Employee retention has become a key competitive differentiator. Companies who are able to keep their top talent - especially in tight hiring markets - are able to operate at a high level without disruptions caused by turnover.
Having a high retention rate can also indicate good morale and job satisfaction at your workplace. It signifies your company as a fun place to work, which keeps the employees happy. And let’s be honest, who would want to see their top employee go?
Ways in which you can keep your employees happy are always evolving, but here is some of our latest advice:
Retention starts with great recruiting
From the application process, screening applicants, and choosing who to interview, a good retention rate stems from the very beginning. When looking at CVs, remember to ask yourself these questions; Has the candidate stayed within a company for many years? Does this candidate have a loyal work history? Find a candidate who's invested in a cause, whether it's a sport they play or volunteering. That shows character and a willingness to stick with something they believe in.
Provide deserved compensation and benefits
Compensation and benefits are essential for retaining employees in a competitive market. In addition to the salary, an attractive package can include health benefits, a retirement plan, time off, and bonuses. Additionally, you can offer perks that boost employee morale, such as computers or company cars.
You should also review your existing employee salaries regularly to ensure they are fair and competitive with what other companies are offering. You want to avoid being a company with employees who have been with you for years, working in the same or similar role, without their wages moving up, and then having to watch them leave just because you didn't pay them what they deserved.
Recognize your top talent and reward them
Benefits and compensation are the key components of making your company attractive since they are provided no matter what, but rewarding your employee for the effort they put into their work is also very important. By setting annual goals and rewarding success, you can show your employees how much you appreciate their work and motivate them to do their best.
Provide ongoing training and clear paths to advancement
In order to ensure your employees are equipped with the skills they need to succeed in their current position or in their future roles, you need to invest in their professional development. Make sure you offer them learning courses to develop their skills.
Once the employee has the skills required, promote them from within. This makes employees not only have a clear path to greater compensation and responsibility, but they also feel valued and a crucial part of the company's success.
Encourage a healthy work-life balance and offer flexibility
Maintaining a healthy work-life balance increases employee satisfaction and retention. Communicate that you value and respect their personal time.
Flexible working arrangements can reduce stress and increase retention. You can offer your employees the option of a compressed work-week or flexitime, so they can start and end their days earlier or later according to their preferences or personal needs. The option to work from home one or two days a week is one that has become much more common over the last year. Employees appreciate a hybrid working option as it allows them to work comfortably, no matter where and when!
Make the workplace engaging
Encourage co-workers to meet face-to-face where possible, even if it is via video. Strong bonds are formed between employees when they get to know one another, which enhances their overall work performance. Strengthening working relationships makes your employees feel relaxed around each other and allows them to communicate without feeling awkward.
Keeping your employees happy and maintaining a high retention rate not only allows your business to operate at a high level without disruptions caused by turnover, but also helps you to attract new talent. Meaning that if you do find yourself with an empty seat or are needing to grow your workforce in line with your strategy, you will find it easier to make a good hire. Candidates will see the positive environment that you have created for your employees, and it may just give you the edge over your competition.
Contact us today for assistance with maintaining your employees and figuring out a retention strategy that will suit your company's needs!