Keeping employees on board is crucial to any company's long-term success. If you're having difficulty keeping your employees around, read on for some helpful employee retention strategies.
The Importance of Employee Retention
As you're probably aware, retaining employees is a vital part of any business's success. A stable workforce not only helps to keep costs down (bringing in new people is always a costly undertaking) but also promotes employee loyalty and morale, among other important factors that contribute to a healthy work environment.
Although employee retention rates vary from one industry to the next, Dailypay.com recommends trying to keep your turnover rate at or below 10%. That can be tough, as an estimated average of three million Americans quit their jobs every month, according to the U.S. Bureau of Labor Statistics.
The human resources (HR) department plays a pivotal role when it comes to employee retention and productivity and developing related strategies. If you're struggling to meet the 10% figure cited above, check out the following employee retention strategies, which can help you keep your rate of staff turnover low.
Technique #1: Get Off on the Right Foot
According to a survey from BambooHR, almost a third of participants admitted to quitting during their first six months at a new job.
That's the bad news. The good news is that your organization has the direct authority to make improvements in several key areas. For example, take a long look at your onboarding process to see if you can identify any potential weaknesses. You could also talk to your newest employees and see what they thought of their training.
The aforementioned survey notes that most new hires want to be trained by managers, not HR personnel or co-workers. If you're a manager, try to get more involved in the training process. If you're in HR, reach out to the company's managers and stress the need for their participation when it comes to implementing employee retention strategies.
By setting a positive tone early and making the onboarding process a pleasant one, you can demonstrate to your new employees that your company is an organized and efficient one, which can only help to improve retention.
Technique #2: Provide Training & Development
One of the main reasons why employees feel the need to stray from a company is because they feel ''stuck,'' meaning that there's no room for upward mobility.
The easiest solution to this employee retention problem involves awarding qualified staff members with promotions and more important responsibilities. When the number of higher-level openings and the pool of qualified staff are limited, place an emphasis on professional development courses and sessions and make them available to your workers. Networking events and skill-building courses are two examples of the tools you can use to engage your employees and promote individual development plans.
Providing new opportunities for growth allows your employees to feel valued and promotes loyalty to your organization. As an added benefit, your employees may wind up with additional skills that will only further help your company!
Technique #3: Refine Your Office Culture
With so much focus on work, it's easy to forget that the office is also the place where your employees spend a healthy chunk of their waking hours. For this reason, you should strive to make the office a comfortable, welcoming, and fun place to be.
Trying to make an office ''fun'' can be a tall task when striving to find a balance between keeping people happy and keeping them productive. When establishing a middle ground, aim for small and frequent rewards as opposed to bigger gestures. For instance, allowing employees to leave a little early on Friday, bringing in bagels on Monday morning, and relaxing the dress code on certain days are all examples of things you can do to create a positive work environment and improve employee retention rates.
If you're an HR professional and need help coming up with employee retention strategies, check out Study.com's extensive list of business courses, which cover topics like team building, organizational behavior, and professional development, all of which can help you retain employees.