Employee turnover in your business is expensive. It can cost as much as twice an employees annual salary to replace an employee, not to mention lost wages, talent, and ideas when you don't keep employees within your company. Fortunately, there are strategies you can use to help prevent turnover and maximize satisfaction--and these ten key strategies can help.
1. Be Honest
From the time you start recruiting candidates to their everyday work environment, be honest with them. Let them know what they can expect in their new role, including the benefits you offer, the organizations you partner with, and your great work culture. If the candidate views you as dishonest, this will lead to a disengaged employee- which we know is retention's worst enemy.
2. Get Employees Excited During the Recruitment Process
More than 45% of employers fail to convey to their candidates the "why" when it comes to working for their business. Why are you loyal to this company? During the recruiting process, remember that you're selling your business. Start building your company up as early as possible to get employees excited about the opportunities that come with working with your team.
3. Choose the Right Candidates
The goal is not to just fill roles, but to find candidates that are going to stick with your business. The ones who will be a great fit for your existing culture and your open position. The best candidates are ones that can add to your company beyond their job description. Be sure to take the time to carefully screen potential employees to find the best fit for your organization, not just the best resume.
4. Give the Right Benefits
Insurance is a priority, but it's not the only thing employees seek from the company they work for. It is a competitive market, so offering employees additional benefits, such as flexible hours and more paid time off, may increase your retention rates. Take the time to discuss the benefits your employees want and take their wants into consideration.
5. Create a Culture of Collaboration
Surveys have shown that companies who promote teamwork see less burnout and more employee retention. Encourage employees to collaborate with one another, rather than competing against one another. Create an atmosphere of communication, where employees work together and in conjunction with their mentors.
6. Give Your Employees Room to Grow
Give your employees the opportunity to demonstrate what they have to bring to the table. Promote from within, when possible. Offer them the opportunity to take on challenging roles to grow and challenge themselves. Employees want to learn, advance, and be part of something bigger, not just complete busywork. Offer them work that has meaning--and show them how important they are to the company as a whole.
7. Provide Training Opportunities
Employees are constantly looking for new opportunities to grow. Help your employees achieve their personal and professional goals by developing their expertise in their industry. Give them training opportunities: access to seminars, certifications, and continuing education offers that will help make them more successful in the future.
8. Know What Motivates Your Employees
Different employees are motivated by different things. While food is a great motivator, chances are, if your only employee retention strategy is snacks in the break room, you may need to look into doing more to make your employees feel appreciated! Learn what actually motivates your employees and take time to engage your workforce.
9. Share the Cons, Too
Be sure to inform employees what to expect when they join your organization and who to go to when they are struggling. Candidates know there are no perfect jobs. It is important to ensure support and open communication in order for them to feel valued and successful in their role.
10. Create a Solid Relationship
A difficult relationship with a manager can decrease employee's engagement, commitment, and confidence. It is important to get to know your employees and develop a solid relationship that proves employees can trust you. Offer positive feedback in the small tasks as well as their milestones. Your relationship with employees leads to their success and the company's future!
Do you want to learn more about employee retention or take more action to retain your employees? Contact us today to learn how we can help!