Nothing hampers a business quite like poor employee retention rates.
How can you hope to expand your current business if employees keep leaving? You’re constantly restarting processes and retraining new employees while easing them into the company culture. It’s extremely costly too – hiring and onboarding are extortionate.
If you want to succeed, you need to retain a good percentage of your staff for as long as possible. A solid team that knows one another and works well will guide you toward long-term goals. How can you improve retention? Here are three proven ideas:
Offer better employee perks
You should have a long list of benefits for employees to take advantage of. This will include medical insurance, worker’s comp, and so on. Adding to this list will give your employees more perks, encouraging them to keep working for you.
A simple idea is to implement more PTO for workers. Okay, what’s PTO? It stands for paid time off, and it refers to any days off work your employees take. You should give them a good handful of PTO days, so they can go on holiday and still get paid. It’s one of the most sought-after perks as workers seek a better work/life balance. A business with no or limited PTO will always have a low retention rate. Aim for 28 working days a year as the minimum standard.
Ask for employee feedback
The best way to keep people at your company is to figure out what’ll keep them there. Have meetings with workers to gather feedback. What can be improved in the workplace? Are there any issues with work schedules or workloads? You could learn that all of your employees hate the strictness of the schedules and would prefer more flexible options where they can dip in and out of the office. You also may learn that they hate the software you use every day.
Feedback like this is so valuable as you understand what needs to be done to keep your workers happy. Whether this means making the days more flexible, shifting to better software, or allowing more breaks during the day – it all helps their experience, so they’ll stick around for longer.
Show your appreciation
Employees are increasingly likely to quit a company when they don’t feel appreciated. They work their butts off, only to receive no positive feedback or recognition for their efforts. It frustrates them, so they quit and move to a business that appreciates them.
Showing appreciation for your employees is so easy. All you have to do is comment on their good work. Let them know they’re doing a great job and that you truly value what they do for the company. Actions also speak louder than words. Take your workers out for free drinks at the end of the month, give them bonuses, offer raises when they exceed expectations, and promote from within – the list goes on and on!
You will retain more employees year after year if these strategies are in place. Your business can move in the right direction and avoid shelling out on new employees all the time.