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. A high attrition or a high employee turnover increases the costs associated with hiring and recruitment, and productivity is decreased. Implementation of effective and proven employee retention programs is the key to the health and success of your business. To ensure customer satisfaction, increase product sales, and smooth operations, it is important to retain your best employees. Employee retention really matters because failure to retain your best employees results in additional costs for hiring and training, lost knowledge, decreased skilled workers and other employees are also influenced to back out from your organization.
Offering a competitive benefits package is very important such as providing life insurance, health insurance, and retirement savings plan, as well as other perks showing that you can accommodate your employees’ outside lives like flextime and telecommuting. 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. 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. It is also a good idea providing meaningful employee appreciation gifts and freebies such as having pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays or out of town team buildings. 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. 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.
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