How to Increase Employee Retention Successfully
The first step to having a strong workforce is hiring competent and reliable employees, and the next step is to keep them. There are a decreased productivity and increased costs or spending with a high employee turnover. The key to your business’ success and long-term health is implementation effective employee retention strategies. Managers and supervisors agree that retaining their best employees is crucial in maintaining increased production, customer satisfaction, smooth operations, successful planning and healthy work environment. Employee retention really matters because failure to retain your best employees results in additional costs for hiring and training, lost knowledge, decreased skilled workers and other employees are also influenced to back out from your organization.
Offering a competitive benefits package is very important such as providing life insurance, health insurance, and retirement savings plan, as well as other perks showing that you can accommodate your employees’ outside lives like flextime and telecommuting. At the very beginning, it is essential to already provide a specific framework of what are the expectations of the company from them because any change of expectations may, later on, turn off employees causing unhealthy stress. Reinforce good leadership and people management practices to your supervisors or managers because more often than not, employees leave because of their managers and supervisors, and not really the job or because the company doesn’t have good compensation benefits. Employees who feel they are undervalued contribute to a company’s attrition, and these common complaints that center on the clarity of earning potential, expectations, lack performance feedback, failure show up on schedule meetings, and failure to create a developmental plan when an employee is performing or wants to succeed.
It is also crucial to have an avenue for your employees to speak freely within your organization by having feedback portal, employee engagement, and management meetings. Provide small perks like giving out pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays and other gimmicks you can think of to show your employee appreciation. You can also hold contests and incentive system to motivate your employees and so that they feel rewarded for a job well done. Support further studies for fostering employee development such as tuition reimbursement or learning a new job skill. There must be an open communication between the management and the employees through regular meetings and open-door policy. It is also vital to hire a human resources director to manage over a hundred employees benefits and concerns, thus streamlining your employee processes and structure.