Ways to Improve Employee Retention
We all know that keeping talented employees can be trickier than catching a greased pig at a county fair. But fear not, my dear readers! With these helpful tips, you’ll be able to create a workplace environment so amazing that your employees will be more loyal than a golden retriever with a bone.
From offering unlimited snack options (because let’s be honest, who doesn’t love a good snack?) to providing mandatory napping time (I’m not saying we’re all toddlers, but I’m also not not saying that), we’ve got you covered.
So grab your popcorn (or your kale chips, we don’t judge) and let’s get started on creating a workplace that your employees will never want to leave.
With the fast-paced global market, new opportunities keep springing up, making it difficult to retain employees. The Great Resignation, spiraled by several factors, has transformed employee recruitment into a market. The employees may feel less appreciated or may need more career advancement.
Additionally, incompetent salary drives employees further from their work mode, and the next thing you know, your employees are handing over their Resignation to you.
Whatever the case for your business, one thing you are sure about is to reduce the employee turnover rate and improve the retention one. Improved employee retention directly impacts your business success and how your potential clients see your brand.
A lower retention rate means that your business is spending more than needed on hiring new employees instead of paying attention to retaining the existing ones.
On the other hand, improving the employee retention rate means that your business is well on reaching its goals. This happens when you invest in your employees’ professional health and develop new strategies with your team.
Let’s look into three simple ways you can improve employee retention!
1. Try Offering Competitive Salaries
Everyone likes a well-paid job. Paying a paystub worthy of hard work and effort should be on your list. It’s your responsibility to make your employees feel appreciated, and one way to do that is to offer them competitive salaries. Money is dear to all, and your job is to ensure that your employees are compensated properly. Employees are most likely to stay and respect professional ethics if they feel they are being paid what their time is worth.
Another important factor to consider is to see that employees can meet the basic standard of living from the salary they are being offered. For instance, if your country experiences an economic crisis and inflation rises, the employee’s salary should be adjusted accordingly. Similarly, as their work experience grows, so should their salary. If your employees are doing overtime and tiring night shifts, they must be given extra rewards or bonuses to help them stay motivated.
One way to offer your employees the right amount of salary is to make yourself aware of the living cost in that area. For example, look into the current rate of rent in that area, the prices of basic grocery items, and the monthly cost of using public transport. If your company offers a wage covering all the aforementioned facilities, then your employee turnover rate will likely stay low and your employees will be satisfied.
2. Provide Remote Work Facility
Working from home or remotely is the new normal for a world that survived Covid-19. Work-from-home facilities have now grown to be a must-to-have mode for employees. Not only does it reduce workplace stress and prevent the contraction of potential diseases, but it also makes employees feel relaxed and productive.
With advanced technology, providing remote work facilities has become easier than expected. Using modern software like Hubstaff and other technological tools, employers now have the facility to track the working hours of their employees and pay them hourly wages. You can also provide your employees with automated tools to relieve them of any unnecessary workload that very well be done by technology. For instance, many companies now use automated invoice generator to make billing easy and accurate.
Moreover, remote working has brought its fair share of benefits not just for employees but for employers as well. It reduces the need to have unnecessary meetings, increases employee performance, helps eliminate commute costs, and develops an independent mentality for the employee. If your employees are spared from the stress of traffic, worrying about leaving their kid at the daycare center, or losing focus due to distraction, they will be much happier and more productive!
3. Offer Flexible Schedules
Many studies have shown that giving flexible schedules works in favor of employee retention. Your employee’s creativity cannot grow under strict working schedules, and most employees will drag themselves through the rigid schedule. Even pre-COVID-19, studies showed that employees were autonomous, creative, and more productive outside their work with fewer distractions. As said before, they will not have to go through the hassle of traffic. Offering your workforce, the independence of flexible working hours will help them to work when they feel the most productive all day.
Another thing you can do to increase employee retention is to reduce working hours. Experts have identified that one of the reasons for increased employee turnover is the exhaustion they feel from working continuously. Although the first ones to arrive at the workplace may seem the most devoted to working, there is little profit you can get from employees who feel burdened and burned out. Try devising a schedule the employees will find easy to commit to, and you will notice increased efficiency and productivity.
Employee retention is very crucial to a successful business. Your employees’ comfort with their work will help with your company’s reputation and put you ahead of your competitors. The above tips to improve employee retention will help you navigate through and develop a healthy relationship with your employees. If you are consistent with your strategies, you will see a positive change and might reach your goals earlier than predicted!
