3 Employee Retention Trends You Can’t Ignore
Employee retention has always been and remains one of the top priorities in ensuring a company’s ongoing growth and prosperity. Holding onto talented personnel provides your business with a pool of experience and knowledge, a morale-building company culture, and a basis for customer trust and satisfaction. Conversely, losing key employees is expensive and impedes productivity. Here are some tips on how to hang on to your talent so that your company can continue to thrive.
A salary commensurate to their efforts and experience is only one of the compensatory factors that encourage employee retention. Another is a generous benefits package. Offer your personnel health and life insurance, vacation time and sick leave, and a savings plan for their retirement. Depending upon the specific needs of your employees, consider adding childcare, exercise and health programs, flexibility in scheduling, and other options. Employees also appreciate opportunities for professional development such as workshops, conferences, and mentoring.
Employees appreciate the opportunity to communicate freely with their managers on topics such as new ideas, company growth, and unresolved complaints. Additionally, they appreciate clear guidelines on their job responsibilities, performance ratings, and company policy. Maintain open communication on these matters to ensure ongoing trust and loyalty. Ask employees what motivates them to remain with your company, and then strive to fulfill their needs. Another key facet of employee retention is acknowledgement of outstanding work. Besides sincerely thanking them, reward superlative work performances with promotions, raises, bonuses, time off, and other perks.
Balance the Workload
Despite generous compensation and open communication, employees inevitably experience burnout if they are overworked. To prevent this and maximize employee retention, be sure that your employees have enough time off and adequate work-life balance. Getting enough down time to recharge leads to even greater productivity. Employees may also appreciate a variety of tasks, stimulating projects, and a feeling that their contributions truly matter to the company. Consider involving employees in social programs and community engagement to give them a sense of greater purpose.
For more advice on employee retention, contact Desert Star Commercial Consulting.