Want to hear something alarming? 75% of your employees don’t plan to stay with your company for more than five years.
This is scary for two reasons. First, the hiring process is expensive and arduous. But more than that, you risk losing great talent to the competition.
Thankfully, you can turn things around before losing your all-star team members. Keep reading to learn about five awesome employee retention strategies that will help you hold onto your talented team.
- Recognize Hard Work
People love praise, especially in the workplace. It makes us feel as though our work matters, something that’s sometimes hard to achieve in a large company.
Reward hard work by giving praise in meetings or emails.
You can also focus on building an employee recognition program. Or offer bonuses like additional compensation or extra time off for those who show a great work ethic over time.
Recognition programs provide an extra incentive for the whole team — not just those who get the first rewards. Good work is expected, of course, but by showing your team that you’re willing to reward those who go above and beyond, you’ll provide a much-needed good-spirited competitive drive.
- Hire From Within
Is your company getting ready to open up a new position? Well, if you’re hoping to retain employees, make sure your team gets first dibs.
Studies show that promoting from within can also save your company money. The salary for an external hire is, on average, 18-20% more than that of an internal hire.
Furthermore, your team already knows your expectations and protocol. You’ll save time, too, since you won’t have to spend as much time during the onboarding process.
- Put People First
The primary goal of any business is to make money — that’s a given. But don’t get so caught up in the dollars and cents that you forget the people who make your company tick.
Your employees have lives outside of the workplace. Occasionally, things will go wrong, causing a slowdown in production or a sudden leave of absence.
Aim to be empathetic and understanding. Whether it’s offering additional grievance time or allowing an employee to take off early one day per week so they can take their child to sports practice, seeing the people behind your profits is sure to boost your employee retention.
- Foster a Company Culture
No one wants to feel like their workplace is nothing more than a mishmash of people. Instead, try to make your office a home away from home.
Give your employees break rooms to relax in. Sponsor company outings, too, so you can enhance teamwork and establish that sought-after sense of belonging.
- Keep Pay Rates Competitive
Do you know the #1 cause of employee exits? A lack of fair compensation.
If your employees can get a better rate somewhere else, they’ll take it. As they should.
This means that you’ll have to stay competitive with the marketplace. Once per year, look at the market rate for the positions within your company. Then, compare that to what you’re paying your employees.
If you’re coming up short, it’s time to give them a raise.
Try These Easy to Implement Employee Retention Strategies
Keeping your team together can be hard, and a little expensive. But at the end of the day, it’s worth it to keep your talent.
Looking for more employee retention strategies? Make sure to check back with our blog!