Improving your employee retention rate is essential if you’re going to keep your top talent and avoid wasting time and money hiring and training new people more often than you should be. Here’s what you should know about improving your employee retention rate:
Retention Starts From The Moment You Recruit
Retention doesn’t start once an employee has been working for you for a while. It starts from the moment you recruit them! The onboarding process should be informative and make new employees feel confident and comfortable. This means you’re working on retention from the moment you bring somebody new on board. These first impressions can matter the most.
Make sure you provide ongoing education for your employees. Provide training courses and anything else that could help them to perform better and become better in various ways. They will appreciate you investing in them like this.
Paths To Advancement
Make sure you also offer various paths to advancement. Nobody wants to feel like they are in a dead end job with no hope of improving or climbing the career ladder. If you don’t hire in-house when a new position comes up, then you can expect a much higher employee turnover.
Ask Them How You Can Improve
One of the easiest ways to improve employee retention rate is to just ask them what you can do. You could use an employee engagement survey to figure out what’s working well for you and what may not be working so well. Make sure you actually listen to your employees.
Offer Great Benefits
Paid sick leave and healthcare coverage isn’t enough to keep people with you. Consider offering different benefits. For example, you could offer employee gym memberships, stock options and other financial awards for those who exceed performance goals, and more.
Flexible work schedules are also becoming more popular. The opportunity to work remotely could be attractive to many employees, even if they only do it sporadically. Basically, you’re aiming to do more than the bare minimum for your employees. If you only ever offer the bare minimum, you can bet that employee resentment will build, and they will become disengaged from the workplace and the work. Once this happens, it’s only a matter of time until they give you their notice.
Improve Your Workplace Culture
Of course you should hire people who already fit in with your workplace culture, but working on improving it could also be a good idea. Is there a way you could become a more attractive company to work for? Could you introduce more relaxed dress codes, nap pods, and less micromanaging? This sort of culture is very modern and works well for an abundance of businesses.
Improving your employee retention rate will mean saving your business time, resources, money, and more. Losing your top talent will be something you regret for years to come, so don’t let it happen. Focusing on your team and making sure they are happy will help your business to grow and improve.