Best Strategies to Increase Employee Retention
Hiring employees is just the first step in creating a stronger workforce, and the next step is to keep them. With high employee turnover, there is an increased cost and decreased productivity. The key to your business’ success and long-term health is implementation effective employee retention strategies. Managers would agree that retention of best employees increases product sales, ensures customer positive experience, satisfied coworkers, effective operations and successful planning. 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. Right at the very first contact, it is important to provide a specific framework to your employees for them to have a clear idea of what is actually expected from them because changing expectations keep employees on edge and cause unhealthy stress. According to studies, most employees leave because of their supervisors and manager more than the job itself or the compensation benefits, so the quality of employee supervision is also critical in the retention of your employees. Employees who feel they are undervalued contribute to a company’s attrition, and these common complaints that center on the clarity of earning potential, expectations, 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.
Another factor affecting employee retention is the freedom of the employee to speak freely within the organization. Provide small perks like giving out pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays and other gimmicks you can think of to show your employee appreciation. Employees are more motivated and feel rewarded if you at least have a reward system or incentive plan, as well as contests in achieving target sales or meet production requirements or metrics. Support further studies for fostering employee development such as tuition reimbursement or learning a new job skill. Open door policy encourages employees 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 also vital to hire a human resources director to manage over a hundred employees benefits and concerns, thus streamlining your employee processes and structure.