Do you want a team of highly engaged employees committed to your company’s success? It may be time to start focusing on employee retention. Retention strategies help create a positive work environment and strengthen and an employee’s commitment to an organization. If you’re looking to build a team that will grow alongside your business, start decreasing your employee turnover rate by implementing the following strategies.
1. Define Your Company Culture
Employee retention begins with the job description. Aside from pay and career progression, workplace culture is one of the largest factors contributing to retention metrics. Employees who enjoy what they do, why they do it, and the atmosphere in which they work are more likely to remain employed with their company. Identify your organization’s mission statement and its foundational tenets—and be sure to include this information in the job description. Presenting a clear company culture will help draw in like-minded applicants and help you find employees that are worth hanging onto.
2. Hire the Best
According to a study conducted by the Center for American Progress, a typical employee turnover costs a business 21% of that worker’s annual salary. This means that retaining your employees is not only good for your company culture, but also for your bottom line. To avoid repeating the expensive and time-consuming hiring process, be sure to screen all potential employees. Companies like ShareAble for Hires offer pre-employment background checks so that you can feel more confident during your next onboarding process as you work to grow—and keep—an incredible staff.
3. Introduce a Referral Program
Another great way to find the best hires is to offer an employee referral program. Consider offering a bonus to any of your team members who bring in a great recruit; doing so enables you to utilize an existing network (versus paying for recruiters) while fostering leadership. What’s more, the new hire they bring on will most likely stay longer than a recruit found through different channels, as they’ll be engaged since day one. During hiring periods, always look at options for internal promotion before turning to outside applicants. The opportunity for upward mobility will give your employees a reason to stay and something to work towards.
4. Make Work Fulfilling
Tap into the potential of your new hires and utilize their skills; employees who feel underutilized or unchallenged are usually the first ones to go. Help your employees master the skills required for upward progression to foster their continuous growth by offering workshops or one-on-one mentoring. If employees are dispirited and motivation is low, performance levels will most likely be subpar as well. To retain your employees, keep them driven and thriving.
5. Offer Incentives
Offering incentives—such as a bonus, paid time off, office happy hour or a company vacation—is another successful method for keeping your team motivated and engaged. When they have a goal to work towards, with the promise of a reward to follow, they’ll try harder to get the job done. If your business is not in the position to offer such perks, considering offering incentives that make your company a better place to work than your competitors. Benefits such as insurance, sick pay, or remote work can encourage your employees to stay much longer.
Employees who feel valued by their organization are more likely to remain loyal to it. When they work hard for you, be sure it doesn’t go unnoticed. Compliment someone on a job well done to boost morale and keep the office positivity strong. Giving verbal or written praise lets your employee know that you appreciate them, and such recognition may inspire them to impress you more often.
Appreciate and encourage the hard work your team puts forth, but remember to stay flexible. Bosses who lack sympathy, compassion and patience can push their employees right out the door. Remember, your employees are humans with needs and feelings, so show them a little grace the next time their external life interferes with work.
Your employees are ultimately the ones who determine the success of your small business; by keeping them inspired and engaged, they’ll be more invested in the fate of your company and eager to make it successful. Create an environment in which people are happy to wake up and come to work—you, your business, and your team all stand to benefit.