5 Ways to Prioritize Employee Retention
Employees will be more willing to work if they’re happy. Offering competitive perks contributes to their happiness.
23:35 01 June 2022
In 2021 nearly 50 million people voluntarily quit their jobs. Deemed “The Great Resignation,” the American workforce had never seen this type of mass exit. Companies were left flabbergasted, unaware of their ways’ errors or what they could have done better to keep their employees happy.
While the rate of people voluntarily quitting their jobs in 2022 has decreased, it’s still higher than years prior. According to Talent Keepers, an agency specializing in employee engagement and retention solutions, workers are placing value on different work areas. They feel confident enough that if their current job opportunity isn’t meeting their needs, they’ll be able to find a company that can. It costs businesses a lot to replace lost workers as well.
Prioritizing employee retention doesn’t have to be difficult, and employees shouldn’t be put on the back burner. It costs businesses a lot to replace lost workers. According to Employee Benefit News, it costs businesses up to 33% of an employee’s annual salary to replace them. Companies have proven ways to prevent these types of unexpected employee losses. If you and your business are struggling to prioritize your employee retention, below are five tips that can help ensure your business is staying in tune with its employees.
Conduct Stay Interviews
If the great resignation has taught the business world anything, it’s to check in on their employees. One sure-fire way to keep up with your employee’s needs and interests is by conducting “stay interviews.” These stay interviews should go over your employee’s current role, what they like about it, what they don’t like, and anything they would want to change about it. We suggest conducting these interviews with all employees but emphasizing the discussions with your high-performing employees. Through these stay interviews, you’ll learn what may prompt employees to leave and what you can do to encourage them to stay.
Prioritize Professional Development
Encouraging your employees to better themselves is pivotal in employee retention. Your business should create an environment where your employees can learn and develop their skills. This allows your employees to see a future for themselves at your company. Ensure that your managers and higher-ups are well-trained and well-versed in their field and your business. Invest in training programs for your employees.
These can be done through virtual training software programs or your HR/Learning departments. A combination of both in-person and online training classes is suggested if your business is not fully remote.
Offer Better Employee Perks
People are looking for more than happy hours and ping-pong tables as benefits from work. The perks you offer your employees directly represent your respect for them. Even if you’re a startup with little money to spend on extras, think about offering days off, dress-down days in the office, or a catered lunch here and there.
Employees will be more willing to work if they’re happy. Offering competitive perks contributes to their happiness. If you’re struggling to develop ideas yourself, you can continually poll your employees. Ask them if there are any employee perks they’ve been interested in that aren’t available at your business. You can also offer a list of employee perks you’ve been thinking about adding for them to vote upon.
Ensure Your Benefits Package Are Competitive
Benefits packages are becoming more competitive. With a newfound focus on mental health in the workplace and the American trend of wellness and self-care blooming, people have come to care about their time outside and separate from work a lot more than they did. People value flexible work schedules, paid time off, paid family leave, and vacation time. Health insurance is also a massive caveat for workers in the US. Look into well-ranked and strongly reviewed programs that benefit your employees. By offering a competitive benefits package, you also recognize the hard work your employees do for you. They deserve to enjoy the fruits of their labor.
Promote From Within Your Business
Data suggests that companies searching outside of their companies to replace talent have a more challenging time retaining their employees. This is because the practice of outsourcing for your open positions doesn’t leave your current employees much hope that they will be promoted one day. Make it easier for your employee’s advancement and your future staffing needs by giving them the tools to succeed and grow in your company. Think about implementing road maps that dictate a clear path to promotion. Focus on hiring employees who are looking to learn and grow. Encourage collaboration between higher-ups and their team members so that they can learn from their superiors.