With the cost of finding and training employees reaching well into the tens of thousands of dollars, retention is more important than ever before. When an employee sticks with your company, you don’t have to spend time and money recruiting, hiring, and training a replacement.
Of course, employee retention is easier said than done. While some companies have mastered this, others continue to fall short. For this reason, they are always looking for new workers.
But don’t worry. There are a variety of employment retention tips that can help you improve this area of your business. Here are seven that deserve your full and undivided attention! If you’re firm needs a quality recruiting management system, Recruiteze is here to save the day! Best part, it’s all free. Recruit easier today, without obligation.
1. Hire Right
If employee retention is truly important to your company, it all starts with the hiring process. Bring the right employees onboard, and your retention rate will go through the roof. Hire the wrong people, however, and you will have a hard time keeping employees over the long haul.
From recruiting to screening, you should put a lot of time and resources into the hiring process. This is where retention begins.
2. Treat them Well
Are you treating your employees better than other companies in your industry? This can mean many things:
- Competitive salary.
- Top of the line benefits package.
- Modern workspace.
- Variety of extras, such as gym membership, free food, and health and wellness programs.
It is one thing to say you will treat your employees well. It is another thing entirely to do so. If you are truly concerned about retention, this is something you need to do. No questions asked. No time to delay. Start treating your employees better and they are more than likely to stick with the company for a long time.
3. Hire from Within
People leave a company for many reasons. One of the most common is a better opportunity elsewhere. For example, a sales representative may have aspirations to become a sales manager.
When you hire from within, when you make it clear to employees that this is your strategy, they will often be willing to wait their turn.
Here is the one thing you need to remember: you can’t just talk the talk, you need to walk the walk. If you say you will promote from within, don’t hesitate to do so when the opportunity presents itself.
4. Listen to Them
If an employee has a question, you should find an answer. If there is a concern, big or small, it should be addressed without delay.
It is extremely important to listen to every one of your employees. Not only does this keep the lines of communication open, but it can help eliminate any problems before they turn into something bigger.
It sounds simple, but so many companies “put their workers on mute.” They don’t want to hear what they have to say. They just want them to do their work and go home. This attitude will have a negative impact on your retention rate.
5. Provide Regular Reviews
It takes time to schedule and conduct regular employee performance reviews, but the benefits are hard to ignore.
With a one-on-one meeting, you can be rest assured that the employee and supervisor are on the exact same page. This is a great time to discuss the past, look at the future, and have an open conversation about where things stand.
When you skip over performance reviews, it is possible that something could get swept under the rug. Over time, the problem festers and the employee eventually bolts for another job.
Once you have a schedule in place, once you know what you want to cover with each review, it becomes much easier to do so.
6. Recognize Accomplishments
Everybody wants to hear “good job” from time to time. Companies that take their employees for granted eventually find that their best workers fly the coop.
You don’t have to recognize every last accomplishment, but making this a habit would be in your best interest.
For instance, if a salesperson exceeds his or her quota for six straight months, it is definitely worth a mention. You can take this one step further by providing the person with some type of bonus.
7. Be Flexible
There used to be a time when everybody worked 9 to 5. This was the standard schedule and there wasn’t much deviation. In today’s day and age, this is not what many workers are interested in.
A flexible work schedule can make up for many other shortcomings. Even if you don’t pay as well as the competition, if you are flexible it could go a long way in keeping employees happy.
According to the Workplace Trends 2015 Workplace Flexibility Study, a growing number of companies are investing more into work flexibility programs. Here is a brief excerpt:
“Last year, of the companies that knew how much they invested in their work-life benefits programs, 60% spent under $20,000 and 29% spent more than $40,000. 53% of these companies plan to invest more in their programs in 2015.”
If your company is not investing in workplace flexibility programs, you may soon find yourself well behind the competition in this area.
Flexibility will continue to grow in importance. From an employee retention point of view, this is something to strongly consider.
Final Word
No matter how hard you try, there will always be employees who leave your company behind. Some do so for a better opportunity. Some retire. Some quit the workforce altogether.
By following the seven tips above, you can help improve retention, thus saving your company time and money.
What other employee retention tips have you used to your advantage? Share your advice in the comment section below.
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