Did you know that the cost of employee turnover costs American businesses over $1 trillion each year?
From the soft cost of reduced productivity and lost knowledge to the hard cost of recruiting, not to mention the effect it has on team morale, if your employee retention rates are on the low side, now is the time to take action.
That being said, securing long-term and loyal employees is actually a lot harder than you might think, especially if your workforce is predominantly made up of younger employees who have lower employer loyalty levels.
So, how do you establish yourself as an employer worth sticking with?
How to improve employee retention
Read on to discover five strategies for improved employee retention that you can start to implement from today.
Invest in training
If an employee feels that there is no room for growth within a company, they are highly likely to look elsewhere for an employer that better supports their career development.
One highly effective way that you can support your employees in their aspirations is to offer high quality, relevant training. However, rather than just laying out generic training across the board, for maximum results provide bespoke options that are tailored to the individual.
Another way to reward your employees for their hard work is to offer them more flexible ways of working. This could involve allowing your employees to work from home one day a week or it could mean the complete transition from office working to remote working. The key is in finding out what works best for both your business and your employees.
That being said, if you do decide to embrace remote working, make sure that you do not micromanage your remote workers as this has been proven to decrease employee morale which in turn could affect your retention rates.
Keen to find out more about how you can keep remote workers engaged? Click here to discover how a digital workplace can help to improve collaboration in distributed workforces and keep all your employees motivated to succeed.
Although many businesses provide tangible rewards in the form of bonuses or gift cards, you will be surprised at just how many forget to provide recognition for a job well done. This type of intangible reward could be something as simple as a thank you from a manager or more public words of affirmation.
Other ways that you can reward your employees include offering flexible working and job advancement.
Focus on wellbeing
Do you think about the wellbeing of your employees? If not, this could be the reason why your employee retention rates are not what you would like them to be. In recent years, employee wellbeing has become increasingly important, with workers wanting to feel supported and empathized with.
Whether you choose to invest in monthly massages for your employees or you organize more social events for your team, make sure you are taking the time to show your employees that you care about their wellbeing will result in a more motivated and happier workforce.
Involve your team in your goals
If you want your employees to remain loyal to your business, then you need to make sure they are actively engaged in your company. The most effective way to ensure this is by involving them in your plans for the future.
Therefore, the next time you have a managers’ meeting to discuss your long-term goals, why not invite everyone to participate?