Employee Retention Strategies That Actually Work
While there are a variety of reasons why employees leave a company, find the reasons why they stay and focus on maximizing those aspects of your workplace. From compensation to training to flextime, there are multiple methods to keep your employees happy. One good way to find out is by asking them. By keeping open lines of communication and by learning your employees’ goals, you can forge a path together in building their careers with your company.
Compensate Your Employees:
In order to retain your top talent, you must pay a competitive salary. Review your salaries and compare them to those of your competitors on a regular basis. Your employees are keeping track of these numbers. You should, as well. If you’re not in a position to increase salaries, find other methods of compensating your employees. Top talent may value paid time off and a generous benefits package just as much as they do their salary.
Encourage and Support Training and Career Development:
Most employees are savvy career managers these days. Feed their desire to learn and grow by helping them create a professional development plan. Whether they’re learning new skills or taking on greater responsibilities, they’ll see a future with your business. Otherwise, they may feel stuck in their position and look to a new career opportunity as a place to grow professionally. From encouraging them to attend conferences to offering tuition reimbursement, you can take an active role in supporting their professional development.
Offer Flexible Work:
Now that many employees have grown accustomed to working from home, businesses may not be able to return to the full-time-at-the-office model. To accommodate your employees who prefer working from home at least some of the time, your business can plan for flexible working options. Whether that means you offer part-time work-from-home or a compressed workweek or flextime, your employees will appreciate the effort to make their work-life easier to manage in the context of the rest of their life.
Communication:
No one likes to feel they’re in the dark in any aspect of life. They also like to know that their feedback is valuable. These two truths carry a lot of weight in the workplace. Encourage constructive communication across your team. Create an atmosphere in which your employees feel they can approach you with their ideas, as well as with their questions and concerns. One-on-one meetings are an opportunity to check in on workload and employee satisfaction. Team meetings are a time for open communication. Ensure you’re meeting with employees on a consistent basis.
Provide Performance Feedback on a Regular Basis:
Rather than wait for an annual review, check in with your employees regarding performance on a regular basis. This is a time when you can discuss their career goals and career development. Guide them in their vision of their future with your business. Discuss potential opportunities within your business and develop a plan with both short- and long-term goals.
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