Retaining employees is something all companies should be focusing on. Companies need to reassess their employee retention strategies, especially when it comes to retaining senior employees.
Employee turnover can negatively impact your company’s brand, as it causes disruption, expense, and recruitment costs. According to Society for Human Resource Management, “it costs $3,500 to replace one $8 per hour employee when all costs – recruiting, interviewing, hiring, training, reduced productivity, etc – are considered.” If you want to avoid this, here are some tips on how to retain your best employees:
Create a challenging environment
If your employees are constantly challenged and motivated, they won’t get bored and start to look elsewhere. It’s important for companies to regularly chat about career planning with their employees. Make sure your company offers training and development, and that there are different types of career paths and job opportunities. Career-oriented employees need to experience growth so they don’t stagnate.
Transparency and communication
Communication plays a fundamental role in building relationships and establishing trust. It’s important to create an environment where employees are comfortable providing feedback and sharing ideas. According to Business News Daily, “feedback and the ability to understand employee concerns is important, but it’s what you do after that’s critical to retention. You should always be transparent by sharing what you’ve learned and a course of action for addressing the issue.” Transparent communication will not only build trust but will also build a more effective and cohesive team.
Recognize and reward employees
Employees need to feel valued and appreciated, that’s why achievement and recognition are high motivators for employees. Even saying ‘thank you’ and ‘job well done’ will boost employee morale and make them feel valued. Of course, things like monetary rewards, and gifts make the thank you extra special. According to Bonusly, “disengaged employees cost businesses an estimated $550 billion dollars last year in the United States alone.” Staff recognition is an effective and proven way for improving employee engagement.
Promote a positive work environment
You don’t want your employees to dread coming into work. A dull and unhappy work culture will lead to lower morale. A positive work culture will lead to increased productivity and better morale. Employees that get along with each other, with open communication and a positive attitude, will create a more desirable work environment. It’s also important to have core values and demonstrate it in your actions and work. This will add to the workplace culture and help build your brand.
Offer employee benefits
Offering your employees special benefits will keep employees happy and make them want to stick around for the long run. Make sure to offer competitive benefits packages that fit the needs of your employees. Whether it’s life insurance, disability insurance or health and wellness; benefits that go beyond the legal requirements will show employees that you truly care about them.
Employee benefits may cost a bit more initially, but the advantages will greatly outweigh those costs in the long run. FBC provides businesses of all sizes with expert benefits guidance, management, and consulting. Contact us if you want to offer group benefits to your employees. Alternatively, download our guide for tips on how to boost employee satisfaction.