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. The rate of employee retention of a company is important because losing your best employees results in lost manpower investment, lost knowledge and skills, and others may also be influenced to resign and transfer to your competitors.
In order to retain your employees, you have to create a competitive benefits package to your employees such as providing health insurance, life insurance, retirement savings plan, and other perks showing that you can accommodate your employees’ outside lives like flextime and telecommuting. Right at the very first contact, it is important to provide a specific framework to your employees for them to have a clear idea of what is actually expected from them because changing expectations keep employees on edge and cause 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. If an employee feel undervalued, this will contribute to turnover or attrition, and common employee complaints center on the clarity of expectations, earning potential, 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. Having a contest or incentive compensation plans shows that you want to reward deserving employees for a job well done, letting them feel valued and motivated. Fostering employee development is also an important factor in employee retention like learning a new skill. Having an open communication between the management and the employees is essential by having regular meetings and open-door policy so that employees are encouraged to speak directly to their managers without any fear of repercussion, and holding regular meetings allow employees to speak their ideas and encourages them to ask questions. Hire a human resources director if you have more than one hundred employees to have a streamlined employee benefits processes and structure.