5 Timeless Employee Retention Strategies That Work CareerMetis.com

5 Timeless Employee Retention Strategies That Work 5 Employee Retention Strategy Ideas for Your Company Applying effective retention strategies within your company is key to ensuring your success. Good businesses understand the importance of maintaining employee engagement and satisfaction over a long period of time, rather than band-aid fixes. Not only does this increase company performance overall, but you’re also more likely to gain loyal and motivated employees, who feel secure within their place in your company.Using these timeless employee retention strategies that can be related to any industry, you’re guaranteed to keep employee satisfaction at a high and increase your company performance.What Is an Employee Retention Strategy?evalStaff retention strategies refer to solutions that provide your team with the tools to succeed and be satisfied with their role in the business. Your strategies can encompass many things and cover many aspects of your business, including recruitment procedures, training and development, and managing company culture. They aim to not only increase e mployee satisfaction but productivity and performance as a company overall.Why Are Employee Retention Strategies Important?Building a successful company is near impossible if employees are coming and going consistently. When your work environment is not stable, it becomes harder to gain momentum and progress as a business. This is because instead of focusing on the larger goals at hand, managers, team leaders, and HR are always working on onboarding new staff.i) Higher Return of InvestmentevalRetention is excellent for the return of investment. Strengthening your business at its base level, your staff will ensure you get the results you are looking for. According toresearch, it costs roughly 20% of an employee’s salary when you are looking to replace them. This means the more employees that leave in search of greener pastures, you’re going to have to spend roughly 2 months’ worth of their pay just to replace them. In comparison, when an employer supports effective retention st rategies, they are more likely to sustain higher profits overall, according to thisstudy.ii) Maintain Employee ConnectionsHow are employees supposed to form strong bonds if team members are constantly leaving the company? Retention strategies open the door for connections to form between staff, which will, in turn, boost your positive company culture even more. This means you are more likely to form the foundation of a tight-knit community, who work and collaborate effectively together. Not only is this important for employee happiness, but it will improve your company’s productivity levels.iii) You Won’t Waste ResourcesIf there is a steady flow of new staff members, your managers are most likely spending a lot of their time training and supervising, rather than doing the other aspects of their job. Whilst it is fine for managers to be in training positions when it is happening all the time, they won’t have time to focus on your company’s bigger picture. Therefore, not only will their time be wasted, but there is a threat of losing profits as a result of a lack of productivity.iv) Increased Company PerformanceA study completed byGallupshows a direct link between employee retention and engagement, and productivity. The report finds the most successful organizations make retention a cornerstone of their business strategy and see clear results. Those who dedicated investments to their engagement and retention strategies see a 20% rise in productivity, and a 41% reduction in absenteeism, with 59% less turnover. These numbers show that employees who feel engaged and supported, show up to work motivated.5 Employee Retention Strategy Ideas for Your CompanyPhoto Credit â€" Pixabay.com1) Have Competitive Employee BenefitsevalHaving great benefits is an easy, and often inexpensive way to keep staff happy and feeling satisfied. Make sure when deciding on what benefits to offer your staff, you think about what will be appropriate for your company and what will tru ly impact your staff positively. Don’t just pick and choose ones that won’t actually benefit your staff.Employee Benefits That WorkevalProvide food for staff:there are plenty ofbenefits of providing food for the workplace. Whether this is keeping the office kitchen stocked with tea, coffee, and healthy snacks, or putting on a staff lunch once a month for your employees, providing food will keep staff feeling happy and healthy.Allow for flexibility with hours: allowing staff to have flexible hours or the ability to work from home when needed, gives your staff more control over their work-life balance. This then results in higher morale and less absenteeism.Work-lifebalance boosters:whether it’s a gym membership, complimentary classes in skills separate from work Not only will upskilling your employees help with their satisfaction levels, but it will also give you a highly skilled workforce who are able to grow alongside your company.4) Recognition and RewardsAlongside any other benefits you offer, every staff member wants tofeel appreciated for what they do. Make it a habit to reward staff for good work, or when they go the extra mile.Whether it’s a sincere email, a gift card, an extra day off or showing them how their hard work has paid off, show your employees that you appreciate them. You can also use company milestones as an opportunity to recognize company achievements and what role staff members played in achieving your goals. Whatever recognition and reward system you put in place, make sure it directly reflects your company values. If there is something that managers are labeling as important behavior, reward that behavior when it comes up.5) Be Transparent and CommunicateCreate open channels of communication between employees and management. Not only does this help employees feel secure with their position in the company, but it fosters apositive community between staff and seniors. Allow employees the space to ask questions about the company a nd what direction it’s headed in, as well as the opportunity to speak frankly and openly with their managers.Creating platforms online, whether that be through a messenger app or alternative channels of communication, is an effective way to reach everyone quickly. It’s more personable than a company-wide email, and also provides the chance for instant replies and feedback from everyone. But, make sure to connect with staff members individually too, even if it just means taking a walk around the office and having a chat with people.6) Alleviate Pain PointsAn effective way to keep staff feeling happy and in balance is to find and alleviate their pain points. By sending out a survey, asking for direct feedback or keeping an eye on industry trends, you will be able to locate the points of frustration for your staff members. It’s especially important to keep your communication open with staff about their grievances during high-stress times, or times of transition within your compan y. These points in your company timeline can often cause points of tension, so it’s best to nip them in the bud.ConclusionA business that invests in good retention strategies and takes the time to build incentives that will positively benefit their employees will have a greater sense of stability.Not only will good retention efforts to reduce hiring and training costs, but it can be a great opportunity to build employee knowledge and develop more innovative and well-optimized business processes.evalBy investing a little in your staff, you will receive a lot in return.