Employee retention is an issue that every employer faces. In fact, employee turnover costs US businesses $160 billion each year. You stand to lose a lot when your employees feel dissatisfied by their work experience—especially since happy employees are more productive and more effective workers.
If you’re worried about employee retention within your company, then try these tactics to keep your people engaged and on board.
1. Use a Rewards and Incentives System
No matter the industry, all employees appreciate incentives, rewards, and positive feedback. You can cut down on turnover rates by showing your employees that you value them as assets to your company.
For example, you can have an awards ceremony once a year or once every quarter to show your appreciation. Some companies even acknowledge their employees’ work each day. For example, according to Womply’s Glassdoor reviews, their company holds morning “stand-ups” where they meet to define goals and give acknowledgments and praise where it’s deserved.
You can also give annual raises to your workers, which is something that not every establishment does. In addition to financial incentives, Wellable suggests rewarding employees with time with leadership, event tickets, company swag, premium app subscriptions, fitness memberships, and charitable contributions. All of these ideas are great ways to reward work or incentivize participation in company programs.
2. Conduct Surveys
Company surveys give you insight into how your employees feel about their jobs. Issue a company-wide survey and ask questions regarding their feelings and experience with the company. Keep these surveys anonymous and analyze the information so you can come up with strategies to keep them satisfied.
You may find that they aren’t thrilled with the pay rates, or maybe they would like a full-blown cafeteria instead of just a break room. Surveys will make this information come to life so that you can see it and act on it before employees decide to leave over their concerns.
Pay attention to exit interviews and read online reviews from former employees. While you may not like hearing negative reviews, you need this information to ensure that you won’t continue to lose employees for this same reason. While some retention problems are beyond your control, a majority of the reasons why employees seek new employment are well within your control.
3. Maintain a Friendly and Caring Company Culture
The culture is often the reason why people leave jobs. They may love the position and adore their pay, but they will still leave a company that has an unpleasant culture. For that reason, companies need to put some effort into their company culture if they want employees to stick around. That means nurturing an atmosphere that is friendly, motivational, and empathetic to other people.
Part of an appealing company culture is making your employees feel like you care about their future. According to Instructure on employee training, “Employees are more likely to stay with a company that will help them continuously improve and build their skills, especially given the shift in job requirements and in-demand skills.” If you can create and maintain this type of environment, then your employees will want to work for you and excel in their position.
These are just a few tips that can help you keep your employees happy at work. Really, the best strategy for improving employee retention is listening to your employees. Be open to criticism, ask for their feedback, and be willing to address employee concerns—that’s the best way to keep your people on board.
For more information on developing a high-performance team and managing your business, book a complimentary 30-minute strategy session with Shannon.