Best Strategies to Increase Employee Retention
The first step to having a strong workforce is hiring competent and reliable employees, and the next step is to keep them. There are a decreased productivity and increased costs or spending with a high employee turnover. Key employee retention is crucial to the success and long-term health of your business. To ensure customer satisfaction, increase product sales, and smooth operations, it is important to retain your best employees. Employee retention is a critical matter in any organization or company, because losing your best employees means spending money on recruitment and training, lost manpower investment, lost of knowledgeable and skilled workers, and other employees may also be influenced to resign and transfer to your competitors.
It is important to offer a competitive benefits package to your employees like providing health insurance, retirement savings plan, and life insurance, along with other perks such as telecommuting and flextime to show that you can also accommodate their requests or their outside lives. At the very beginning, it is essential to already provide a specific framework of what are the expectations of the company from them because any change of expectations may, later on, turn off employees causing unhealthy stress. Reinforce good leadership and people management practices to your supervisors or managers because more often than not, employees leave because of their managers and supervisors, and not really the job or because the company doesn’t have good compensation benefits. If an employee feel undervalued, this will contribute to turnover or attrition, and common employee complaints center on the clarity of expectations, earning potential, lack performance feedback, failure show up on schedule meetings, and failure to create a developmental plan when an employee is performing or wants to succeed.
It is also crucial to have an avenue for your employees to speak freely within your organization by having feedback portal, employee engagement, and management meetings. You can provide small and meaningful employee appreciation tokens and gifts such as giving out pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays or Christmas grocery package. You can also hold contests and incentive system to motivate your employees and so that they feel rewarded for a job well done. You can also keep your employees by fostering and supporting their development such as having continuing educational programs, tuition reimbursement or free training for your employees to learn a new job skill. Having an open communication between the management and the employees is essential by having regular meetings and open-door policy so that employees are encouraged to speak directly to their managers without any fear of repercussion, and holding regular meetings allow employees to speak their ideas and encourages them to ask questions. It is important to hire a human resources director if you have more than one hundred employees to manage employees benefits and concerns, thus streamlining your employee processes and structure.