5 Simple Employee Retention Strategies
According to a recent study done by BambooHR, 31% of employees quit before making it to the half-year mark. This kind of employee turnover isn’t only difficult from an operational standpoint but financially as well. In fact, it can cost an employer double an employee’s salary to hire a replacement for an employee who has left. To help combat these high turnover rates and costs, consider trying one of these simple employee retention strategies.
5 Employee Retention Strategies
1. Give them the opportunity to grow.
Many businesses promote externally, with the mindset that in order for their business to thrive, they need to onboard fresh minds. While this may be the case for some roles, it can be more beneficial to promote within.
However, in order to promote within, you need to offer training programs or continuous education packages to expand your employees’ current skill set. While you may see it as a looming, overhead cost, it can be beneficial to both you and your employees in the long-run. Promoting within and implementing a training program not only creates a powerful incentive for your employees to stay with your business long-term, but it also prevents you from having to hire on someone from the outside who has no idea how your business operates.
2. Improve your company culture.
Now more than ever, company culture plays a huge role in an employee’s decision to either take a job or stay with their current company. Company culture doesn’t just mean saying hi to one another in the hallways, it includes…
- How management treats everyone
- Work-life balance
- Intangible employee benefits
- Attitude and overall morale of the staff
- … and more.
Healthy company culture not only improves employee retention, but reputation, productivity, and your bottom line.
3. Create a safe and respectful workplace environment.
One of the underlying causes of employee turnover is an unsafe workplace, both physically and emotionally. Creating a safe work environment should be one of your top priorities. Not just for the sake of improving employee retention, but because an unsafe workplace can result in injuries, which then results in claims and a hefty bill for your business.
Find out how to create a workplace safety plan here: https://bit.ly/36WrkqB
4. Ask for feedback.
At the end of the day, your employees want to be heard, and the only way for you to ensure that happens is by asking them for their input. If you decide to implement this strategy make sure that it doesn’t come off as inauthentic. When asking for their input and feedback, make sure you truly take what they say into consideration, and make changes to the things that need to be changed.
5. Offer them competitive benefits.
Almost 80% of workers would keep a job with benefits over one that offered no benefits and more pay. Things like health insurance, 401Ks, and life insurance have remained the number one benefit that job seekers look for, but coupling them with intangible benefits such as free coffee, unlimited PTO, and a relaxed dress code promotes a healthy work-life balance and encourage employees to stay with the company long-term.
With this in mind, do you know how your current benefits packages compare to your competitors? If not, feel free to take our Milliman Benefits Benchmarking survey to receive practical advice to improve employee retention.