Increase Employee Retention Successfully
Hiring employees is just the first step in creating a stronger workforce, and the next step is to keep them. With high employee turnover, there is an increased cost and decreased productivity. The key to your business’ success and long-term health is implementation effective employee retention strategies. Managers would agree that retention of best employees increases product sales, ensures customer positive experience, satisfied coworkers, effective operations and successful planning. Employee retention really matters because failure to retain your best employees results in additional costs for hiring and training, lost knowledge, decreased skilled workers and other employees are also influenced to back out from your organization.
It is important to offer a competitive benefits package to your employees like providing health insurance, retirement savings plan, and life insurance, along with other perks such as telecommuting and flextime to show that you can also accommodate their requests or their outside lives. At the very beginning, it is essential to already provide a specific framework of what are the expectations of the company from them because any change of expectations may, later on, turn off employees causing unhealthy stress. The quality of employee supervision is also critical in the retention of your employees because more often than not, employees leave because of their managers and supervisors, and not really the company or the job. If an employee feel undervalued, this will contribute to turnover or attrition, and common employee complaints center on the clarity of expectations, earning potential, lack performance feedback, failure show up on schedule meetings, and failure to create a developmental plan when an employee is performing or wants to succeed.
Another factor affecting employee retention is the freedom of the employee to speak freely within the organization. You can provide small and meaningful employee appreciation tokens and gifts such as giving out pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays or Christmas grocery package. Having a contest or incentive compensation plans shows that you want to reward deserving employees for a job well done, letting them feel valued and motivated. You can also keep your employees by fostering and supporting their development such as having continuing educational programs, tuition reimbursement or free training for your employees to learn a new job skill. There must be an open communication between the management and the employees through regular meetings and open-door policy. Hire a human resources director if you have more than one hundred employees to have a streamlined employee benefits processes and structure.