7 Strategies for Improving Employee Retention

7 Strategies for Improving Employee Retention

Attracting employees to join your business is one thing, keeping them is quite another. Good employees are hard to get and harder to hold on to, especially in today’s work climate. People are looking for greater fulfillment out of their work and more balance out of their daily lives. Work life is not looked upon like the 9-5 grind it used to be, rather, employees are searching for deeper connections.

  1. Offer a Competitive Salary. While greater connection might be important, a good salary still reigns supreme among employee’s wants and needs. When employees quit, one of the top reasons for it is because they aren’t making as much as they believe they are worth. A paycheck they can live on gives them a sense of job security and the space to grow their skills as opposed to struggling week to week. In addition to a good salary, keep in mind that offering benefits will put your company ahead of the pack in the race for qualified candidates.
  2. No More Bosses. In a world of corporate bosses, true leadership is rare. Employees who are governed by a boss are likely to see them as the opponent. Leaders, on the other hand, are people they can trust and follow. Being a good leader means to:
  • Be transparent about where the company is headed
  • Handles challenges on their own, instead of passive aggressively handing them off to the employees
  • Have both the customer and the employee in mind and offering high quality to both, not just the customer
  • Recognize that good employees are an asset to the company, instead of focusing solely on numbers and profit margins
  • Inspire confidence in employees and making them feel good about their position in the company and the skills they can and will acquire to move forward
  1. Supplement Employee Work Life. Nobody wants to go to work, sit down and stare at a computer for 8 hours straight. When you make the effort to inject a bit of personality and fun into the work day and work week, you get happier, more dedicated employees. How can you do this?
  • Hold regular holiday parties or lunches as well as celebrations for people, completion of projects, and milestones
  • Arrange for bonuses for a job well done. This might be a paid afternoon off from work, a weekly masseuse in the lounge or an egift card. Egift cards can be sent instantaneously via text or email and can be purchased from retailers all over the US. Everyone – including employees – appreciate monetary gifts.
  • Offer business swag (stuff we all get!) that is practical – hats, water bottles, blankets, etc. It’s a great way for your employees to feel proud of their job and the company they work for.
  1. Offer Learning Opportunities. When employees find their work life highly engaging, they are more likely to stay. They feel invested, valued and appreciated. Consider cross training between employees, mentorship programs, and being transparent about the company leadership ladder so they know exactly how to move up if they wish to.
  2. Offer Regular Performance Feedback. One of the reasons employees disengage is because they don’t feel they are offering much to the company. Whether they are offering stellar work or have room for improvement, they will appreciate regular performance feedback from their leaders. Knowing what is expected of them, where they are falling short, and exactly how to fill in that gap will make them feel more a part of the team and give them renewed sense of career purpose.
  3. Accentuate Teamwork. Employees don’t work in a vacuum. Even those working remote must feel a sense of teamwork to help them achieve a sense of active engagement and community. When employees are given the opportunity to work together on projects, to hear about each other’s ideas, and to voice concerns, they get the sense that the company isn’t just about the product or service, it’s also about them.
  4. Be an Honorable Brand. While the purpose of being in business is to make money, when you take it a few steps further to branch out and be a positive force for good, you can bet your employees will be proud to share in that mission. Holding events and actively fundraising for local charities and organizations, making a commitment to diversity, the environment and education are all ways step up your company’s game and not only make your employee’s sit up and take notice, but the community will as well. 

Keeping good employees happy will increase productivity and profits, and will help your company grow to be the finest it can be. Don’t skimp on what are fast becoming second nature practices for businesses going into 2023.

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