Employee retention can be a real problem for some businesses.
Worker turnover increases is generally a sign that there is something inherently wrong with the business these employees are working in, and that can be a very hard issue to deal with if not tackled the right way.
Aside from sending your management to a course, such as nLiven executive coaching, to learn different ways to run the business, there are some ways you can increase your employee retention so that your turnover drops significantly. We have outlined six of those ways right here to get you started.
Employee Benefits
Employee benefits are the first step towards lowering your turnover.
If an employee feels another job has more to offer them, even if they like the job they’re in now they could leave for the benefits of another. These benefits can be anything from health care plans to advancement within the company, all the way to company cars and new offices.
These are things that employees want, but the key one for all employees would be job security. Knowing their income is secure with your company is a must, so that should be the first benefit you work towards.
Incentives
If you work hard all year while you co-worker in the same role slacks off and only does the bare minimum, why should you receive the same pay and wage increases at the end of the year? Why wouldn’t you go and look for a job that values and rewards your hard work? The same questions should be put forward for your employees. Offering incentives for hard work and meeting or beating deadlines can increase worker motivation and output, and increase job satisfaction as well.
Long Service Leave
Encouraging people to stay with the company for a long amount of time can be trickier, as the more you reach those incentives and stretch yourself to achieve, the less rewarding those rewards will be.
Offering long service leave to the workers who have been with your company for many years will encourage those who have not to stay for longer and find more to love about the job, which also has the benefit of lowering your turnover effectively.
Celebrating Achievement
When your key sales team member makes an enormous sale, bringing in a huge amount of money for the company, should a pat on the back be all that she receives? Many employees like to be celebrated for their hard-won battles an achievements, and taking a half hour out of the day to recognise their hard work and talent at their job is a small price to pay for an employee who can bring in potentially millions of dollars singlehandedly.
Employee Treatment
The way you treat your employees day-to-day has a staggering effect on their performance, job satisfaction and, tellingly, your turnover rate. It was long a standard work practice for the boss to call the shots and the workers to work, and that model of business was slowly but surely shown to be as flawed as we now know it to be.
Take suggestions for your employees if they know what they’re talking about, and recognise and reward their ingenuity when they’re right. It makes them feel validated and respected, and that’s exactly the kind of workplace many people want to work in.
Workplace Culture
Finally, the culture in your workplace MUST be conducive to hard work and good work.
You don’t want to promote a sexist and uncomfortable “boy’s club” culture at your workplace, it will result in less work being done all around, less workplace equality and less comfortable female employees, which is unacceptable in this modern day and age.
The way to increase your employee retention is simple – respect your employees and their work, and the rest is all gravy to increase interest in positions at your company.
