The Importance of Employee Retention and Ideas
A successful business needs consistency in all aspects, employees included. Having a high retention rate means keeping staff members long-term, resulting in less time and resources required for training new staff and having the loyalty needed to run a business.
Think about Costs involved in Hiring
Consider the amount of time, resources, and money that goes into training a new employee. Productivity will slow down due to existing staff helping the newest addition to the team. There’s the potential of losing resources and money due to any errors that typically arise from new employees. Now, imagine going through all of that for nothing when the employee quits after a month of working.
With employee retention rates falling rapidly in the workplace, it is important
to keep this issue at the forefront of your human resource priorities. As the marketplace evolves and expands, workers are inundated with a variety of employment options and companies are finding that they need to up their game to stay competitive. Maybe your benefits package was top quality several years ago, or perhaps you assume your employees are satisfied simply because they have not said otherwise.
But making such assumptions could cost you some of your best employees if you do not re-evaluate and make some changes. If you are worried about keeping your employees happy and ensuring that they do not wander off for higher pay or a better benefits package, it is time to speak with your management team to establish ways to
make your team feel they are adequately compensated.
Employee Retention Ideas
We know why having a high employee retention rate is essential, but how do you
achieve that? One technique is through team-building exercises. These programs encourage employees to work together to solve problems in a fun and exciting way. To succeed, they must come together as a team. The success they see and the skills they learn throughout the process can then transfer into their daily work environment.
Since we established how important open communication is for employees, we need to know how to do that. One way is by having meetings, both team meetings, and individual assessments. A team meeting is essential for communicating ideas and issues in the company across the whole organization. Individual meetings allow for a more private line of communication and is better for those who find larger settings intimidating. Allowing time for anonymous discussion will also help with intimidated
and shy employees.
Do not just leave those improvements in the hands of management only. Make sure to speak with your employees and give them an opportunity to communicate their needs. You may be surprised by their responses. Apply that information to your recruitment practices and offerings, as well and you will be much more likely to attract and keep great talent within your company.
Contact us for more information on how we can help you with employee retention.