Improve Your Employee Retention Rate

Whether you are running a small or a big company, employee retention is critical. Having good employees leave a company when you need them most is a nightmare every HR manager avoids. Not only does it destabilize a firm, but it also causes extra recruitment costs for the company. Good practices will help you boost the employee retention rate.

1. Set An Excellent First-time Impression

If the background upon which you recruit employees is faulty, it will set a pace for lack of retention. The common mistakes many managers make when interfacing with a prospective employee. Your first encounter is important, and the tone must be right. A good impression will take a company farther than you expect.

2. Proper Onboarding Process

Once you identify desirable skills in candidates, you decide to hire them. Next is onboarding and orientation to help new staff settle in their new role. Also, expose them to the company culture and familiarize them with other colleagues. It is also a period to set the pace for employees’ stay in the company. Teach them how to value a business and ways they can have career progression working in your firm.

3. Have The Right Workplace Culture

Employees, no matter how bright they are, do not thrive in hostile workplace cultures. If you aim to keep good employees, create the right environment and workplace culture to thrive.

4. Employee Compensation

Inadequate compensation is the leading cause of an alarming employee retention rate in many companies. Workers who are unhappy about their pay will find no motivation in remaining in a firm. There is no reason to deprive your workers of employee fringe benefits if they deserve it. Fringe benefits include house allowance, pension, company car, medical insurance, bonuses, subsidized meals, among others.

5. Regular Appraisal

Offering appraisals are important for employee retention. When workers perform well, offer praises and extra compensations. This act will make them feel valued, motivating them to work better and progress with the company. You should also appraise employees who do not perform well but offer them guidance and training to improve. Please don’t use harsh words on your employees, but always motivate them to reach their full potential.

6. Listen To Employee Feedback

As a manager, it is important to listen to what your employees are saying about their jobs. Don’t turn them down, as this will demotivate them and cause them to leave eventually. If employees are unhappy about their jobs or a workplace culture, be attentive when they approach. It is also important that a company maintains an open line and makes employees feel safe talking to their superiors.

7. Take Actions

It is not enough to hear the concerns of employees about their jobs or the company. It would help to amends where necessary. Analyze their concerns, hold meetings on the way forward and take action. These are strategic ways to boost employees’ motivation and also retention.

8. Regular Performance Reviews

Always do a quarterly, bi-quarterly, or annual review of the performance of employees. Appraise all employees without demotivating them. Appreciate all your employees; send a gift card or appreciation emails. Give recognition and awards to employees with excellent performance.

Also, during annual reviews, talk to employees on how to value a business. Discuss their future goals and expectations and how their stay in the company will help them achieve their full potential.

9. Work-life Balance

Work-life imbalance is a leading factor many employees leave companies. Good pay is not enough; companies should create an enabling environment for workers. The workload on employees should not be too much that they don’t have time for themselves.

10. Offer Unique Perks

Small gestures by employers go a long way in boosting employees’ morale and help them perform better. Offer unique perks to your employees. It could be free meals, coffees, movie tickets, voucher cards, and discount purchases.

Final Thought

Every company needs to develop an effective strategy towards employee retention. Companies should maintain best practices and have a good standard. They should also create a work culture where the values of workers are important.

 

Authored by Andrew Nelson

 


 

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