No matter if your company is an industry giant or if it is a small scale business, employees leaving can never bode well. Apart from the financial repercussions that it can have, it also affects the company’s image. It even affects the morale as well. Employee retention is an important part of running a successful business. It comes down to the HR department to gauge the employees’ satisfaction and make sure that the company is doing all that it can for employee retention.
- Avoid bad hires
Before you start thinking about how to retain, you need to make sure that the employees you are hiring are the right employees in the first place. Let’s face it, a bad hire costs the company money and it doesn’t really work wonders for the office culture either. Interview and vet candidates very carefully not just so you can confirm whether they have the right skill set but also to see whether they would be a good fit for the company culture. Also analyse that whether they would work well along with others.
- Offer competitive salaries and perks
If you want to employ the top talent for your company, you must be prepared to pay for it as well. Salaries are generally decided based on the following factors:
- Competitive Skills and experience
- Supply and demand of skills
- Location of hire
However, salary is not the only thing that can woo away your employees from your company. Many times the consideration for salary is the last thing an employee looks at when switching companies. Other benefits count for a lot too. Another company might be offering them the option of flexible hours or maybe it’s the company’s employee health insurance program that the candidate finds interesting. Make sure your company has a lucrative benefits package in place.
- Office Culture
Sometimes we walk into a room and suddenly without any visible reason start feeling rather uncomfortable. Now imagine that same situation for your employees but it continues for 8 straight hours and that too for at least 5 days in a week. Providing a safe and fun work environment for your employees is of utmost importance. Not only is this important in employee retention but also helps increase productivity. You need to have a company culture that matches your industry while it engages and motivates your employees and most importantly keeps them happy.
- Training Opportunities
Offer skills enhancement training to your workers, the opportunity to learn more and consequentially grow personally is a great perk to be had. As already iterated, salary is not the foremost in the employees mind anymore. They are more of the belief that grow and learn as much as you can, salaries will follow. Apart from the benefits for employees, the company also advances as the employees learn more new techniques.
Who better to ask about your employees’ satisfaction, than your employees themselves? Ask questions, listen to their answers, find out from your employees why is it that they stay with the company and try to know about what it will be that could convince them to switch. Not just this, taking an interest in your employees, letting them share their inputs, makes them feel appreciated and like they are an important part of the team.
Everyone that works hard works hard for a reason. If your company gets an increase in gross profits, it’s not going into your employees’ pocket. What they need is recognition and appreciation. Rewards are great motivators. How you decide to reward them is up to you. But praising your employees for a job well done, or for completing performance goals is one of the most effective ways to make them feel good and that in the long run will make them want to stay for a longer time.
These are just a few basic steps that you can use to ensure better employee retention. If you can think of any more ideas, we would love to hear about them in the comments section.