Many people today are unwilling to stay in a position they don’t enjoy or where they don’t feel valued. With so many people in the workforce today jumping from position to position or from company to company, it may feel like you can never stop searching for your perfect team of employees. It often makes sense to plan for faster employee turnover.
That being said, taking steps to improve employee retention is not a waste of your time. There are many different ways for you to keep talented employees happy and loyal to your company.
Keep reading for useful tips that can help your company retain employees for years.
Keep Compensation Up-To-Date and Competitive to Retain Top Talent
Oftentimes, the first thing that attracts new employees to a position is their potential salary, which is why it’s incredibly important to stay up-to-date on current compensation in each field. Once you’ve hired your new employees, it is equally important to keep their salaries competitive. You may need to adjust compensation semi-regularly if you don’t want employees to start looking for work elsewhere.
Not only does keeping your employee’s compensation competitive allow them to feel financially secure, but it also shows that you recognize their work and value them at your company. Your employees will have much less reason to look for another job.
Offer Excellent Benefits
Aside from offering healthy salaries, another crucial part of employee retention is offering excellent benefits they simply can’t pass up. At the very least, your company should strive to offer competitive traditional benefits, such as healthcare, 401k, dental, parental leave, paid vacation, and sick leave.
Now that we are in a pandemic era, it’s never been more important to offer flexible working opportunities when possible. Allowing employees to work from home, or do a combination of work from home and in-office scheduling, can show that you value your employees’ wellbeing and work-life balance.
With large numbers of millennials and Gen Z employees being crushed by student loans, another great way to improve employee retention is to offer help with student debt or tuition for higher education. Younger workers who might otherwise job hop will be more likely to stay if you help reduce their debt burden.
There are also tons of extra benefits that can add a “wow-factor” to your positions. In addition to the more standard benefits, many companies are offering employees unique benefits that tie into their lifestyles and family needs. These include free daycare, gym memberships, and other well-being-related perks.
Gather Insight From Current and Past Top Talent
When you ask your staff for input about their job positions and the workplace in general, you show them you’re empathetic towards their emotions and willing to make important changes when needed.
Start by scheduling one-on-one meetings with your current employees (or with employees who are on their way out) and asking them what they enjoy or don’t enjoy about their experience at your company. Keep an open mind and express genuine curiosity in their opinions to show that you’re listening intently.
Often, employee retention improves when you simply show your staff that you care.
Create On-The-Job Training Opportunities
Once you get to know your employees and understand their strengths and weaknesses, you can start to offer personalized on-the-job training opportunities that match their career goals. It’s also a good idea to treat difficult workplace situations as learning opportunities for you and your employees to grow. Put these together, and you establish an environment where team members help one another improve and flourish not just as employees, but as individuals.
This type of care and consideration for your employees’ growth can help keep engagement high and reduce the need to constantly hire new staff.
Provide Regular Feedback to Your Current Top Talent
Feedback may be the most important way to keep employee retention and engagement for long periods of time. This is because feedback allows you to set clear expectations for your staff while allowing them to see their own opportunities for improvement.
This doesn’t mean you can just tell your employees what to do and they will automatically do it. Instead, it means being patient and non-judgmental in your approach in order to see your employees flourish over time.
When your feedback isn’t automatically received and their actions aren’t immediately adjusted, take the time to recognize their efforts and help them get back on track, rather than punishing them for their mistakes.
Allow Schedule Flexibility to Retain Top Talent
As mentioned before, allowing employees to work with non-conventional schedules these days is a must. The pandemic has shown many people in the workforce that they can accomplish just as much (and often even more) from home as they do in the office.
On top of being better at their jobs, employees can focus more time and energy on other important aspects of their lives, which often may have been neglected in the past. Allowing your employees to feel like you trust them enough to make the best decisions for themselves at their job can help improve employee retention.
Invest in Better Technology and Tools to Retain Top Talent
Without the proper technology and tools, your employees will feel like they are unable to successfully do their job. Faulty tech not only slows your staff down, but shows that your company isn’t concerned with providing the tools to help them thrive.
If you stay on top of the technology and tools that are important to your employees and their jobs, you may see better employee retention and engagement in the long run.
Are You Losing Talent and Need New Hires Fast?
Are you having trouble with employee retention and need full-time, part-time, or contracted employees ASAP? A staffing agency may be able to help you find qualified workers and fill your positions quickly.
LG Resources is a staffing agency that helps connect employers with quality candidates all over the country. Our happy customers benefit from our personalized staffing solutions, which include flexible and project-based staff, temp-to-hire or direct-hire opportunities, and comprehensive workforce solutions.
Give us a call today to get connected to the best staff on the job market.