With the high cost that goes into hiring and training new employees, employee retention is crucial to any business. Research even suggests the process can cost twice as much as an employee’s salary to hire a replacement. Not to mention lowered morale and performance levels of those employees that stay. It is easy to agree that keeping employees on board long-term is crucial to your success so, here are a few actions you can take for higher employee retention.
Competitive Benefits and Salary.
People in general want to feel valued in life. Having competitive salaries is a good start, but it is more than that. Benefits you might offer include paid time off, bonuses, health benefits, retirement plans, ability to work from home, and any other perk that will set you apart from competitive firms. If you seem to be losing employees left and right, salary and benefits is a good place to start examining why they might be leaving. We recommend to compare yourself annually to make sure you are still competitive with other firms.
Hire the Right Employees.
When hiring individuals, look at more than just their skill set but what their values and morals are to ensure they will fit with your workplace culture. Being honest and upfront in the hiring process can also help to ensure new employees stick around. Workers want to be informed and understand the environment they will be working in before committing to the company.
Clear Career Growth Opportunities.
According to a study by the Harvard Business Review, many individuals will assess their current position and success when work anniversaries, birthdays, and large social gatherings (such as class reunions) are approaching. If an employee does not see themselves growing in their career, they might start looking for another job.
Another aspect to growth is offering training to all employees. Technology is ever changing and you should want your employees to have the most current information available to keep them as productive as possible. Seminars, mentoring programs, books, articles, and classes are great examples of training services available in many industries. When you invest in an employee they are likely to be invested in you, the company.
Create a Comfortable and Safe Work Environment.
For an employee to be productive, they need to feel safe in their environment. You want to create an environment where employees want to be engaged in their work. Creating a culture of celebration, whether you are celebrating completion of a large project or someone having a child, can help morale and have a sense of community between employees. Listening to staff members and reacting to any complaints will also help with morale and overall happiness of the company.
We hope these tips help with keeping employees on board at your business! And remember to assess retention rates and how competitive your benefits package is yearly to ensure you are at the top of every employee’s wish list of firms they want to work for.
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