Employee Retention Strategies for Your Company Growth
Replacing employees is always expensive. Regardless of business size, studies show the total cost of losing an employee is almost double the employee’s annual salary. This is why you need solid employee retention strategies which help how to retain employees for a long time in a company.
Below is the list of a few employee retention strategies that will help you re-engage and keep your top performers.
Why people are leaving
Exit interviews can provide vision towards the employee perspective of your company and help determine whether your talent retention strategies need improvement.
More likely, you’ll hear the departing employee cite one or more of the following reasons for leaving their job:
- Inadequate salary and benefits
- Feeling overworked and/or unsupported
- Limited career advancement
- A need for better work-life balance
- Lack of recognition
- Unhappiness with management
- Concerns about the company’s direction or financial health
- Dissatisfaction with the company culture
- The desire to make a change
- More desirable opportunities at other companies
Employee retention strategies for job satisfaction
Read the strategies below to keep employees satisfied with/her job in a company.
1. Hire the Right Person at the Beginning
Researchers found that 30% of those doing the hiring new employees are doing so with the expectation that more employees will be quitting in the coming year. It’s a little disheartening to know that those doing the hiring are already envisioning more than one-third of their hires walking out the door.
If you hire someone who is not a good fit for your business, don’t be surprised if they quit. 37% of hiring managers say that new hires would stick around longer if they were better informed during the hiring process.
2. Onboarding and Induction Process
A poor onboarding experience for a new hire builds a beginning of negativity in the new job. Make sure there’s a first-month solid plan for a new hire, especially on day one. Whether it’s a small gift, a proper welcome kit, or a personal note from the HR department, do whatever it takes to make a new employee feel welcomed and part of the team.
Considering the bond between employee loneliness and turnover, these small kind acts and inclusion will pay off in the long run.
3. Assistance from Seniors
Pairing a new teammate with a mentor is a great component to add to your extended onboarding process, especially for a fresher teammate. It’s a win-win: New team members learn from experienced employees and, in return, they offer a unique viewpoint to their mentors.
But don’t limit mentorship opportunities to new employees. Your existing team — and your overall employee retention and team job satisfaction — can greatly benefit from mentor-mentee relationships.
4. Employee Remuneration
It’s essential for companies to pay their employee’s competitive compensation on timely bases. Even if your business can’t allow you to give increments, consider whether you could provide other forms of compensation, such as incentives. Don’t forget about improving health care insurance and retirement benefits, which can help raise employees’ job satisfaction.
Perks can help in a better way in your hiring process and also re-engage current staff, all while charging up the employee morale. According to research, flexible schedules and remote work options (during pandemic-related stay-at-home orders) are the perks many professionals value most. In addition, paid parental leave is a big plus.
6. Benefits Offering
Keeping your employees fit mentally, physically, and financially is good for business. There are numerous programs such as stress management programs, retirement welfare, and reimbursement for fitness classes are just some examples of what your company might offer to employees.
Your direct reports should feel they can come to you with innovations, questions, and concerns at any time. And as a leader, you need to make sure you’re doing your part to help timely promotions, performance-based increments, and positive communication across the entire team. Make sure to connect with each team member on a regular basis, to get a sense of their workload and job satisfaction.
8. Regular Feedback on Performance
Many employers are doing annual performance reviews. In these one-on-one meetings, talk with your team about the goals their want to achieve in the future and help them visualize their time ahead with the company. While you should never make fake promises, talk about their career growth and showcase to them the proper plan that how they can achieve their desired goals.
9. Recognition and Rewards Systems
Every employee wants to feel appreciated for what they are doing and an employer’s gratitude can make an especially big impact. So there are many ways to recognize your employees who have achieved an extra milestone with their hard work. Companies use Micro, formal and informal methods to appreciate their employees.
10. Work-life Balance
A healthy work-life balance is imperative to job satisfaction. The team needs to know their supervisors understand they have lives outside the workplace and help them maintain balance which can be even more challenging when working from home. Motivate employees to set boundaries and take some time off from work. And if late nights are necessary to wrap up a project, consider giving them overtime to compensate.
11. Flexible work timings
After the pandemic, many companies are preparing for the fact that some of their employees will still want to work remotely. One survey found that the ratio of professionals working from home would look for new opportunities if they were asked to return to the office full time.
So think smartly about what you can offer to employees if working from home on a permanent basis isn’t an option. Weekend off, flexible timings, or 2 or 3 days a month work from home option can help relieve stress for your team and boost employee retention.
12. An emphasis on teamwork
You should inspire all your employees, not just star performers, but also the whole team to contribute ideas and alternatives. Promote teamwork by generating opportunities for collaboration, and work styles and giving everyone the chance to make decisions and course corrections, if needed.
13. Say farewell, well
Even for the best places to work, it’s impractical to expect people to stay at the same company for decades. In fact, the current number that employees stay put hovers around 5 years. If anyone gets a better opportunity, be happy for them! And then fix the problem of why you weren’t the better opportunity.
Tekki Web Solutions Pvt. Ltd. offers numerous benefits to retain their existing staff. The company provides flexible timings, twice a month work from home opportunity, emergency funds, Paid overtime, timely recognition to the star employees, and offers yearly leaves to spend time with their families to maintain the work-life balance. Helps in achieving future goals, monthly meetings, Conversations, Incentives, and more.