they do. Our technological world evolves at a fast pace. Thus, you will need expertise in emerging fields.
Giving employees new skills can also enable them to fill other positions in your company. If they can’t work in a specific environment but still have value, you can put them in charge of something else.
Investing in your employees also empowers them. It shows that you’re willing to support their interests, and, in turn, results in higher employee satisfaction.
4. Prioritize Employee Well-being
Salary is often the first thing that job seekers look for when seeking employment. Keep in mind that you’re not only paying employees for their skills. You’re also paying for their time and, depending on the nature of the job, their safety.
Keep your employees happy by paying them what they’re worth. In addition, don’t be so quick to reject requests for a salary raise. Replacing an employee can cost up to two times more than that employee’s annual salary.
Think about the marketing you need to do to reach out to other talents and the time and labor spent hiring and onboarding them. A high turnover rate means some of the best minds and talents are slipping through your fingers. Losing some of your best players can impact team morale.
No one wants to stay at a job that doesn’t care about their health. Insurance and health benefits are no longer enough to keep an employee happy. They also want to be reassured that the company cares for them.
5. Get Feedback
Communication should never be a one-way channel. Good leaders must be able to provide guidance and boost morale. However, great leaders also know how and when to listen.
Meetings shouldn’t only cover projects and deadlines. They must also be productive in cultivating a healthy company culture. There’s always room for improvement, and getting feedback from your employees can give you direction on what steps you need to take to improve the business.
5 Ways to Create an Effective Employee Retention Strategy
Employee loyalty is one of the most valuable things a business can have. These five tips can help you increase employee retention and avoid missing out on some of the best talents. Of course, employees will eventually leave when they decide to try something new.
However, you can make the most of your partnership by making them feel happy and valued. If you find this article helpful, don’t stop here. Check out our other blog posts for more workplace advice.