Many companies struggle with retention. High turnover isn’t just frustrating, but it can also be expensive, leading to diminishing productivity, higher recruitment costs, and more.
While it may seem like turnover is unavoidable, that doesn’t mean there aren’t steps you can take to improve employee retention. If you aren’t sure where to begin, here are some employee retention basics that can help you maintain your workforce.
Competitive Wages and Benefits
If companies do one thing to manage retention, offering competitive wages and benefits needs to be it. Your salaries and other forms of compensation have to align with industry norms in your area. Otherwise, many employees will head out the door to find a better deal.
Don’t assume that perks will balance the equation. Instead, focus on core forms of compensation, including pay, health insurance, and retirement plans. Many professionals consider those must-haves. If what you’re offering in those areas doesn’t measure up to the competition, retention will be an issue.
Generous Paid Leave
While usually viewed as part of core compensation, paid leave is so vital to the equation that it deserves its own discussion. For many professionals, a reasonable amount of paid leave is a must. If you don’t offer it, they won’t stick around.
Additionally, while joining vacation and sick leave into a single leave pool may be efficient for companies, it isn’t enticing to employees. Your teams may be fearful that taking a vacation means they can’t afford to fall ill, creating a source of damaging stress.
Ultimately, a generous paid leave policy is crucial for retention. It gives employees breathing room and makes them feel valued. Plus, if your policy outshines the competition, it can serve as a differentiator, increasing the odds you’ll be viewed as an employer of choice.
Training and Advancement
Most professionals have aspirations beyond their current role. If you don’t have programs that can help them improve their skills and advance, they ultimately have no choice but to look outside of the company to take the next step in their career. From the perspective of retention, that certainly isn’t ideal.
Plus, a lack of training opportunities or healthy challenges can harm engagement. Disengaged workers can easily become frustrated, causing them to look toward the door in hopes of finding a role that reignites their passion.
With a robust training and advancement program, you can alleviate those issues. Plus, it creates an opportunity to upskill your best and brightest, allowing you to train the leaders of tomorrow, close skill gaps, and more.
A Positive Culture
Your company culture has a big impact on your workforce. If it’s negative and unsupportive, your top performers aren’t going to stick around. However, if it’s beneficial, inclusive, and positive, it makes working more pleasant, increasing the odds that your staff will stay long-term.
Ultimately, each of the points above is crucial, allowing you to create a strong foundation and improve retention. If you would like to find out more, the staff at Apogee Managed Solutions can help. Contact us today.