Did you know that on average 9% of people changed jobs every year between 2000 and 2018?
It’s normal for people to want to move on from a job. Whether they’re looking to advance their career, want to change it entirely, or are moving to a different state, there are tons of reasons why they’d want to leave. So, how do you encourage them not to?
This is where an employee retention strategy comes in. By concentrating on what your employees need to stay, you can reduce your staff turnover and keep the workers you need onboard.
Find out more with our top 5 employee retention ideas.
- Create an Enticing Benefits Package
Let’s be real, a lot of your employees could find a similar or even better job than the one they have now. But, you can make yours more enticing by offering extras that make your employees’ lives easier in the form of a benefits package.
By offering health insurance, dental cover, and other benefits, your staff will be less keen to move to a competitor because they don’t want to lose these things. Make sure to tailor your benefits to the different generations of employees you have too rather than creating a one size fits all.
- Embrace a Flexible Schedule
An employee retention plan needs to focus on giving your staff something of value that they can’t get everywhere else. Something that’s in demand these days is flexible working, with one survey showing 10,000 out of 12,000 millennials cited a lack of work flexibility as a reason to quit a job.
So, offer flexible working hours and make sure your staff can work from home if they need to.
- Show a Total of How Much They Make
If you’re looking to improve your employee retention rate, staff pay is always an important factor. Aside from knowing how to generate pay stubs in 5 minutes and making sure staff are paid on-time regularly, you should also show them how much they really make. This is known as a total compensation statement and it includes the value of their benefits package as well as their net pay.
- Drive Career Growth
No employee retention program is complete without mentioning career growth! The truth is that most staff want to improve in their job and you need to make that growth available so you don’t lose them. Promote the staff you have rather than hiring new employees, hold one-to-ones so you know about staff ambitions, and encourage employees to take on more responsibility in the roles they have.
- Give Them the Best
People love to have quality equipment, so if your laptops look about 500 years old, upgrade them! Make sure your staff has good equipment available to them and a pleasant environment to work in. By not skimping on how much you invest in staff resources, you’ll be much more likely to keep the great employees that you already have.
Increase Employee Retention
These tips should help you to increase employee retention and make sure the staff you have stay happy. Just remember to ask them what they want now and then, too!
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