How to Increase Employee Retention Successfully
The first step to having a strong workforce is hiring competent and reliable employees, and the next step is to keep them. With high employee turnover, there is an increased cost and decreased productivity. Implementation of effective and proven employee retention programs is the key to the health and success of your business. Managers and supervisors agree that retaining their best employees is crucial in maintaining increased production, customer satisfaction, smooth operations, successful planning and healthy work environment. Employee retention is a critical matter in any organization or company, because losing your best employees means spending money on recruitment and training, lost manpower investment, lost of knowledgeable and skilled workers, and other employees may also be influenced to resign and transfer to your competitors.
In order to retain your employees, you have to create a competitive benefits package to your employees such as providing health insurance, life insurance, retirement savings plan, and other perks showing that you can accommodate your employees’ outside lives like flextime and telecommuting. Right at the very first contact, it is important to provide a specific framework to your employees for them to have a clear idea of what is actually expected from them because changing expectations keep employees on edge and cause unhealthy stress. According to studies, most employees leave because of their supervisors and manager more than the job itself or the compensation benefits, so the quality of employee supervision is also critical in the retention of your employees. Employees who feel they are undervalued contribute to a company’s attrition, and these common complaints that center on the clarity of earning potential, expectations, lack performance feedback, failure show up on schedule meetings, and failure to create a developmental plan when an employee is performing or wants to succeed.
It is also important for your employees to have an avenue to speak their minds like having a feedback portal, town hall meetings, and employee management. You can provide small and meaningful employee appreciation tokens and gifts such as giving out pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays or Christmas grocery package. You can also hold contests and incentive system to motivate your employees and so that they feel rewarded for a job well done. Support further studies for fostering employee development such as tuition reimbursement or learning a new job skill. Open door policy encourages employees to speak directly to their managers without any fear of repercussion and holding regular meetings allow employees to speak their ideas and encourages them to ask questions. Hire a human resources director if you have more than one hundred employees to have a streamlined employee benefits processes and structure.