Employee retention is an important aspect of any organization’s success, as high employee turnover can be costly and disruptive to productivity. There are many factors that go into a person’s decision to stay or leave a company. Increasing employee retention involves creating a work environment that fosters employee satisfaction and engagement.
Onboarding Programs
Proper onboarding programs set up new hires for success. Employees should feel confident in their role from the beginning. The best way to do this is through an onboarding training program that prepares employees for their job role and sets the tone for a positive work experience.
Perks and Benefits
According to exit interviews recorded by Robert Half, one of the biggest reasons that employees leave a company is due to “A perks and benefits package that isn’t competitive”. Employees are looking for adequate compensation for their hard work. Some of the many perks that employees seek out are; PTO, paid parental leave, flexible work schedules, remote work options, employee discounts. Providing competitive perks will make the position more appealing for employees.
Build Positive Relationships
According to a study conducted by Gallup Inc., “Only 1 in 4 employees strongly agree they feel connected to their culture and only 1 in 3 strongly agree that they belong at their organization”. Creating a positive work environment where employees feel appreciated and respected can go a long way in increasing retention. Encouraging team collaboration and team bonding events gives the employees the opportunity to get to know one another and work better together.
Encourage Retention Focused Managers
Employees want to feel supported by their managers. Managers may provide the biggest impact on employee retention. It is important that employees feel valued and understood, as well as supported in the growth of their career. Managers are responsible for a lot of the culture in the workplace. They can provide a comfortable environment for their employees and recognize their achievements. “Retention-focused managers believe in the importance of creating a work culture people love” (Kaye, 2023).
Employee retention helps your organization to thrive for multiple reasons. First of all, it reduces the cost of new hire training and sign on bonuses. Seasoned employees also get to know the organization better and learn to perform tasks efficiently. Overall, employees want to feel that they are both valued and compensated for their work. Focusing on each of these areas will increase your employee retention.
References:
Take Off Your Coat and Stay a While: Extend Employees’ Stay! | ATD. (2023, April 12). Main. https://www.td.org/atd-blog/take-off-your-coat-and-stay-a-while-extend-employees-stay
Unleashing the Human Element at Work: Transforming Workplaces Through Recognition. (2022, May 11). Unleashing the Human Element at Work: Transforming Workplaces Through Recognition. https://www.workhuman.com/resources/reports-guides/unleashing-the-human-element-at-work-transforming-workplaces-through-recognition
14 Effective Employee Retention Strategies. (2023, April 17). 14 Effective Employee Retention Strategies | Robert Half. https://www.roberthalf.com/blog/management-tips/effective-employee-retention-strategies
