What are the best ways to retain your employees
Employee retention is essential for companies! High turnover costs money and causes disruptions in your day-to-day operations. It can lead to low morale amongst your employees. Turnover can be damaging to your company!
Look, it's hard to retain employees sometimes. There are lots of reasons why employees may bail on your jobs...
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One of the biggest reasons that we're seeing lately is employees feeling burnout. According to a recent study, an average of 38% of employees feel burnout today! One big cause of burnout is excessive workplace stress...that's one thing that you can control! You may not be able to control excessive stress in other areas of your employees' lives, but you can help control their workplace stress.
Another cause of high turnover is that you may just not be as great at keeping your employees happy as other companies in your area and industry...but that's ok...you can do something about this reason too!
So what can you do to increase your rate of retention and encourage your employees to hang in there with their jobs?
Here are some effective ways to retain employees:
- Competitive Compensation and Benefits: Offering competitive compensation and benefits packages is one of the most effective ways to retain employees. It is important to ensure employees feel they are being paid fairly and receiving the benefits they need to support their personal lives. This doesn't mean just pay and health benefits...get creative with your perks! ApplicantPro offers a monthly house cleaning bonus, and one of our clients brings in lunch every day for their employees...the options are endless! These creative extras can mean the difference between keeping or losing your awesome employees.
- Positive Work Culture: Creating a positive work culture can help employees feel connected to the company and their co-workers. This can include promoting teamwork, celebrating successes, and fostering open communication and feedback. If someone feels this connection to their place of employment and co-workers, they won't be out looking for somewhere else to work.
- Career Development Opportunities: Providing employees with opportunities for growth within the company can help increase job satisfaction and retention. This is known as "UPSKILLING" and may include training programs, mentoring, and coaching.
- Recognition and Rewards: Recognizing and rewarding employees for their hard work and contributions can help them feel valued and appreciated. This can include bonuses, promotions, and public recognition. The key here is to reward them quickly! If you wait a few weeks to thank them for their hard work or a big accomplishment, they will start to feel unappreciated and feel like their hard work had gone unnoticed. If they feel that way, they will most likely start looking for work somewhere else where they'll be more appreciated.
- Work-Life Balance: Striking a balance between work and personal life is important for employees. Offering flexible work arrangements, such as remote work, or paid time off can help employees maintain a healthy work-life balance and prevent the dreaded burnout. We hear from time to time about employers that make it so difficult for their employees to take a sick day or to drive carpool...don't do this if at all possible...help your employees find this good balance!
Overall, retaining your employees will require a commitment to creating a positive work environment, providing opportunities for growth and development, providing a good work-life balance, and ensuring your employees feel valued and supported. All of these are things that you can definitely provide for your employees and keep your company running like a well-oiled machine.
If you need any guidance or ideas for providing a work environment that will help you retain your employees, click the button below to set up a time to chat!
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A recent survey unveils that 51% of HR leaders are grappling with the challenge of retaining top talent in 2023. We have the answer for you... three words: Improving Employee Experience!
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Including your pay in your job ad will bring you better applicants and increase trust in your company. While pay transparency laws are new in the hiring world, don't get left behind, start including your pay in your job ads.