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How to Enhance Your Employee Retention Rate

Employee retention rate is an important metric that can significantly impact your business’s prosperity. A poor retention rate can have many negative outcomes for a business, including disrupting productivity, negatively affecting staff morale, and spiraling costs. Finding, hiring, and training a new employee is not cheap. If they leave within a year, then the value of that investment declines significantly.

So, that’s the bad side of a poor employee retention rate. The question is, what can you do about it? Our collaborative blog provides a few tried-and-tested ways to nudge your retention rate in the right direction.

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Enhance Your Employee Retention Rate

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Make Work Fun

OK, ‘fun’ might be pushing it as there is work to be done. Nevertheless, consider the overall ambiance of the space. Is it a generally pleasant atmosphere? Does it seem like people are happy to be there? If not, then that could be the source of your troubles. People must spend a lot of time at work, and if they’re having a miserable time there, it’ll be no surprise if they look elsewhere. 

Even small changes, such as providing free refreshments, adding a few plants, and hosting after-work drinks, can make a big difference.

Pay Well

Employees do care about perks, flexible working schedules, and plants in the office — but what they care about most is the paycheck they’re taking home each month. Paying well is always crucial, but it’s especially important now that costs are rising. While your team might stay with you for a little while if you’re paying poorly, all it’ll take is an offer from a company that’ll pay them slightly more, and they’ll be packing their office bags and moving on. If you cannot offer raises, consider reducing expenses in other areas. Most employees would rather have cash in their pocket than perks. 

Offer Perks and Benefits

But talking of perks: if you’re able to, offer them. Studies have repeatedly shown that employees are drawn to perks and benefits to the point where the extras make the difference between a staff member staying with a company and moving on. You’d be more likely to stay with a business that offered a gym membership and wellness stipend each month. Employees like working for those types of businesses, and when you break it down, the cost of offering those perks to businesses is relatively small. 

Be Open to Conversations

No business gets things right all the time with their employees. For one thing, the business does have its own needs and objectives, and sometimes they’re not in line with the needs of the employees. There’ll be times when you make decisions that your staff doesn’t like. But it doesn’t have to be a problem. What counts is whether you have open and honest conversations about the decision. Good management listens to the feedback they get from their employees and, if possible, incorporates whatever feedback they get moving forward. 

More broadly, it’s best to have an open-door policy that allows employees to come in and air whatever is on their minds. Even if you can’t always act on what they say, they’ll still appreciate being able to talk to you (though you’ll very much have to act on what they say sometimes). 

Take Care of the Essentials 

Many businesses consider adding fun perks to employees’ work experience to keep them on board. While those things are welcome, they can’t compensate for a lack of thought in other areas. For instance, safety. A business could pay well and offer an array of benefits. Still, if it shows a lack of consideration for the employees’ safety, they’ll inevitably look for new Employment. Happily, this is fully within the control of the business. 

Standard safety equipment and protocols will help create a safe work environment in any industry. Consider Investing in appropriate safety today, whether it be gas detection, hazard signage, or dust collection systems. Aside from improving your employee retention rate, it’s the right thing to do. 

Offer Growth Opportunities

Your employees might love working for you, but if they don’t see a path leading to professional development, it is only a matter of time before leaving. The best employees know how good they are and want to step up. Review your hierarchy structure; is there space for employees to work through the ranks and take on more senior roles? It’s not an exaggeration to say that breaking existing structures to accommodate this is often worthwhile since it’ll ensure more of your best team stays on board. 

Send Managers on Leadership Courses

The number one reason employees leave their jobs is because of management issues. While all employees at a company are important, some have a greater influence on the overall ambiance of the workplace, including managers. A good manager has a high employee retention rate because people want to work for them. If they’re not so good, people will leave their jobs to get away, which, by extension, impacts the brand. Businesses lose nothing by sending their managers on leadership courses, which will, among other things, positively impact the employee retention rate.

Conclusion: Enhance Your Employee Retention Rate

If your employees are leaving in droves, you have a problem. By taking a proactive approach to your employee retention rate, you can help improve your employees’ work experience, which can have a hugely positive impact. For instance, you will save Money on the cost of finding and hiring recruits and benefit from improved productivity and collaboration, which can significantly improve a business’s prosperity. 

