7 Tips to Better Employee Retention
No matter the size or stage your business is currently at, having employees leave is just bad for business. A high turnover rate can cost the business twice an employee’s salary to find and train a replacement, according to Wall Street Journal. Not only does a high turnover rate cause financial repercussions but is also lowers the knowledge base in your company and can decrease performance and morale.
Here are some tips to help you retain your employees.
1. Hire Selectively
Before you can begin to retain employees, you have to make sure that you have the right employees to begin with. Interview candidates carefully, not just to ensure they have the right skills but also that they fit well with the company culture, managers, and co-workers.
2. Offer a Competitive Benefits Package Salary
If you want to keep top-notch talent, then you’re going to have to pay them well. Salaries are typically based on skill and experience, supply and demand, geographical location, and worker seniority. A competitive benefit package that includes health insurance, life insurance, and a retirement savings plan is also essential in retaining employees.
3. Provide a Comfortable Work Environment and Culture
Employees want to feel safe and comfortable while at work that is why it’s important that your office is properly ventilated, well-lit, and at a comfortable temperature. You also need to have a culture that engages and motivates your employees. You can accomplish this by finding ways to make your culture personal and authentic, find ways to communicate our vision and always remember to put people first.
4. Offer Training
Offer training on skill enhancement to all of your workers. Why? New technology, new selling techniques, changes in employment laws, and the huge impact of the internet are compelling reasons to keep permanent employees in the loop.
5. Listen to Them
You can learn a lot when listening to employees. Maybe it’s a great new business plan that can be implemented, which makes them feel like they are a part of the entire business process. Remember you can always spare a few minutes to learn more about your employees both personally and professionally.
6. Quarterly Reviews
Reviews, evaluations, or one-on-one sessions allow you to set goals and define how you want these goals to be achieved. During this conversation, ask the employee what they need in order to accomplish these goals.
7. Recognize Their Accomplishments
This could be a simple thank you or handwritten well-done note. Praising an employee for completing performance goals is one of the most effective ways to make them feel appropriate, which will make them want to stay with you for the long haul.
