5 Best Employee Retention Strategies
Do you have an employee turnover problem?
Hiring the right talent is difficult enough. But retaining them is a whole new challenge. Employees no longer feel compelled to serve companies that do not serve them.
Nearly 70% of organizations report that staff turnover has a negative financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees that’s required until the organization can fill the vacant position.
How do you win the employee retention battle? How do you keep from losing your employees in this kind of job market? To keep your employees working for you, consider trying these five employee retention strategies:
Hiring the right talent is difficult enough. But retaining them is a whole new challenge. Employees no longer feel compelled to serve companies that do not serve them.
Nearly 70% of organizations report that staff turnover has a negative financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees that’s required until the organization can fill the vacant position.
How do you win the employee retention battle? How do you keep from losing your employees in this kind of job market? To keep your employees working for you, consider trying these five employee retention strategies:
More Positive Feedback
We all know that employees need feedback to improve and to do their best work with both positive, and constructive advice.
Positive feedback should be given frequently to motivate employees and to give them the determination they need to do their best work. But constructive and corrective feedback is also important, particularly when there’s an urgent issue that needs to be addressed Immediately.
Positive feedback should be given frequently to motivate employees and to give them the determination they need to do their best work. But constructive and corrective feedback is also important, particularly when there’s an urgent issue that needs to be addressed Immediately.
Competitive Salary and Benefits
According to a collection of recent surveys on employee retention, only 24% of “Generation X” employees say that financial stability motivates them to stay in a job. Yet 56% of employees say that health care and insurance concerns keep them in their job.
Benefits that are actually beneficial matter. Money matters. What you offer your employees in this area must be comparable to other businesses in your industry in your region.
Benefits that are actually beneficial matter. Money matters. What you offer your employees in this area must be comparable to other businesses in your industry in your region.
Employee Wellness
Keeping employees fit mentally, physically and financially is just good business. Health is wealth, indeed! Especially after the Covid-19 outbreak, health is the top priority for everyone. Both our physical and mental health had been tested amidst the global lockdown.
Stress management programs, retirement planning services and reimbursement for virtual fitness classes are just some examples of what your business might consider providing to employees.
Stress management programs, retirement planning services and reimbursement for virtual fitness classes are just some examples of what your business might consider providing to employees.
Include Your Employees
No one wants to feel excluded in an organization they are a part of. A new hire wants to feel like they were hired for a reason, and that they are playing a key role in helping the business achieve its objectives.
Josh Bersin, founder and principle at Bersin by Deloitte, found that companies who deliberately work to encourage inclusion, diversity, development planning, and leadership development in their culture were 3.8 times more likely to be able to coach people for improved performance.
Josh Bersin, founder and principle at Bersin by Deloitte, found that companies who deliberately work to encourage inclusion, diversity, development planning, and leadership development in their culture were 3.8 times more likely to be able to coach people for improved performance.
Shaping the Employees Growth and Development
Helping employees achieve their short-term and long-term goals is one of the most crucial employee retention strategies. It shows that you are invested in their future just as they are. Most of the millennials and Gen-Z workers would choose a job with lower pay if they see opportunities for development.
Therefore, designing in-house training programs for employees can advance their professional development. Other methods include encouraging them to attend conferences, industry events, etc. can really level up your employee retention strategies. We are here to help you hire the employees that are right for your company. We can take over all the hiring process and we will provide you with the best candidate. Get started now.
Therefore, designing in-house training programs for employees can advance their professional development. Other methods include encouraging them to attend conferences, industry events, etc. can really level up your employee retention strategies. We are here to help you hire the employees that are right for your company. We can take over all the hiring process and we will provide you with the best candidate. Get started now.
