Employee retention is an important concern of any company that values stability and growth. Personnel replacement is costly in both time and money, while holding on to your talented workforce is beneficial for your bottom line, solidarity, morale, and relationships with clients. Here are some tips to help your business with its employee retention.
Hiring and retaining talented employees begins with a generous compensation package that matches or outdoes the offers of your competitors. Besides the direct compensation of salaries and bonuses, provide additional benefits such as health insurance, life insurance, and a retirement plan.
Nothing creates animosity and distrust in the workplace like poor communication. Instead, remain open to employee feedback through suggestions, meetings, and surveys. Offer clear communication to all your personnel about business results and company goals. Be sure your employees understand your core values and company culture, as these qualities provide loyalty and attachment that strengthen employee retention. When employees leave, conduct exit interviews to bring to light any company weaknesses that may have provoked the departures.
Opportunities for training challenge employees, develop their skills, and make them feel more of an integral part of your workforce. Possibilities include mentoring, cross-training, job shadowing, and professional development classes. Additionally, don’t neglect the training of your supervisors in communication, performance management, and other leadership skills.
Identify your top performers and reward them with bonuses, responsibilities, and a greater measure of autonomy. Besides offering these rewards, acknowledge special efforts with personal notes, company-wide announcements, “employee of the month” programs, and other perks.
Employees sometimes become bored without challenges. To aid employee retention, try to provide talented employees with the opportunity to engage in new and important projects and undertake jobs that require a variety of skills. When possible, offer employees the flexibility to compress their work weeks, come in at alternate hours, or work from home.
For more advice on employee retention and other aspects of business management, contact Legacy Capital Lending.