Methods for Successful Employee Retention
Companies want employees to stay. They want employees to grow within the company. Employees want the same thing. They want job security. But they also want acknowledgement and job satisfaction. If they don’t have this, the chances of them leaving for another opportunity increase. Beyond this, a company’s employee retention rate is incredibly important. If a company loses employees often, and especially if said employees are there for under 2 years, that is a massive red flag. It says that there is something very concerning about how this company runs their business, either in terms of the actual work, the leadership, or the company culture. Sometimes, it can be all three.
So how can employers make it so that people will want to stay at a company? Here are some tips:
Promote sooner, rather than later:
If you have a star employee, reward them! Give them a raise, a new office, or a promotion. You must do something to show that their work is acknowledged and valued. People want to know that at the end of the day, they are seen and appreciated. Especially within a working environment, it is easily to get despondent if one feels their work is not acknowledged. Those hardworking employees are the ones you definitely do not want to leave. If they do, a gap will truly be felt. Therefore, it is important to always keep an eye on those employees that excel. Even if there isn’t a job for them, do something to show your appreciation. Yes, employees are meant to work. But that does not mean you should take them for granted.
Offer opportunities for growth and education:
Offering new opportunities for growth and training shows your employees that you are invested in their development. It shows that you want them to do well. Constantly be on the lookout for new training of development programs that might strengthen your employees’ skills. Alternatively, if they come to you with a program/ networking event they would like to attend, try your hardest to make it a reality! In this way, they learn new skills or sharpen already existing ones, and you benefit by getting a stronger, appreciative employee! It’s a win-win!
Create a happy, supportive work environment:
People, more often than not, leave their jobs because of terrible bosses and toxic environments. To prevent this, you have to ensure that your work environment is one of positivity and good work. You don’t want your employees to hate coming in to work every day. So how do you create a better work environment? As a boss, being more accessible, kind and acknowledging goes a long way. Your employees want to feel heard and seen. If they do good work, acknowledge it. In terms of the actual company space, offer fun incentives. Maybe buy employees coffee once in a while. Have company events. Offer complimentary snacks.
Any other tips you can think of? Let us know in the comments below!
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