Nowadays, the greatest asset of any company, irrespective of its industry, is its employees. Yes, you spend millions on developing futuristic products and provide outstanding solutions. But these won’t be possible without the hardworking employees. But this asset can be completely disrupted by a high employee turnover. It can mess up the workflow and drain morale.
So how do you boost the employee retention of your company? Well, from work from home and flexible work arrangements to incentive and loyalty programs, there are several strategies that may work in your favor. They will ensure your employees are motivated to stay with your organization and work with fresh enthusiasm.
Let’s look at these strategies in depth and understand how they work. To start with, we’ll discuss the benefits of retention.
Why Might an Employee Leave Your Company?
An employee leaving your company may be due to a few different reasons, both avoidable and unavoidable. But you need to understand that not everyone would leave for the same reason. If that happens, there’s something wrong at the core of your company’s structure and values. Let’s look at a few.
Benefits & (Monetary) Compensation
In a majority of cases, the employee is feeling undervalued when compared to the standard market rates. There’s also a case of not being satisfied with the benefits package (or the lack of it). So they may be tempted to join a company offering benefits like healthcare insurance, travel compensation, or other perks, along with a better salary.
Lack of Growth Opportunities
Sometimes, a good salary isn’t enough. The best employees strive for constant growth. If there’s a glass ceiling on what they can achieve at your organization, there won’t be enough motivation. So they would want to switch to a company with better growth opportunities.
Poor Work-life Balance
In the past few years, experts have seen a significant rise in workplace pressure. So it has become that much more important to value a good work-life balance. If an employee is constantly overburdened or stressed due to unfair expectations, they would want to leave.
In these times, they would want a better balance and a healthy separation between their work and personal life, and switch in search for it.
Toxic Workplace Culture
This factor is becoming increasingly common. Often, the company culture is marred by factors like lack of recognition, constant professional disrespect, and worst of all, a bad boss or colleagues. The impact on employees’ morale due to these factors can tempt them to switch.
Management Conflicts
A strong management and leadership will always encourage the employees and make them feel heard, valued, and invested in growth. On the flip side, constant conflicts with the management can leave a bad taste for the employees and increase the dissatisfaction. A dissatisfied employee won’t stay for long.
Keep in mind that the employee turnover in your company may be due to a different reason. But you won’t know how to ensure the best retention rate unless you know of the core problems. So talk to the employees; try to understand what kind of problems they are facing. It will give you an insight into what kind of employee retention strategies would work.
Top Employee Retention Strategies
After you attempt to understand the plights (don’t have to be too negative) of your employees, it would be easier to retain them by addressing the issues. You can design and implement the best, personalized retention strategies according to the employees. Here are a few top ones.
More Competitive Salaries & Benefits
As I mentioned earlier, one of the major reasons behind someone leaving a company would be in search of better salary and compensation. Without a competitive salary, employees feel underappreciated. So make sure you review the employees’ salaries regularly and compare them against the standard market rates.
Also try to offer a benefits package along with the salary. It can include health insurance, childcare subsidies, paternal and maternal leaves, and more. You can also offer incentives for better sales and performance. Something like an incentive group travel can be quite beneficial. It gives the employees a chance to bond and enjoy the surroundings.
Flexible Workdays
Rather than the traditional 9 to 5, try to offer a better control over their work schedule. So the employees can freely work when they have the most focus and energy. It can be during any time of the morning, nights, and broken into sessions throughout the day.
If you are a working parent or your family member requires constant care. A few of the best flexi-work options include core working hours, compressed workweeks, or a combination of on-site and remote settings.
Work-life Balance
Again, as mentioned earlier, if an employee is overburdened with work all the time, they will most likely leave. So you need to promote a better work-life balance through strategies like flexible schedules and paid time off. You should also actively discourage after-hours work, so the employees focus on their families and personal lives.
Employee Reward & Recognition
It’s common courtesy to say a simple “good job” or “thank you” when your employee does something well. But surely, you can go beyond that with a tangible reward or public recognition. It will feel more meaningful and personal to the employees and will fill them with a sense of pride.
Recognition through public shout-outs and performance-based bonuses can get them respect from their peers. If you want to offer more personalized rewards to your employees, opt for our incentive and loyalty services.
