September 12, 2017
What Are the Best Employee Retation Strategies?
Every company wants to retain their top employees for as long as possible. Hiring takes time and training takes money when new workers are hired, therefore it's in a company's best interest to keep their best employees around for long as possible. While some employee departures may not be able to be helped or controlled such as people moving on to a new job or moving out of the area, many employee turnovers can be stopped.
The big question comes to being: How Can I Control Employee Turnover?
The answer is simple: by making your company a place employees want to work.
What Are Some of the Top Employee Retention Strategies Company Can Use?
Some of the top retention strategies companies use to retain employees are simply providing employees with what they want. This includes a healthy balance of getting work and business done while also remembering to provide a work-life balance. Some of the following are some of the best strategies companies are using to ensure that their employees are staying with their company long as possible:
Use Words:
Simple and obvious as it seems sometimes just voicing your appreciation for your employees can go a long way in helping them feel appreciated as they are. If an employee stays late or does something that goes "above and beyond" in their job or if they do a job particularly well, tell them that! A simple "You did a great job" or "Thank you" can encourage employees to keep doing their jobs well into the future.
Make Your Company a Safe Place to Work:
This is especially true if you are working an industry where there are dangers such as construction or manufacturing. As a company, be sure that you are following all local and state regulation as well as federal laws. Ensure you are complying with OSHA to keep employees safe as possible. While accidents at some point are inevitable, ensure that you are following the necessary safety precaution to keep your workers safe as possible.
Provide the "Small Stuff":
Giving employees simple little conveniences can help show the company's appreciation for employees. It doesn't have to be anything fancy. Simply providing free bagels once per week or coffee in the employee lounge can help employees feel appreciated. It's a pretty small cost to a company to give their employee satisfaction or morale a boost. It will not go unappreciated as lives of employees are just made more convenient.
Pay & Raises:
It may seem obvious, but providing adequate pay raises and monetary incentives for employees who are high-achieving and do the best work. While people may love working for the company, if there are no monetary incentives and competitive pay, many employees will seek out employment elsewhere where the pay is adequate and the potential for growth is possible in both the position held within the company as well as the employee's position on the pay scale.
Providing Adequate Vacation:
Ensuring that employees are given the opportunity to take some adequate time to do things they enjoy doing ensures that you avoid employee burnout. Giving 2-3 weeks of vacation per year is a standard starting package for new employees. There is the potential to earn up to 6-8 weeks through holiday bonus time off and through working with the company for a set amount of years. Allowing employees time to do things they enjoy or allowing them to have to time off will help them be able to work harder when they return refreshed and relaxed.
Be Reasonable & Flexible:
This doesn't mean letting employees turn up for work and leave when they wish, however, it does mean showing some basic respect for employees and the facts that they have personal lives. Sometimes things will come up that make an employee late or unable to attend work. As long as appropriate notification is given, providing some occasional flexibility in a work-life balance to understand that things can happen. This can be anything from the car not starting to a child being sick. Be understanding of employees in extenuating circumstances, they will not forget that when it comes to doing things for the company when necessary.
Have an "Open Door" Policy:
Companies should always consider an open-door policy that allows employees who are concerned about a situation or problem to approach a manager or boss with their concerns. Companies who handle such complaints or concerns about such issues in a fair, unbiased manner can help all employees feel equally heard and valued. The more employees feel valued and respected the more likely they are to stay on the job and the harder they are likely to work.
Provide Quality Benefits:
Setting aside time to review your policies for the benefits you provide to your employees. This includes everything from affordable health insurance premiums to providing employer matches to a 401 (k) plan to pensions (for those companies that still offer them). Providing employees with ways to have affordable health insurance in the day and age of rising health care costs is as important as the retirement benefits provided to an employee. As many companies are cutting such benefits, enhancing the benefits your company offers can help attract more top-level talent to your corporation.
Be a Top Company:
The key for many employees is that they want to take pride in the company they work for. Striving to be the best at what you do as a company and as a whole can give employees a great sense of pride in the place in which they work. Work to provide the best service to your clients and be the best you can be at what you do. Employees will take pride in that and want to stay with a company that rises to be the best they can be.
Conclusions:
Keeping your top employees at your company is a combination of many efforts, many of which are listed above. Ensure that you are providing your employees a quality place to work alongside a good company, and they will reward you with loyalty and career-long dedication as well.