Increase Your Employee Retention Rate

Increase Your Employee Retention Rate

 

When it costs an employer as much as 30-50 percent of an annual salary to replace someone, keeping your employees is important.  When you make a hire, you want to make sure they will be making long term contributions toward the success of your organization.  While it is never a guarantee they’ll be with the company for years to come, following these practices can lead to higher employee retention.

 

PROPERLY TRAIN SUPERVISORS

“Employees don’t quit jobs. They quit managers” –Steve Miranda.  It’s important that companies recognize how crucial it is to have quality supervisors.  By making sure your supervisors are trained to solve issues both in the workplace and with employees, you’ll be guaranteeing a better experience for your staff. 

PROVIDE REGULAR FEEDBACK

Much like having properly trained supervisors, it’s important to have trained employees as well. By giving feedback regularly to all employees, not just the ones struggling, you are making sure everyone is engaged in their work.  Supporting and recognizing an employee’s effort will encourage them to work harder, and it allows a frustrated employee to find answers.

 

OFFER CAREER ADVANCEMENT OPPORTUNITIES

For most employees looking to stay in a job, it means they need something to work toward. Whether it’s investing in training to allow the employee to gain new skills, or a clear advancement trajectory, employees appreciate the investment in their career. By having a way to recognize and advance an employee’s skills, you’re making sure  they feel a sense of accomplishment and pride in their work.

 

PAY WELL, BUT WITHIN REASON

Oftentimes, pay is the factor most employers believe drives employees away.  While  this is often true, it’s usually not the most important factor.  So long as you’re paying a respectable amount, other factors can help encourage an employee to stay, such as…

 

OFFERING BENEFITS ONLY YOU CAN PROVIDE

Rather than paying more in salary, offer benefits employees may not get anywhere else. It can be extra vacation time, flexible work schedules, bonuses, gym memberships or other unique incentives.  By offering perks they can’t find elsewhere, you’re giving your staff reasons to stick around- without directly raising their pay.

 

Increasing your employee retention does not have to be difficult. By being a positive influence and dedicated to your team members, your commitment will be reciprocated.   Forming direct connections with your employees will help you understand their needs and forge bonds that employees crave.

 

References:

  1. LinkedIn
  2. Inc.com
  3. Forbes
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