Did you know that it costs an employer 33% of a worker’s annual salary to hire a replacement when that worker leaves? If you want to avoid costly turnover rates and the stress and headaches that come with hiring new employees, we are here to help. We have put together this list of the top employee retention strategies to help you keep the team of workers you want.
Keep reading to learn more and start applying our tips today.
With more people freelancing and working for themselves you want to attract employees with the best possible benefits package. The more competitive you make the benefits available to them, the easier it will be to not only attract employees but retain them.
People want to make sure that they are getting the best health and wellness benefits in case of an emergency. They also want to make sure that they are getting retirement, and vacation benefits. You can visit this website to choose the best benefits to offer your employees.
2. Flexible Schedules
Employees will appreciate having flexibility with their schedules. Unless for some reason they have to be in the office from 9-5 give them the option of setting their hours for the day. You can also give them the flexibility of telecommuting if it will work with your business needs.
Employees are more productive when they are happy with their schedules. It will also improve morale and decrease the number of people calling out or being late. Make sure that if you choose to offer a flexible schedule you are very clear with how many hours you expect your employee to work.
If you are going to offer remote work for those that their position allows it, you will also have to be clear on the expectations of their work schedule. Positions that are computer or telephone-based will allow for the location to be from anywhere not just the office.
What’s also great about offering flexible schedules is that your company can also save money in the long run. Not only will you save money thanks to less turn over but you will also save money because you might be able to downsize your office if there won’t be as many employees there physically. You will also notice utility bills go down along with equipment costs.
Read More: HOW DO YOU ATTRACT GOOD EMPLOYEES?
3. Invest in Your Managers
When you have your employees reporting to a manager, invest in those managers. If an employee is having a difficult time with their manager they might look for another job and leave. This is why you want to make sure you are training and developing your managers to be the best they can be in their position.
Your managers can help you reduce turnover when they are empowered to make decisions and can also empower your employees to grow rather than simply perform their duties with no chance of growth.
Try to send your managers to conferences throughout the year that will help them grow in their positions. There are plenty of leadership conferences as well that can help them improve their skills. The small investment of sending them to conferences will pay off in the long run because they will learn how to be better managers, in turn, helping your employee retention rate.
If your current employees see these perks being rolled out for managers it will also incentivize them to not leave and instead work their way to a manager position as well. They too will want the benefits that they see the current managers receiving.
4. Recognize Hard Work
There is nothing worst than going above and beyond and no one noticing. Thank your employees for their hard work and show them you appreciate them. When employees feel that their hard work is going unnoticed or being taken for granted they might quit and find somewhere that they feel their hard work is being noticed.
You can be creative when recognizing hard work. You can give bonuses at the end of the month, or a weekly lunch for achieving a certain goal. A simple thank you also goes a long way because sometimes employers are so busy dealing with finances, and behind the scenes situations that they forget to just say thank you.
5. Promote From Within
If you have a loyal employee for years and hire new management from outside they can become disheartened over time. They might feel like they do not have the opportunity to move up the ladder, causing them to search for another job where they feel they can move up the corporate ladder.
Those that have a strong performance want to know that there is a possibility for a promotion in the future. You can help keep employees excited to grow within the company by coming up with an internal advancement program.
You want your employees to stay in your organization not leave when they feel they hit a ceiling. The goal is to not just fill roles but to plan out careers for people when you are conducting interviews and hiring someone.
Which Employee Retention Strategies Will You Use Choose?
Now it is time to choose one, some or all of the above employee retention strategies to help keep your turnover costs down. We hope that you are able to lower your turnover rate and keep your current and future new employees happy. Did you enjoy our article and find it helpful? Please bookmark our business section to never miss our latest!