6 Ways To Improve Employee Retention
In some of our recent posts, we often mentioned that bad employee retention signifies that your business is in distress. And it is; it’s something that isn't as heavily talked about but can really make or break your business.
So, we wanted to make a detailed guide on 6 ways to improve employee retention to help your business keep the people behind it.
Why It's Important
Employee-retention is vital for a couple of reasons. Firstly, it means that there are fewer resources required for training staff. Then, it also means that there are fewer problems internally within the business. When employees leave, it is often a sign that there are further issues.
Plus, the better the employee gets at his job, the better they will work. And, you don't get better overnight; it’s something that is achieved after months or years of working. Therefore, employee retention is essential to help reach employees achieve that level.
1. It Starts With Recruitment
Something that you also have to realize is that it starts with recruitment. You must also put your effort into finding someone who is genuinely suited for the position, instead of quickly hiring anyone and teaching them the skills.
This means you should be a little more selective when you are hiring.
Make the screening process a little more detailed to filter out the people that aren't suited. This allows you to find the best-suited people which will ultimately increases your employee retention.
2. On-going Education
On-going education is vital for several reasons too. Firstly, your business evolves, and so do the positions of your employees. If their jobs become overwhelming, it can become quite frustrating for the employee. The same goes for if it is taking them way longer than it should to complete the work. In these cases, the employee will sooner or later leave.
However, by providing on-going education, alongside some other steps mentioned throughout this article, you help them keep up to date.
Plus, you should also provide clear paths to advancement so that the employee knows that there is more to working in your organization than their current position.
3. Benefits & Perks
You should also give them benefits and perks that will make them enjoy the position more. For example, if it's a position where the employee can work their own hours, or work remotely, then give them those benefits (where possible).
If you provide benefits and perks like this, you should also make sure that each employee’s work is correct. Otherwise, you can quickly end-up overpaying.
In general, though, you'll want to look for areas where you can help this position fit around the employee's life as much as possible without it sacrificing the results.
4. Make The Job As Engaging As Possible
There are also various ways you can make a position more engaging. This could be having teams work together more or any other way to optimize the workspace to engage the employees more.
When it comes to making the position engaging, it's a mix of:
Making it challenging, but not to the point where it's frustrating
Giving employees a mix of tasks, some of which they'll enjoy more than others
Social interactions
Giving them the opportunity for growth
Offering performance-based incentives
5. Be transparent & Ask For Feedback
Usually, employees won't be going out of their way to give you feedback. They'll just get on with their work until one day they'll eventually decide to leave. Of course, this is not true for all employees. However, it's the case for many, especially if they have a lot of work on their plate.
You can consistently ask your employees for feedback on how happy they are or if things could be more efficient. This will help them feel valued, and it will also show you improvements that you can make to improve your employees’ retention.
6. Be Prepared For Loss
Loss happens. Top-talent that you hire might find their dream job or other types of opportunities. You must be prepared for that. Don't ever rely on an employee to the point where you can't handle them leaving. If you are then, this is an issue in your processes that you need to fix.
Read More on Business Management & Related Topics
We hope you have enjoyed this article on employee retention. If you did, make sure to check out some of our other posts below.
7 Strategies To Revive a Business
5 Signs Your Business is in Distress
How Do You Write a Turnaround Strategy?
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