By actively using proven methods to improve employee retention, you can reduce high employee turnover rates and avoid the cost of hiring and training new employees.
In turn, you’ll be able to keep your top talent for years to come, which will benefit your company in multiple ways while ensuring your employees are happy and engaged in their work.
But how do you increase employee retention?
Here are six highly-effective solutions that you should consider utilizing.
1. Provide a Thorough Onboarding Process and Mentorship Opportunities
The more you utilize employee retention methods early on in your employees’ careers with your company, the more you can ensure your workers stay with your company for the long term.
So, pay attention to how you conduct your onboarding process.
You should teach your new employees about their roles and your company culture, while also making sure they’re able to ask any questions, so that you can ensure they understand everything and aren’t left with a multitude of queries.
The training and support that you provide from day one will set the tone for your employees’ entire tenure at your company.
Furthermore, it’s a good idea to pair new employees with mentors during their first weeks, so that your new workers can gain guidance whenever they need it and adapt to your company more quickly.
2. Offer Competitive Salaries
If your employees are unhappy with their pay levels, they probably won’t stick around in the long run, so make sure you offer salaries that are as competitive as possible.
That means you not only need to provide competitive salaries from the offset but you also need to evaluate and adjust salaries on a regular basis.
If your company isn’t in a position to increase pay over time, look at other forms of compensation you could offer your employees, such as bonuses, health care benefits, and retirement plans.
That will enable you to retain employees. It will also mean your workers are happy and engaged in their work.
3. Use High-Quality Employee Rewards and Recognition Software
One great way of retaining employees is to introduce a rewards and recognition program.
By doing so, you will incentivize your workers and show them that you appreciate their hard work.
Whether you decide to give out awards, gifts like bottles of wine and chocolates, or vouchers for gyms and health spas, you can significantly increase employee loyalty, happiness, and satisfaction, and in turn, retain your top talent.
Get started by using high-quality employee rewards and recognition software, such as the employee engagement software at Mo, to make the most of your rewards and recognition program. To further enhance your efforts, you can also find inspiration and ideas on Successories.
4. Regularly Recognize Employee Achievements
Just as important as recognizing your employees’ hard work by giving out rewards is providing recognition for jobs well done on a regular basis.
That can be as simple as remembering to say “well done” and “thank you” when employees achieve things like meeting deadlines ahead of time or they go above and beyond expectations.
By regularly recognizing employee achievements, your workers will be happier and more engaged and satisfied in their work. In turn, that means they’re more likely to stay with your company for the long term.
5. Provide Flexible Work Options to Help Your Employees Create a Better Work/Life Balance
Today’s employees are looking for a better work/life balance than ever before. So, you should actively come up with ways to help your employees achieve that.
Providing flexible work options, such as the opportunity to work remotely, flextime, and more flexibility concerning vacation times, is one way that you can help your workers to create a better balance.
In turn, that will boost employee retention and make your employees more engaged and happier.
6. Provide Development Opportunities
Many of your employees will want the opportunity to develop their careers.
So, make sure you provide new training opportunities in which workers can learn new skills and ensure you can offer promotions to your best workers who want to climb the career ladder.
If ambitious employees’ needs are not met, they will become bored and frustrated over time and start looking for work elsewhere.
