30Apr

6 Proven Retention Strategies

Employees from multiple sectors nationwide have joined a mass exodus from the workplace, known as the Great Resignation. Hiring and training a new employee is significantly more expensive than retaining an existing employee, and employers are seeing the impact on their bottom line. It is important to have a clear understanding of the reasons behind high employee turnover rates so you can implement appropriate retention strategies. Stand out in today’s competitive job market and reassess what makes your company worth working for.

 

Problem: Dissatisfaction with pay
Retention Strategy: Offer a competitive salary and benefits package

The number one reason employees leave their jobs is dissatisfaction with their pay. Conduct salary benchmarking to ensure that your compensation packages are in line with industry standards. Additionally, consider offering benefits such as health insurance, paid time off, and retirement plans. Offering a competitive salary and benefits package is crucial to retaining your top talent.

 

Problem: Employees don’t see room for growth or advancement
Retention Strategy: Provide opportunities for professional and personal development

Investing time and resources in your employees and offering them access to additional education and training opportunities not only helps boost retention, but also strengthens your company’s overall performance. Help employees identify areas of improvement and set goals for their future with regular performance reviews.  Consider implementing mentorship programs or providing access to online courses and workshops.

 

Problem: Feeling burnt out, overworked, and/or under-supported
Retention Strategy: Prioritize employee wellness

Not only are healthier, happier employees more productive, they are also more likely to stick around.  Prioritize employee wellness by encouraging open communication, providing opportunities for team building, implementing wellness programs such as yoga classes, or offering mental health support, such as counseling services. Additionally, consider offering flexible work arrangements, such as remote work or flexible schedules so employees can create a better work-life balance.

 

Problem: Unhappy with management
Retention Strategy: Manage your managers

We may speculate that almost everyone in the job market today has at some point or other had a manager whose management style made them want to quit.  When employees feel management is undertrained or promoted too quickly, conflict can arise. Encourage management training to help managers refine their leadership and people skills. When hiring for management positions, be extra diligent during the selection process to ensure they align with your company’s goals and values.

 

Problem: Unhappy with company culture
Retention Strategy: Embrace diversity and inclusion

Creating a diverse and inclusive workplace is crucial to retaining employees from all backgrounds. Implement policies and practices that promote diversity and inclusion, such as anti-bias training and diverse recruitment practices. Provide resources and support for underrepresented groups within the company, such as employee resource groups or affinity groups. Actively create a more accepting culture by observing religious holidays and the use of inclusive language.

 

Problem: Feeling undervalued
Retention Strategy: Recognize and reward your employees

Prioritize both social and financial rewards when recognizing your employees for their work. It feels good to be publicly recognized for our work, whether it’s via email or an employee recognition program. Financial rewards are among the most popular in driving productivity, whether it’s paid time off or gift cards.  Make sure you are not only recognizing your employees for results but also for their efforts. Sometimes projects are not as successful as we hoped, or deals are lost. While this can be a disappointment, we should still appreciate their efforts.

If you are already struggling with high turnover, don’t forget to conduct exit interviews to learn exactly why employees are leaving. If you choose a few retention strategies to focus on, you can begin working towards keeping your employees happy and motivated to stay with your company.

For more tips to improve retention, please contact us at info@trewhr.com.  Our experts will help lower your turnover rate so you can focus on growing your business.

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