Employee Retention – Part 2
In Part 1, we discussed the importance of employee retention and engagement.
In Part 2 of this series we will be looking at strategies you can use to better retain your employees.
Hiring the right employee is just the beginning. Use these strategies to help your organization retain employees and build a legacy of success.
- Offer Reasonable Salaries.
Depending on the size and scale of your company, you will be looking for employees with different skill levels.
While you might think it’s a good deal to hire entry level staff to work on expert level projects, the time that is wasted and the frustration that is created can backfire.
Ensure that your expectations of the job and the skill level of the employee match, then create your salary expectations accordingly.
The employees of today are better at understanding when they are being underpaid, and if they feel they aren’t getting compensated adequately they will leave.
- Have a Competitive Benefits and Perks Package.
Standards like health insurance and retirement plans are now considered basic low-level benefits.
It’s a good idea to offer little perks and extras to employees such as extra leave days, free Friday lunches or dry cleaning pick up and drop.
These things might seem insignificant, but they go a long way toward making employees happy and make them believe that you as an organization care about them.
- Reward and Recognize.
When Reward and Recognition programs are done right they keep employees focused and motivated to perform.
Create a rewards and recognition system with these 6 key tips to get started: How to Create a Good Employee Rewards and Recognition System.
- Conduct “Stay” Interviews.
Don’t just speak to your employees when they are entering or exiting your organization, speak to them while they are there.
Understand what keeps them at your organization. What is or is not working for them? What are the changes they would like to see within the organization?
Asking current employees questions like these keeps them engaged and helps the organization keep a finger on the pulse of the employee landscape.
- Create an Atmosphere that Encourages Development.
It’s always advisable to help employees acquire new professional skills that will help them get ahead while working at your organization and serve them to advance their career.
Also look to promote your employees from within; show them a clear path to advancement.
Employees who believe there is no chance of growth within the organization might start looking for other opportunities.
- Don’t Just Have an Open Door, Have an Open Mind as Well.
Having an open door policy is good in principal, but a lot of employees don’t speak up or hesitate to share criticisms and feedback for a fear of backlash.
It is important for employees to be able to air their views, suggestions, complaints etc. to the management without fear of it affecting their position at the organization.
- Communicate and Live Your Business Values.
Feeling connected to the organization’s goals is one way to keep employees mentally and emotionally invested in your company.
- Empower Staff to Become Coaches and Mentors.
Foster a culture of leadership and development within the organization and offer employees a clear path to advancement.
Ensure that your managers and senior executives are empowered to develop future leaders from within the organization.
- Communicate the Organizations Expectations from its Employees Effectively.
This may sound very basic, but often one of the biggest reasons for employees leaving is when there is a mismatch between what you expect them to do, what they do, and what they are capable of doing.
It is important to set goals and regularly measure performance along these set goals. So the employees know how they are doing and what they can do better.
Use these strategies to help your organization retain employees and build a legacy of success.