For more Insights, Visit Elinor’s Amazon Author Page

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Sales Tips: Enhance Your Employee Retention Rate

1. Commit to your staff’s unique needs and desires the best you can.
2. Focus on strategic efforts for your business to increase attention and attract interest with innovative products and services.
3. Ensure clear and precise communications on every level.
4. Be open to hearing new ideas from your staff for improvements.
5. Take longer breaks during the weekend to allow your mind to wander and create new ideas.
6. Experimentation is crucial for finding the right formula for you and your employees; be willing to test, discuss, and re-try.
7. Know that errors frequently point us in a better direction.
8. Commit to ongoing testing and treating staff as your clientele.
9. ‘Don’t give up – find a better way!’
10. Celebrate Success!

Today’s insights are provided to help you achieve the Smooth Sale!

RESOURCES FOR PERSONAL AND BUSINESS GROWTH: 

Advisorpedia  Publishes information to help advisors build their practice, and those interested in the markets choose investments and find inspiration.

BabyBoomer – A trusted media source that collects and curates all the news and resources, plus offers a wide variety of excellent courses for the Baby Boomer generation.

BizCatalyst360  Presents a life, culture, and biz new media digest as a hub of creative expression and personal growth.

CatCat: Build your future one skill at a time.

ContactOut is a web-based platform that enables users to search for contact information and uncover contact details, including email addresses, phone numbers, and other personal data.

Executives Diary Magazine Features leaders from varying fields sharing their inspiring stories, including Elinor Stutz.

Fedica Realize your followers’ interests to create tailored content to encourage a returning and referring clientele.

Greg Jenkins Consulting LLC  – Helping organizations realize the value of diversity to build inclusive, evolving, high-performing cultures.

Growth Hackers – Helping businesses globally grow with lead generation, growth marketing, conversion rate optimization, data analytics, user acquisition, retention, and sales.

Humanology International Institute – The institution that develops and safeguards humanology as a discipline worldwide. 

Inclusion Allies Coalition: “Everyone is welcome here.” Learn more to train teams and join the advocacy program.

Internet Advisor Find the internet service right for you among 2083 internet providers across 36,380 cities; plus, Cellphonedeal compiles excellent deals on phones, plans, and prepaid to furnish you with the best options in your area.

Inspired Movie Inspiration is a game changer for most; apply to an inspiring guiding light in conjunction with Producer/Director of the Inspired movie Patryk Wezowski,

Kred  Connect with top-rated influencers to learn from and grow your networks.

LinktoEXPERT  “It is not who you know – who knows you and what your expertise can do for them, plus understand the value of hiring you.” 

Lotus Solution LLC Helps organizations create diversity and inclusion to ensure fairness and work through customized consulting, training, and keynote speeches.

Onalytica: Find relevant influencers for your brand.

SalesPop!   Purveyors of Prosperity; How to Compete against Yourself to Excel in Your Career.
Simma Lieberman, “The Inclusionist,” helps develop inclusive leaders from the inside out to champion diversity and build equitable, inclusive cultures at every level.

Yoroflow offers a comprehensive suite of digital workplace platforms to help you streamline your day-to-day operations, manage your finances, and grow your business.

Vunela  Provides a unique opportunity to view Videos and read articles by World Leaders.

Win Win Women is the world’s only interactive network and an international community for women. Women WIN when they receive solutions + Experts WIN when they provide solutions = Win Win Women.

The post How to Enhance Your Employee Retention Rate appeared first on SmoothSale™.

Elinor Stutz International Best-Selling Author

Elinor Stutz broke through barriers long before doing so was popular. Against all the odds, she defied the theme “women can’t sell” to become the top producer at every company she ever worked for, ignoring attempts to get her to quit.

Eleven years later, I lay motionless on a stretcher with an irreparably broken neck. Two visions appearing before me, and a brilliant gold light encasing my entire body, gave me a reason to believe I would recover. I wholeheartedly knew I was about to empower audiences far and wide. At the moment, I negotiated a full recovery with the promise to be of service. The surgeon and hospital staff anointed me with the title “The Walking Miracle.”

As the CEO of Smooth Sale, Stutz adapted the motto, “Believe, Become, Empower.” Believe in yourself; Become the person you envision; Empower your audience to do the same. Stutz is on the Social Media Committee for Inclusion Allies Coalition devoted to Diversity, Equity, and Inclusion.