Nearly every company in the country would benefit from a higher retention rate. Being able to keep your best and brightest on staff not only ensures that productivity remains high, but it also saves money, limiting recruitment and hiring costs.
Lowering employee turnover may seem like a daunting task, but it doesn’t have to be. Here are six tips that can help companies of all sizes reduce turnover.
1. Have Competitive Compensation Packages
If your salary or benefits package is subpar, your top performers might not stick around. In order to improve retention rates, you need to make sure that total compensation remains in line with industry standards in your region. Often, this makes reviewing your pay rates and benefits offerings on an annual basis, giving you the ability to adjust if the market requires it.
2. Embrace Recognition
Employees that feel valued by their employer are more likely to remain with the company over the long-term. Real-time recognition is critical, ensuring workers are acknowledged for their accomplishments and contributions to the organization’s mission and goals when the tasks are complete. Additionally, it guarantees that achievements aren’t forgotten between the time that they occur and when their annual review rolls around.
3. Promote Work-Life Balance
Many professionals prefer employers who provide mechanisms that support better work-life balance. This can include flexible scheduling, the option to work from home, generous leave policies, or anything else that makes juggling their personal and professional obligations easier.
4. Provide Professional Development Opportunities
Having a chance to learn and grow on the job increases worker engagement. Plus, professional development opportunities are one of the most sought after employee benefits. By giving your staff access to formal training, mentorship programs, cross-training options, and similar learning pathways, retention rates can improve dramatically.
Plus, it creates a win-win for the employees and the company. Once their skills improve, the organization benefits from the higher skill level among the staff, something that can enhance productivity and profitability.
5. Give Employees a Purpose
Today, professionals’ value being a part of something bigger than themselves. By having a clear mission (that isn’t focused solely on profits), you give your workers a sense of purpose and inject meaning into their work. Make sure every employee understands how their contributions impact larger corporate goals, allowing them to see the connection between their efforts and the mission.
6. Hire the Right Candidates
Who you hire has a significant impact on retention. If a new hire isn’t a great match for the position, culture, or organization, they are more likely to struggle. This could cause them to leave when they find a new opportunity or result in the need to terminate their employment.
By selecting right-fit candidates from the beginning, you increase the odds that they will excel in the role and stay for the long-term. Look for candidates who have the right skills and experience and are also mesh well with the company culture. Then, you are more likely to end up with a new hire that sticks around.
By following the tips above, you can lower employee turnover substantially. If you’d like to know more, the skilled staff at Apogee Managed Solutions can help. Contact us to speak with one of our experienced team members today and see how our retention expertise can benefit you.