5 Ways To Increase Employee Retention

Hiring employees can be an expensive and lengthy process. Advertising an open position, finding a pool of qualified candidates, conducting interviews, and hiring someone is only the beginning. Once you’ve found an eligible employee, you need to start the onboarding process, provide training and make adjustments as the new staff member gets established.

Retaining employees can help you keep the talented staff members you have. Here are five ways to reduce turnover.

1. Reward Employees for a Job Well Done

You may have read business statistics that show many employees don’t rank salary as the first reason for staying at their job. Most people want to be appreciated for their hard work and recognized when they do their jobs well. Some employees believe being valued is at least as important as salary.

A monetary bonus is one way to show appreciation. Other ideas include the following:

  • Offer a day off with pay.
  • Cater lunch for staff members.
  • Publicly recognize employees in meetings or on social media.
  • Write a personal thank-you note.

2. Offer Development Opportunities

Continued learning keeps employees informed about their jobs and the industry in general. Offering training or development courses tells your staff members that you are willing to invest in their futures. It also shows that you support them in their role and encourage them to better themselves. Their education may lead to a promotion or salary increase. Aside from these benefits, it helps them do their jobs better.

Consider paying for training or development courses if you don’t have them in-house. A new supervisor or manager will probably appreciate a leadership course. If you introduce new technology, those who use it can benefit from training instead of trying to learn as they go.

3. Give Employees a Clear Career Path

Employee retention can start on the first day at work. Educate new staff members about the company’s mission. Show them exactly how they can help the company reach its goals. When they know their function, it gives their job purpose. It also demonstrates how their efforts fit into the big picture.

Demonstrate the ways employees can move up the ladder. They may get a raise after learning new skills or staying with the company for a specified time. You may consider moving them into a management position when they develop particular skills. Whatever the path to success looks like at your company, ensure new staff members understand it so they can visualize success with your business.

4. Help Employees Sustain a Work-Life Balance

Most companies offer paid time off, but you can stand out if you surpass the standard expectation. Some ideas include the following:

  • Allow employees to work from home on specified days.
  • Offer extended leave for new parents.
  • Give them a stipend toward their vacation.
  • Provide on-site daycare or allow children to come to the office if feasible.
  • Let people bring their (well-behaved) pets to work.

You may have other creative ideas that let employees blend their work and personal lives.

5. Keep Communicating

One of your jobs as a leader is to keep communication channels open. Your staff members should feel like they can turn to you when there’s a problem and speak openly. They should also feel encouraged to present new ideas.

Remote working can make it challenging to keep communication lines open. You can schedule regular meetings with your staff individually and in groups. Your discussions can occur in the office or remotely, even by phone, if necessary. Different approaches can work as long as people know you are willing to listen. Employees are more likely to stay at a company where they know their input is valued. If they have ideas that never get heard, they may take them elsewhere.

Employee retention can be lots of work, but it pays off. It’s almost always less expensive to retain employees than to hire new ones. These tips can help you attract and keep talented workers that enhance your company’s success.