5 essential strategies to improve employee retention
Boosting employee retention can improve the bottom line and having a winning employee retention strategy to achieve this is essential. The strategy should be reviewed regularly, to check what’s working and what isn´t. Each of the 5 employee retention strategy ideas can be integrated to support the core of the business.
Are your lines of communication as good as they should be? Do people feel they can ask questions? The answers should be yes, as good communication is fundamental to a successful business. Everyone should feel they have a voice and can say what they feel and contribute ideas that will be listened to.
It’s also important to conduct employee surveys to find out opinions. They can be anonymous so people aren´t afraid to say what they think.
An intranet is a good tool to foster communication, as it reduces the need for formal meetings and allows for quick, easy chats and answers.
2. Rewards and Recognition
A standard way to improve employee retention is by offering a good salary, perks, and benefits. Bonus systems are a good way to maintain employee retention and don´t have to be in the form of cash. Other rewards can be:
- Shopping vouchers
- Extra time off
- Weekend breaks
- Free health club membership
- Free parking
- Event tickets
The list can be as creative as you want it to be. If people know they’ll be praised and rewarded for their hard work they’ll believe in the business. This is also a way to promote how fantastic your company is to work for.
People also want to feel recognized for the work they do. It costs nothing to say thank you for a job well done and can boost employee morale incredibly.
3. Define the Corporate Culture
Successful businesses are clear on where they’re heading and their long-term goals. This information should be fed to employees so they feel part of the team and the culture of the company.
If the culture is clear and employees understand where and how they fit into the company structure then this will benefit retention. How? When you’re clear about your role and know it’s important and appreciated, you feel part of the ultimate vision. Build a successful company culture and your employees will stay with you and not jump ship to join the competition.
4. Promote Loyalty
Loyal employees are invaluable. They are the people that understand and believe in the core roots of the company. Build employee loyalty and your business will benefit from:
Loyal employees will stick with your business through good and bad times. They’ll always do their best for you and work hard. Loyal employees don´t need to browse the job ads as they’re content where they are, which translates to good employee retention.
5. Create an Employee Retention Plan
For employee retention techniques to be successful you need a working plan. This should be available to all managers (the intranet is a good place to store it) so everyone works together to maintain employee retention. Measurable targets should form part of the plan.
When designing this plan it´s important to listen to employees’ views ‘ and talk to them about why they do or don´t like working for the company. This can be done through surveys or face-to-face meetings.
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