That valued team member has just tendered their resignation, and you don’t know how to replace them. You don’t even want to think of how it costs you between 50% to 200% of their pay to recruit a replacement.
Your employees have been underperforming, and you’re worried the resignation letters might rise in number. Where is the gap in your employee strategy? Is there something you’re not grasping?
Here’s a look at six vital ways you can boost employee retention in your organization.
Make Work Schedules Flexible
If the pandemic has taught employers anything, it’s that organizations can run viably with flexible working schedules. And that’s a critical insight as today’s worker demands more flexibility.
There are many reasons employees crave flexible work schedules (even before the COVOD-19 pandemic rolled into the scene). These include:
- A desire for better work/life balance
- Saving costs
- Family considerations
- Avoiding distractions related to working from the office
- Saving on time
- The stress that comes along with a regular commute
Now that the pandemic is here, firms have had to adapt to changing employee work arrangements. Most, if not all of your staff, now have a good feel of what it’s like to work from home and/or have flexible hours.
Rolling such benefits back once operations go back to normal will be much harder. If you want to retain employees, it’s time to strategize on incorporating permanent flexible work schedules to improve their quality of life.
Emphasize Employee Health and Wellness
Did you know you spend one-third of your life at work? That’s an astounding number of hours employees spend in the office. The quality of life your team has at work will inevitably have a significant impact on other areas of their life.
That calls for you as the manager to think differently about what perks you offer. It can’t just be a bevvy of snacks, fantastic seats, and a game room. Zeroing in on your team’s health and wellness is now a critical factor influencing retention.
For example, many employees now view group health benefits as a primary deciding factor on where to work. Enhancing such benefits with, say, a gym membership or health spending account is an effective and affordable way to retain workers.
If you invest in the genuine delivery of health and wellness benefits for your employees, you won’t face a constant exodus.
Make Recognition a Part of Your Culture
Do you value being recognized for all the hard work you put in? So do your employees. The people you employ long for more than a paycheck – They want to feel what they do matters
When you don’t consistently make employee recognition a part of your culture, you inadvertently communicate. And what you’re saying to them is they are nothing more than tools in a cog meant to generate more output.
Invest in understanding the types of workers you have to pick the best options to reward and recognize them. You’ll engage employees and satisfy their innate need to be appreciated, which keeps them around for longer.
An attractive compensation isn’t the solution for all your staff retention challenges. With that said, paying workers well is a crucial tool you can use to reduce your staff attrition rate.
The secret to making financial compensation an effective business strategy is to pair it with other quality of life perks. If you develop unique approaches to this pairing, you’ll be building trust with the team in ways that keep them around for longer.
For example, if you know some team members keep seeking advances on their salaries, adopting earned wage access is one way to empower them to meet urgent needs before payday while preserving their dignity.
Another example is allowing all employees to participate in a profit-sharing agreement after meeting specific vesting criteria. The approaches to this are endless, and as long as you ensure you execute on the initiative, you’ll develop deep loyalty with exceptional employees.
Every employee has to work hard and meet their performance goals. But, if your employee needs some time off work and panics when they think of bringing it up, you have a big problem.
Providing reasonable relaxation periods is mission-critical to the holistic well-being of your team. No amount of money or perks can give a worker peace of mind when they can’t make other aspects of life work due to stringent organizational demands.
Work out how you can offer sufficient allowance for time off, sick days, family time, maternity leave, etc. Pacing your staff’s workflow can work wonders on your retention rate. And they will be more engaged and ready to offer 100% at their job.
Offer Workers Room to Grow
Whenever an employee feels there is no room to grow in an organization, they will likely begin to plot their exit.
That intrinsic sense of development matters to your people, and as such, you need to stimulate them to grow. The more you tap into and satisfy this inborn trait, the higher the chances you’ll retain your staff.
Identify the untapped potential in each of your employees and give them responsibilities that will stretch them accordingly. While a minority might complain or even leave, the majority will rise to the challenge and engage.
As you offer opportunities to continue their education and promote from within, workers will commit to the firm as they see they can grow in it.
In that way, you make your organization more attractive for exceptional performers among your employees.
Employee Retention: You Get What You Out In
Replacing your workers is a time and money-consuming process that erodes your productivity. You need to understand the emotional, financial, and psychological factors impacting employee retention to discern how to tap into them and keep your people happy.
The more content your employees, the less time and money you’ll spend recruiting and training new workers.
Hiring top performers is no small achievement, and you have to do everything possible to keep them. Our site delivers insightful business advice to help you take better care of your employees. Check out more of our articles to gain skills that help you retain your workers.