Improve Your Employee Retention With These Tactics
Having a high turnover rate can be harmful to your business. Every time you have to go through the hiring process and train someone new, you are spending more money. Not to mention, high turnover will impact the morale and overall work ethic of your employees. So, consider implementing the strategies below to help improve your employee retention rates.
1. Examine Your Hiring Process
The first place you should consider making changes is in your recruitment and hiring process. Examine the questions you are asking during interviews and ensure they are preparing you to find the best talent for the job at hand. You should also include questions and information in your interview process to get a good idea as to whether or not the interviewee will fit in with the company’s culture.
A good way to see if the candidate is a good overall fit for your business, group interviews can be beneficial. This will give the candidate and your existing team an idea about how they might work together. They may even be able to see future potential problems or benefits of certain candidates that you would not have considered.
2. Offer Competitive Benefits
One of the top reasons people leave a job is for better benefits or better pay. Find out what other companies within your industry are paying and offering. Offer something competitive to existing and new employees. You should also be sure to communicate with your current staff. See what they would like to see offered by the company. Attempting to work your current team’s wants and needs into your benefits system will improve your turnover rate as well.
3. Outline Career Opportunities for Entry-Level Employees
It is also important for incoming candidates and current staff to have the opportunity for advancement within the company. Many employees will begin looking for work elsewhere or consider a career change when they feel they have no options to move up in their current position. Clearly outline how they can improve their position in your company and the benefits of doing so. This will help motivate them to work hard and stay with the business longer.
4. Make Training a Priority
Training should also be among your priorities when you are looking at how to improve your turnover rate. Supplying your staff with quality training will give them confidence in their ability to do the job well. You should also place focus on training leadership and management thoroughly. Having an effective leadership team that can respectfully communicate with your team is key to a happy and healthy work environment.
5. See If Flexible Schedules Are An Option
Not every office or workspace allows for a flexible schedule, but if you can offer one, you should. Flex schedules can allow your employees to feel like they have more of a work-life balance. Although they are still at work the same number of hours every week, they can take the time they need to tend to personal needs, such as doctor’s appointments and family matters. This can greatly improve morale in the workplace.
6. Acknowledge a Job Well-Done
Give praise often and do so in a way that lets your whole team know what they did well and how it is helping the company as a whole. When possible, you should attach a monetary benefit to this praise as well in the form of a raise or bonus. Typically, this would only happen if the company is able or benefited financially from the job well-done.
7. Create a Workplace People Feel Comfortable In
Last, but certainly not least, it is important to create a workplace people look forward to coming to each day. Create an environment that establishes your expectations while making your employees comfortable.
We Can Help You Improve Your Retention Rates
Having a high turnover rate can be extremely costly to a business. If you are wondering about specific ways your company can improve its turnover rate, contact us.