If you are struggling to retain your employees, there is a deeper problem you need to address. Perhaps your staff keep leaving for other opportunities, or maybe you have had to let several people go.
An occasional resignation can be attributed to bad luck, but if this continually happens, the problem almost certainly lies with your business. Either there is something about your company that makes people want to run a mile, or your hiring process needs some work. A high turnover can create all sorts of problems for your business. It uses up valuable time and money, and deprives you of essential resources. It can lead to a disruption in your operations and potential loss of profits.
Whatever the underlying issue, there are many ways to boost your employee retention rates. Here are four ways you can reduce your turnover starting today.
Money isn’t everything, but it’s certainly important. Your employees want to know that they are being fairly compensated for their skills and hard work, so it’s crucial you pay them a competitive wage. Salary is one of the first things an applicant looks at when deciding whether or not to apply to a job, and it is one of the most common reasons an employee might jump ship and move to one of your better-paying competitors. As an employer, it’s understandable you want to save money wherever possible, but the wages of your hard-working team is not the place to do it. Do your best to pay well, and offer workers opportunities to increase their salary after a certain amount of time at the company.
One of the most valuable things for any employee is a good work/life balance. Most people want to have the freedom to be able to work without letting it consume their lives. The best way to enable this in your office is to offer a flexible working structure. This means giving your staff some choice over how they would like to conduct their work.
Some people will benefit from the option to work from home a couple of days a week, or to adjust their working hours. This will allow them to pick up their kids from school, attend doctors appointments, and any other important life commitments.
Offering such a hybrid form of working in your office shows your team that you trust them to do their work in whatever manner they see fit. They will hugely appreciate the improved work-life balance, and since the companies that offer this perk are in the minority, your best employees will be less likely to leave their current job. They will also benefit from increased job satisfaction, happiness, productivity, and lower levels of stress.
No one wants to stay in the same role forever. Your staff will want to know that there are opportunities for them to progress in their career and develop their skills. If an employee feels they are stagnating at their desk day after day, it’s only a matter of time before they hand in their notice.
A good way to counter this is to provide regular staff reviews for each member of your team. This lets them know that there are opportunities for promotions and pay rises, and allows them to make a case for why they should be considered. Make an effort to offer training and development opportunities in various areas. This allows your staff to improve their skills, thereby bolstering their resumes and improving the quality of their work.
Offering benefits for employees is a great way to make your company stand out from the rest. It makes your organization seem more desirable to job applicants, and your current staff will be happier and more fulfilled. But it’s important to pick the right perks. Novelty items like ping pong tables, business TV, and a beer fridge for a Friday night drink can all provide a bit of fun and light entertainment. But you should also include some features that have tangible benefits to your employees’ lives. For example, offering free nutritious snacks like fruit and cereal helps your staff make healthier decisions in the morning while also saving money. A bike to work scheme will be appreciated by the cyclists in the office, and other additions like insurance, mental health days, and flexible holiday will all go down well.
These are just a few of the ways you can reduce your employee turnover and hold onto your best talent. Follow these tips and you will find it much easier to cultivate the perfect team.