Keeping your employee positions filled is vital for the stability and growth of your company. However, many employers find it challenging to retain their employees and are dealing with high employee turnover rates. In this competitive business world, keeping top talent and nurturing existing talent can give you the edge you need. To help move your business forward, here are seven tips for improving employee retention.
Offer a Competitive Salary
Sometimes it just comes down to being able to pay a competitive salary. Employees will look at other potential jobs if what you’re offering is below the industry average. For some positions, keeping the employee by paying a better salary is far more affordable than finding a new employee and making the investment to train the new employee.
Create a Positive Corporate Culture
Creating a positive corporate culture helps employees stay connected to the company and get integrated into the company’s operations. Think about what kind of corporate culture would be beneficial to the success of both your company and your employees. Go beyond how the office operates. Create ideas and values that the entire team can align with.
Offer Benefits and Unique Perks
Benefits like greater healthcare options, payment for education, and childcare assistance can make employee feel like they want to stay with your company even if salaries are lower. Small perks can also contribute to employee loyalty. Things like access to a gym, a free coffee station, and company discounts are examples of affordable perks that you can offer to employees.
Start with the Right Employees
Sometimes the problem starts at the hiring process. You want to make sure you avoid candidates that have a history of going from one job to another. Look for candidates that are serious about advancing their careers. You also want to see if the candidate would be a good fit with your existing corporate culture and general office environment.
Offer a Path for Growth
Many employees will feel like they’re in a dead end position if there isn’t a path for growth. If you want to keep key employees, you want to give them the opportunities to do so. Provide the training they need to move into better positions, offer bonuses for reaching milestones, and explain various positions that can open up for them in the future.
Support Your Employees
Many employers tend to make the entire focus about getting the job done and neglect the challenges employees might be facing. You want to listen to employees and help them overcome their challenges whether it’s providing them the training they need, helping to accommodate their family situation, or listening to their considerations.
Many employees often feel like their work isn’t valued. It’s up to you to set a goal for your employees and reward accomplishments when they are met. Rewards can come in the form of bonus payments, gifts, and more opportunities. Recognizing their contributions is what will help employees feel like their role and place in your company is important.
Improving employee retention can be easier than you think. It just comes down to working closer with employees and making the job more attractive for them to stay in.