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.
1. 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.
2. Solid Onboarding
New hires should be set up for success from the beginning. Onboarding should cover job responsibilities, company culture, and how to succeed within it. This first step is crucial and can impact the employee’s entire time at the company. Provide thorough training and support from day one, whether in person or online.
Create a thorough onboarding program to help new employees feel comfortable and engaged from the start. Share a new employee email to let everyone know about the new additions and provide helpful resources, like handbooks, for their reference. Need some inspiration? Check out our creative employee handbook ideas.
3. Be Flexible
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.
4. Mentorship Programs
Mentorship programs reduce employee turnover by offering guidance and support from experienced employees, promoting growth and a sense of belonging within the organization.
Make sure your mentorship programs pair employees based on experience, job role, or goals. Have regular check-ins to track progress and promote professional growth aligned with company goals. Mentorship can speed up employee development and keep them focused on the organization’s objectives.
Mentorship programs help employees from excluded groups overcome barriers to success. This is important for keeping talented employees regardless of their background.
5. Provide Recognition
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.
6. 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.
7. 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?
To reduce employee turnover, organizations must address internal issues and create a positive work environment that promotes satisfaction, development, and commitment. These strategies can lead to improved retention and overall success.
Use these strategies to boost employee retention. Keep reviewing your efforts, including staying updated on salary and benefits standards and creating a positive workplace culture with strong manager-employee relationships. While some employees may still leave, making them feel valued and supported can make their decision harder and potentially lead to positive word-of-mouth or even future rehiring.