Employee Retention Strategies
Businesses spend valuable resources hiring the right employees. Even after the hiring process is concluded, businesses continue to invest in employee training and development. With so much at stake, it is critical to maintain a low turnover rate. Here are some proven employee retention strategies.
Train to Build Confidence
Everyone wants to be good at what they do. Employees who lack the ability to do their job competently will experience feelings of inadequacy, and this is especially true for positions that deal with the public. These employees will resent being placed in a position where they do not have the necessary knowledge and skills. They will blame the employer, and rightfully so. To retain employees, businesses must provide proper training. This also means giving new employees sufficient time to learn to perform the job before being asked to do so without assistance.
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Offer Creative Perks
A generous benefit package will obviously contribute to employee satisfaction and be part of employee retention strategies. But aside from things like health coverage and retirement contributions, there is a great deal of value in providing smaller, unexpected perks to employees. For example, after a certain amount of time on the job, employees could be offered things like prepaid child care, gym memberships, or dry cleaning. These types of perks go a long way toward keeping employees happy, and businesses may qualify for group discounts on such services.
Pay Cash Bonuses that Increase Annually
While money may not be the only motivating factor for those in the workforce, there is no question that it has a direct impact on employee retention. Strategies that put money directly into the pockets of employees are sure to be successful at avoiding turnover. To be most effective, however, the amount of an annual bonus should correspond to the length of time the employee has worked for the company. The size of a particular bonus may be based on other criteria as well, but it should always include a component that reflects employee seniority.
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Involve Family Members of Employees
Businesses must realize that on any given workday, employees probably spend more time at work than they spend at home with their families. And in a small way, the spouse and children of an employee contribute to the success of the business, by supporting the employee’s choice of career. Successful employee retention strategies will involve these family members. The families of employees should be invited to company events, and managers should take a sincere interest in family accomplishments, milestones, and general well-being.
Avoid Imposing Mundane Job Duties
Good employees work hard and accomplish the goals of the business in an efficient manner. They take pride in their own productivity, and this should be encouraged. When an employee is required to conduct tedious reporting activities, data entry, and the like, these values are undermined. It sends a message to the employee that their time is of little worth. To the extent possible, businesses looking to increase employee retention should find ways to minimize the time an employee must devote to such activities.
Employee turnover has a direct impact on a company’s profitability. Strategies should be adopted that will keep employees happy, and dissuade them from seeking positions elsewhere. Taking these measures also creates a more pleasant working environment for everyone at the company.