Low retention rates and a high turnover mean you’ll be spending more time and money on recruitment and training expenses. That’s not to mention a loss in productivity and possibly gaining a bad business reputation.
So, it’s important to find online marketing strategies to establish your business’s good reputation and retain your best employees. Click here for more information.
Create A Better Workplace
You might be surprised at how simple or little things like using essential oils can help improve memory and focus while creating a more productive, worker-friendly workplace.
It’s a good idea to make your workplace physically safe, clean, and efficient. Yet creating a happier, less stressful workplace is also essential for your workers’ mental well-being and productivity.
People can be more productive when less stressed, especially if they feel appreciated.
Pay Competitive Rates
As many as 35% of workers may leave their jobs each year for various reasons.
And while it’s true that you can always replace them, a low retention rate can actually affect your company. You might end up spending a lot of time just doing training over and over again instead of seeing your workers improve on their craft with each passing day.
Let’s not sugar-coat things. Many workers leave companies in search of greener pastures.
Why should they stay with your company when they can find somewhere else that pays more or offers better benefits?
Paying your workers with competitive compensation can improve employee morale and motivate them to work harder.
If they feel well-compensated for their work, they can be more productive. In contrast, if workers think they’re underpaid, it can affect their engagement and morale.
Create Career Advancement Opportunities
Many workers also leave because they don’t see themselves growing in the company.
They might have been stuck in the position for too long because there are really no more steps to climb in the company ladder.
Some people can be content with being in the same position for years as long as they’re paid well. Yet many also want to grow and reach a higher level. If that’s the case, they might be easily enticed by an offer of a better, higher position from another company.
Make Meaningful Connections at Work
While company hierarchies remain important, connecting with your workers is also a good idea.
Having good rapport and teamwork can help a team achieve its goals better.
It can be tough for a worker to be in a team where they could hardly talk to the leader because they’re scared of being rejected or, worse, getting snapped at.
Did you know that many workers leave companies due to bad managers and bosses, even if they were content with everything else?
Being a good leader doesn’t mean being at the top, commanding everyone, and feeling like you’re the only right person for the job.
A good leader is a role model, a good listener, and can connect with the rest of the team.
Recognize & Appreciate Their Hard Work
Don’t just look at tenure in giving your employees a raise.
Sometimes, companies lose good employees because they weren’t promoted for being newbies, yet they might have better skills and have been more productive than those who’ve been with you for years!
Instead, recognize and appreciate everyone’s efforts and excellent work. It doesn’t even have to be a monetary bonus, although that can also be wonderful, of course!
Some companies regularly choose an employee of the week, month, or quarter. Yet showing your appreciation to your hardworking employees and praising them can also work wonders.
Set Up Mentorship & Training Programs
How good is your training program?
It’s something for you to invest in so that newbies won’t have difficulty catching up and doing a great job.
Mentorship and training programs can come in handy for training new workers while also making tenured ones feel empowered to share their knowledge and skills with someone new.
Creating a good training program is essential to ensuring that new workers can learn quickly and have resources to study. It also makes the mentor’s job lighter and easier. So, it’s really for everyone’s advantage.
Don’t forget to add employee enrichment programs and refresher training for tenured employees.
Encourage A Healthy Work-Life Balance
Overworked, exhausted workers aren’t productive. They might be physically present, but their bodies and minds aren’t as alert as they should be.
That can certainly affect how they work and even their safety.
Check the logs and report if you’ve ever experienced any workplace accident. It could be because of an exhausted worker who’s been working longer hours.
Plus, a worker who’s always stressed out and exhausted can frequently get sick. It can also affect their absenteeism rate.
Worse, they might realize that they shouldn’t be breaking their back and bones for your company. They could end up quitting to find a place where they are also encouraged to relax.
Remember how Google and other famous companies amazed people with their impressive offices with game centers, colorful workstations, and restaurant-like cafeterias?
While you don’t have to copy such a setup, you can find other ways to encourage your workers to relax and have fun.
Perhaps you can regularly offer spa gift certificates or movie tickets?
If there’s space, you can even set up a game room or a lounge with a TV they can use for watching some YouTube clips and Netflix shorts during their break time.
Or you can simply encourage them to go home when their shift ends.
While the company has goals and productivity targets, it’s not good to keep making your workers do overtime.
Provide Personalized Employee Support
Every worker is different. Not everyone is as fast and efficient as your best worker or as emotionally strong as your number one team leader.
Yet everyone wants and should feel special and appreciated in your company.
Don’t be too hard on the worker who’s falling behind on targets. Sometimes, it might be because they’re going through a difficult time at home or with personal issues. Some might have lost their self-esteem because newbies are doing better at the tasks they used to ace in.
If you try to understand and provide them with personalized employee support, they’ll feel important to your team. That can work wonders with employee retention.
Offer Flexible Work Arrangements
The COVID-19 pandemic made working from home setups easier. Many companies realized that workers could remain productive and reach their goals in this kind of setup.
Of course, it doesn’t apply to all companies or jobs. But if it’s applicable in your company, then having flexible work arrangements can help you retain your best workers.
If that’s not possible, you might find ways to offer this without affecting your company’s security and production.
Learn From Turnover Issues
Most companies also do an exit interview when their employees leave.
It’s not done so that you can permanently block these workers from returning to your company. Instead, use it to understand why they’re leaving so you can improve on things that you can.
You might soon realize that you need to find ways to update your company’s workflow, employee compensation-and-benefits structure, work-life balance, or all other factors mentioned above.
Once you achieve all that, then your retention strategy can become better. Soon, you might notice that turnover rates are improving and that your company is hitting all your targets or goals quicker than you expected.
That’s really something your company can look forward to, right?