Better Work Culture
Often, one of the first things an employee would notice in another company is its work culture. A good culture fueled with active team collaborations, open communication, and a better sense of community will be captivating. So try to establish and maintain the same in your organization. The employees should get the sense that they can reach out to any of their peers at any point in time.
You can build a good company culture with team building activities, company milestones celebrations, and a respectable work environment.
Wellness Offerings
An employee’s well-being would go beyond their physical health. You need to consider their mental and emotional health as well. In doing so, you need to offer subscriptions to meditation apps, yoga classes, and Employee Assistance Programs (EAP), if necessary.
Prioritize the well-being of your employees by reducing stress factors and creating a caring environment. It will boost morale and engagement.
Better Job Perks
Perks tend to go beyond the core salary and benefits. With perks, the workplace will seem more attractive to the employees and improve their experience.
Some common perks include free snacks and coffee, better furniture, on-site laundry, gym, childcare services, and more. You can also offer educational stipends, so the employees can get relevant certifications and generous parental leave policies.
Growth Opportunities
Some employees are more enticed by opportunities to advance their skills and career. And you can show that opportunity can offer a clear path to promotion and increments. You can also give them a chance at mentorship with their seniors, along with relevant coursework (or reimbursement for it).
The entire team can be sent for industry conferences and workshops to ensure an overall team growth and engagement.
Milestone Celebrations
Celebrate your employees’ milestones in your company as a show of appreciation, morale boost, and loyalty recognition. A few ideas that can go a long way include work anniversaries, promotions, gift cards, catered lunches, charity donations, and more.
That will improve the workforce engagement and make the employees happier for long-term success.
If you want more retention ideas for your organization, consult with Gapp Group as we offer custom incentive and loyalty services. But what will be the impact of better retention?
What’s the Importance of Employee Retention?
According to the Bureau of Labor Statistics, the average tenure of an employee with a particular organization or employer is just over 4 years. People tend to switch jobs until they find stability. But what if you can retain your employees effectively? What kind of benefits will it present?
Better Employee Loyalty
Ideally, if you make your employees feel more valued and appreciated, they would be more loyal to the company. That will make them stay with your organization for a longer duration. That would mean a more dedicated workforce committed to your company’s success.
Reduce Hiring and Onboarding Costs
A reason to go for employee retention rather than new hiring is the cost. Even in the best case scenario, the cost of hiring a replacement for an outgoing employee would be higher. And when you factor in their onboarding and training, the costs increase even further.
If you try to bring the hiring costs down, there’s a good chance of compromise on the quality of the employee, their skills and expertise. On the flip side, if you manage to retain the employee, you’ll be able to save on added hiring expenses and avoid unnecessary workflow disruptions.
Boosted Morale and Productivity
When you retain an employee, they will feel like a valued member of the team. So they will be happier and more productive by giving complete focus to their work. Plus the sense of value will improve the morale among the workforce, ensuring better results.
Better Brand Reputation
Whenever a potential candidate thinks to apply for a company, one of the key elements they look at is the turnover rate. That is, how many people out of the total workforce have left the company? A higher turnover can put a dent in the reputation of the company.
Plus, a disgruntled employee will leave unhappy and will spread negative word-of-mouth. If that happens, it will make it harder to attract the best candidate for the job. On the other hand, a happy employee will spread positive highlights about your company, making it more enticing to the candidates.
Retaining your employees would mean a win-win situation for both you and them. You get a stable, skilled workforce and the employees will be more motivated for long-term success. And the employee will be better compensated with added perks and benefits.
So want to boost your employee retention? Then opt for Gapp Group’s incentive services for custom rewards and strategies for the best results.
Conclusion
Are you facing employees leaving your organization due to reasons like lack of growth, compensation issues, etc.? Then you need employee retention strategies like:
- More Competitive Salaries
- Flexible Workdays
- Work-life Balance
- Employee Reward & Recognition
- Better Work Culture
- Offer Wellness Offerings
- Better Job Perks
- Growth Opportunities
- Milestone Celebrations
These strategies will help improve employee loyalty, morale, productivity, reputation, etc. while bringing down the costs.
So, do you want to retain your employees with ease? Then connect with our experts today!