5 Ways To Increase Employee Retention
Employees are considered a valuable resource for any enterprise, whether small or large. Having the right team can help create a competitive advantage for your business. Attracting and retaining such workers isn’t easy and can be costly. However, it can even be more costly if you fail to retain your top-performing workers!
Employee retention can be described as an enterprise’s capability to attract and retain talented workers. Due to the high demand for top-performing workers, you need to devise ways to enhance employee retention in your organization. The following are five approaches that will help you increase employee retention.
1. Provide Professional Training and Development Opportunities
Training and development opportunities are key aspects that impact employees’ decisions to stay or leave an organization. Workers will perceive your organization as one that is keen on molding them for future career opportunities if you offer training and development opportunities. Additionally, always ensure you prioritize internal hires and promotions whenever a position is left vacant or is available. That way, your top talent will feel you trust them by giving them a chance to advance their careers. Furthermore, such opportunities can help keep your workers engaged and enhance retention while minimizing costs associated with employee turnover.
2. Streamline the Onboarding Process
Often, most businesses don’t take the full recruitment steps, including attracting, hiring, onboarding, and engaging employees seriously. Even if you concentrate on attracting good workers, you might not hire the right talents if your recruitment practices aren’t streamlined.
A streamlined onboarding experience will help the newly hired workers to familiarize themselves with your company’s daily routine, work environment, and organizational goals. Most workers who experience a smooth onboarding process have a high chance of staying at the company a couple of years longer than those who experienced an unorganized and hasty onboarding experience. Therefore, you should streamline your firm’s onboarding experience to increase employee retention.
3. Offer Flexible Work Schedules
Since the COVID-19 outbreak hit, businesses have had to adopt new and flexible work schedules that suit the new way of doing business. Consequently, remote workspaces have become more popular than ever. Fortunately, there are many software and tools, including the timeclock online app, that can help you manage remote teams effectively.
Whereas specific tasks require on-site completion, your company’s ability to offer flexible work schedules can increase employee retention. This is true, especially now that the pandemic has led to new needs among the workforce across all the industries.
Today, nearly all workers want to have more time with their families and work from environments that allow them to control their interaction with others. Therefore, if you can provide flexible work schedules, including working from home options, you can increase employee retention.
4. Establish a Culture of Recognition in Your Company
The other approach that can help increase employee retention in your business is creating a culture of praise and recognition. A culture of recognition involves an environment where you commend and praise your staff for their excellent performance. Also, it involves remembering aspects that relate to your employees, including birthdays, employment milestones, and anniversaries. Demonstrating that you remember and recognize such important aspects that touch on your staff’s social and work lives will make them feel valued. In turn, an employee who feels recognized and valued will most likely stay in your organization for long.
5. Hire Talented and Engaged Workers
Research indicates a correlation between employee engagement and employee retention or turnover. Disengaged workers have higher chances of leaving an organization more quickly than highly engaged workers. This high turnover rate can lead to losses due to the huge investment that your company makes in recruiting and training the new staff. Therefore, your business must invest in hiring talented and engaged staff that matches the positions and qualifies for the roles. Eventually, this will help you increase employee retention in your organization.
Conclusion
Attracting, hiring, and retaining a talented worker can be costly for your business. However, it can be even more costly to hire and train a new employee only to lose them to your competitor! Fortunately, these five strategies can help you increase employee retention and cut costs related to employee turnover.