Tips For Improving Employee Retention To Avoid Turnover
As a business owner, employee retention is a popular topic.
The Great Resignation trend over the last few years showed many workers that were dissatisfied with their current situation seeking new opportunities either on their own or with another company.
For businesses, it is far more expensive to hire new employees than to hang on to current ones. This leaves many executives wondering how to improve their employee retention.
A lot of this problem comes down to culture. Does the company culture reflect principles that demonstrate how they value their team members? When positions do need to be filled, is the culture that they see attractive enough to entice them, and does the company put its money where its mouth is? To combat the waste of resources that constant employee turnover can cause, here are a few suggestions for improving your retention practices and keeping your team members happy at work.
More than ever, individuals want to know that the company they work for is socially conscious. They will specifically research the brand to see what work they are doing to support certain causes or charities. By understanding the company’s philanthropic endeavors, the worker will see that the business is not focused solely on profits, but on helping to make society a better place.
Be open and honest about community involvement, creating opportunities for employees to partner with local, state, and national organizations to support the initiatives that they care about. This proves that you value the brand’s position as a socially conscious business.
A Culture that Values Employees
More companies are shifting toward the mindset that people are their best resources. Investing in cultural changes is leading to more work environments where employees feel that they are appreciated and valued by their superiors as people as well as for the role they are fulfilling. Sometimes, working non-stop for eight hours is not the best environment for great work. People tend to be more productive if they can take short breaks during the day, refreshing them and making the work they do more efficient. Open and honest communication is another method to foster a stronger team culture and one that energizes employees in their roles.
Encourage Personal Development
Skilled workers are better workers. People want to know that their company believes in them and will help them acquire new skillsets. Many companies are moving toward offering development options such as internal training sessions, reimbursement for taking classes, and coaching. Challenging your team members to grow in their professional goals once again demonstrates that you value them as people.
Plus, when workers feel that they are learning how to become more efficient and new skills, they feel more engaged mentally. This is a great way to combat burnout, one of the most cited reasons for employees choosing to leave a company.
Perks and benefits are the perfect incentives for holding on to employees. On top of the usual benefits that full-time jobs offer such as insurance and retirement accounts, additional perks can work wonders on the psyche of your team members.
Consider adding a fitness center to your location where employees can better themselves physically, or reimburse gym memberships to encourage healthy living. Institute-themed days at the office, such as the occasional casual Friday or some type of tournament that embraces competition like Ping Pong. Maybe add an extra five days to your regular PTO offering to make your employees appreciative and work effectively after their breaks. Perks and benefits can help your company demonstrate gratitude to your employees for their work, making them want to stick around for longer.
Provide Timely and Helpful Feedback
One of the worst feelings for an employee is being fired when they least expect it. Consistent feedback can help the employer avoid having to let go of workers who may not be meeting the standards of the role. By being open and honest about individuals’ job performances, you are giving them the chance to learn and grow into the role instead of having to find a replacement, which is a much more costly process.
Encourage supervisors to build more communication into their responsibilities to set up their teams for success with supportive feedback. The more upfront and open your executive structure is, the more employees will understand your expectations for their performance and be able to meet that level.
Invest in Your Current Employees to Save Money
The hiring process when an employee leaves can be time-consuming and costly. You have to expend resources for recruitment, find the right fit, and take the time to train them before they are doing the job correctly. It is far easier to have never lost the former employee in the first place. But in the current era, workers are not shy about pursuing better options if they feel undervalued.
By investing in your overall culture and valuing your current team members, you will see a positive effect on productivity and can avoid wasting resources on constantly hiring new talent.