Business

The top 10 ways to increase employee retention

You can certainly feel fortunate if your company has a lot of top talent in its ranks. However, many other businesses could be seeking to poach that talent – and this necessitates a strong employee retention drive on your part. Here are tips for keeping hold of precious workers.

  1. Create a suitably attractive culture

Naturally, you want your workplace to feel safe and comfortable – the kind of place where people can easily enjoy working. However, the environment should also engage and motivate employees, as explained by Forbes. Your company’s culture can play a significant part in that.

Try to develop a culture that will satisfy the kind of employees you seek to keep. So, whether those workers are by-the-book or more laid-back, build a culture of the same description.

  1. Employ the right people

You can expect your success in keeping employees to be limited if you don’t choose the most suitable employees in the first place. When interviewing and vetting candidates, you should look out for ones that are not only appropriately skilled but fit nicely with the existing culture and staff.

Your candidates of choice should also be people who wish to grow with your business rather than use it to gain experience that they are interested in taking elsewhere before too long.

  1. Provide training and guidance

Your fresh recruits might have, before even stepping foot on your corporate premises, already received all of the training and certification that they need for effectively meeting their new responsibilities. However, this doesn’t mean that you shouldn’t offer them further training.

Relatively few businesses are content with providing such training that can assist workers with preserving and building upon their already good credentials. Sending workers to a bricks-and-mortar learning facility or e-learning site can help them develop their specialist knowhow.

  1. Pay sufficiently well

You might initially reckon that there just isn’t any room to budge when it comes to increasing your workers’ salaries. After all, funds could seem low and budgets tight like sardines in a tin.

However, Inc. notes that employees often notice a 10-20% salary increase on offer from a rival company. Hence, they could be tempted to stray. By providing that salary rise yourself, you could actually save money; simply replacing an entry-level worker can cost 30-50% of their annual salary.

  1. Allow flexible working

You are probably aware of how awkward clients can be; perhaps you have encountered some who want to contact your business just after office hours or you to provide something at the last minute. At the same time, your employees might have indicated that they would like to work more flexibly.

This is a situation where you could benefit from letting your employees work in less orthodox ways – such as from home, whether after or during typical office hours.

  1. Offer thoughtful perks

We have already highlighted the need for you to keep those salaries high, but that still might not always be sufficient for preventing a well-regarded employee leaving.

That worker could, for example, be eyeing perks that are more competitive. You should use a trick of offering perks that wouldn’t obviously be available elsewhere. This can call for some creative thinking. Perhaps you could leverage your connections to obtain free concert tickets, retail discounts or other treats to hand out to your staff?

  1. Be a pleasant boss to work for

Research has revealed that, when people quit their posts, this tends to be due to their boss rather than the company more generally. Therefore, the onus is on you to ensure that employees are suitably rewarded and gratified, allowing for a workplace that long continues to satisfy.

Nonetheless, a corporate stumble on your part could result in an employee getting sick or injured. If that happens, you should be willing to pay them compensation. Don’t wait until an adverse incident happens; taking out employer liability insurance can financially prepare you in advance.

  1. Listen to your employees

In the workplace, learning isn’t just a one-way process; paying attention to what your employees want to say can significantly add to your own knowledge. They could impart an idea that they have for the business – and incorporating that into your overall strategy can make them feel appreciated.

Alternatively, when talking to you, they might reveal personal matters – like that one of their relatives is currently ill. You could then express your condolences in a card for that relative.

  1. Conduct quarterly reviews

What are quarterly reviews? They are basically one-on-one meetings that you would have with each employee to help them – and, by extension, the company – progress. At the word “reviews” suggests, you would indeed be evaluating work that the employee has already done.

However, at each meeting, you should specify goals and how you wish them to be reached. You should be aiming not for a lecture, but instead a conversation. Therefore, you should also ask the employee what they require for completing their newly-designated tasks.

  1. Recognize and reward competence

Managers have a tendency to focus strongly on workers who are falling short. However, in doing this, they risk entirely neglecting those employees who are thriving. This would be a big mistake, as these employees could grow convinced that the manager is not supporting them.

Remember to acknowledge employees’ accomplishments; you could do this by simply thanking the worker when you get a suitable opportunity or putting a handwritten “well done” note on their desk.

You could actually show your appreciation in even more adventurous ways – such as through giving them prizes, sponsoring them at events or conferences, or allowing them to hold stock in the company. Rewarding employees in ways like this can powerfully inspire their loyalty.

Naturally, there is no guarantee that any particular method will, certainly when used in isolation, keep your most prized workers at the company. However, follow these tips and there is a greater likelihood of you continuing to enjoyably work with them years down the line.

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