One of the best ways to keep your company growing is to retain core talent.
Companies highly value employee retention because replacing employees, especially productive ones, costs time and money. Having talented employees leave your organisation can cause strain on existing employees that have to take on extra work until those roles can be filled.
So, it makes sense that retaining your top employees should be a priority.
We have put together a few ways you can help retain your employees.
Onboarding and orientation
Every new hire should be set up for success from the start. Your onboarding programme should teach new employees about the job and the company culture and how they can contribute to and thrive in it. The training and support you offer from day one will affect the employee’s opinion of your organisation throughout their tenure.
Why not go above and beyond your onboarding process by pairing your new employee with a mentor? The mentor can help welcome them into the office, offer guidance and be a friendly face for them. It’s also a win for you, as new team members will learn the ropes quicker from somebody who is experienced.
Another tip; don’t limit this to new employees. All staff can benefit from having a mentor.
Making sure your employees are fit and healthy dramatically benefits them and your business! Expanding and improving your wellness offerings shows your employees they are supported. Look at stress management programs, retirement planning services and reimbursement for fitness classes.
Allow employees to speak their minds
While it may seem small, creating a culture where employees can freely speak up – within reason – can keep employees engaged and wanting to stick around. Many employees may not want to speak up for fear of what will happen, so it’s essential to make sure workers feel comfortable calling out things they’d like to see changed.
“In several studies, we’ve found that when employees can voice their concerns freely, organisations see increased retention and stronger performance,” James R. Detert and Ethan Burris write in the Harvard Business Review.
Continuous feedback on performance
Annual performance reviews are becoming outdated, and employers and employees favour more frequent meetings. You can discuss their short- and long-term goals and help them visualise their future with the company by discussing potential career advancement plans.
Training and development
If you are having frequent meetings with your employees, you can start identifying areas for professional growth and what new skills they may need. This is helpful for them and your business as they will gain new abilities and competencies as business requirements evolve.
Giving them time to attend virtual conferences, provide tuition reimbursement or pay for continuing education.
Keep giving recognition
Every person wants to feel recognised and appreciated for their work, and an employer’s gratitude can significantly impact how they feel at work. You could set up a formal reward system or do one-off rewards when you think somebody has gone above and beyond.
Since the pandemic especially, a healthy work-life balance is essential. It would help if you encouraged employees to set boundaries and take their vacation time. Of course, all employees may need to work late nights or extra hours but if they are, maybe consider giving them some extra time to say thank you.
An emphasis on teamwork
Promote teamwork by creating opportunities for collaboration, accommodating individuals’ work styles and giving everyone the freedom to make decisions.
Micromanaging can hamper productivity and can make high-performing employees want to leave. It also harms morale and takes away the opportunity for employees to create better results for themselves.
Instead, set employees’ goals. They can then look at their results and think about whether or not those expectations have been met and whether the process they used worked as well as they’d hoped.
Flexibility can provide a significant incentive for your best workers to stick around. So think about what kind of flexibility you can offer. A compressed workweek? Fridays off? Hybrid working? All of the above can boost employee retention.
These employee retention strategies are some ways to help increase your employee’s job satisfaction. And remember, some employees will leave your organisation, but the goal is to make their decision a little harder. And, if they do go, you want them to have felt valued, as they’ll likely say good things about your business.