9 Effective Tactics for Retaining Employees
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Retaining employees is one of the tricks of the trade when it comes to business. The cost savings alone are worth the pursuit, as it can amount to one year’s salary to replace a valued worker. However, there is much more value in going out of your way to help employees stay.
One of the most important things to workers is that they feel appreciated, and this alone almost guarantees they will work hard for your business, as well as fair pay and Personal Development.
Provide the Tools to Succeed
Pretty much all employees want to go somewhere, succeed, and work hard for a company that appreciates them. There are plenty of ways you can help employees become more effective at their jobs. But it all begins on day one. Tools you use include employee onboarding training, going through safety procedures, and ensuring workers know who to report to. Missing any of these steps can result in employees feeling isolated at work, affecting personal performance.
Retaining Employees with Fair Pay
It’s a human right to be paid fairly for the work you do. However, a whopping 46% of workers feel underpaid, according to a survey by Robert Half. Competitive pay will attract highly skilled workers and potential candidates with the right attitude. In some countries, such as the UK, there are also legal requirements for how much you pay your staff. This is to ensure employees can meet current standard living costs. Not offering this pay will ensure you lose out to rivals.
Cultivate a Non-Toxic Work Culture
Toxic work culture has been a major controversial topic lately, with several high-profile cases across Hollywood, the business sector, and the video games industry. All employees should be treated with respect and fairness. This includes coming down on sexist, racist, or bigoted attitudes. But it is also more than that. Chastising employees for mistakes in front of others, showing favors for certain workers, and even good gossiping doesn’t really help anybody!
Offer Mentorship Programs
As part of the onboarding process, it can help to pair new employees with mentors. Mentors can help new staff members get comfortable in their roles and “show them the ropes.” It can also be a great way for new workers to get to know colleagues through a mentor who can introduce them accordingly. A new staff member is much more likely to stay when they feel they have been properly welcomed into the business and can ease into their new role without friction.
Flexibility Options for Retaining Employees
Offering flexibility to your workers is a massive help and can boost retention figures. Employees will walk away from their roles if they feel too restricted, and this is especially true of younger Millennials and Gen-Z workers. So, here are some ideas for a flexible work environment:
10% of UK workers now work at home all the time and 29% some of the time
Remote work can be a massive help and convenience for your employees.
Non-rigid hours are a Godsend for employees with children and other commitments.
Scattered tasks that employees can tackle when they choose help relieve pressure.
Allowing employees to choose their own work hours helps increase productivity.
Studies have shown that a reduced workweek helps workers feel more creative.
Staff appreciate time to themselves, such as friendly hours with no email checks.
Some workers need a work-life balance and will appreciate optional work-related tasks.
No one wants to feel restricted at work. However, you’re not under any obligation to meet unreasonable demands. That being said, offering a lot of flexibility, such as remote work and flexible work hours, ensures staff members can complete work as they see fit in a happier way.
Regularly Review Work Performance
Most employees fear the work performance review, but mainly because many companies go about it in the wrong way. Most think of it as something that can get them fired. But that shouldn’t be the case. Make it clear that a performance review isn’t a criticism of failures. Instead, inform employees that it is an informal opportunity for addressing issues and taking on recommendations related to their role. Employees should also have the chance to speak freely!
Create a Path for Personal Development
It can feel like you are working for nothing and your career is going nowhere. But if someone is willing to pay you to do something, it becomes important, of course, no matter what it is! Ask any worker, and almost all of them will tell you that they have ambitions and goals. If you want to keep a good employee, you can help them realize their dreams with personal and professional development. This includes training, promotion opportunities, and further Education.
Retaining Employees through Appreciation
Appreciation is the key to keeping a valued employee. However, many don’t feel this is the case. One survey found that 78% of employed cited being appreciated as the top reason for staying at their jobs. Appreciation comes in many forms. Some companies offer bonuses, public recognition, and opportunities for better roles. However, something as simple as a polite thank you can be all it takes for an employee to feel they have been noticed and rewarded for work.
Engage with Your Staff Members
So many people are afraid of their boss, and some don’t even ever get to meet personnel higher than their immediate manager. This shouldn’t really be the case. There are many top-tier CEOs who make it a point to get to know every employee at their company. These are the CEOs with high levels of success and widespread respect from workers. These workers are much more likely to work hard and stay at the business when you go out of your way to engage with them.
Summary
Providing a solid foundation for a starting role through onboarding and training will help with retaining employees. You can also offer flexibility through remote work and flexible hours. However, most workers will also stay if they feel valued through simple engagement with you.
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