In today’s business climate, it’s more important than ever to retain the employees you have. Turnover is expensive, and the right employees are hard to come by. Losing a new hire after investing a ton of time and money into onboarding them is equally disappointing and discouraging.
Over the last couple of years, we have transitioned into a job-seekers market, which has caused candidates to be extra selective about who they choose to work for. If you want to keep your best and brightest assets, you need to adapt to the new demands of your employees. Be human-focused.
Today, our professionals at Vested HR will walk you through 8 employee retention strategies that actually work.
Retention Strategy 1: Recognition is a Reason to Stay
The number one reason employees leave their jobs is because they don’t feel appreciated. If you want to keep your employees, you need to give them a reason to stay beyond just a paycheck. Be open with them about how things are on the business side of things and discuss how what they’re doing is helping or how they can directly improve any results.
Let them see how valuable their work is and how they’ve positively impacted the business. Bonus points if you reward them for this from time to time as well. Even the simplest of efforts like donuts on a Monday or a thank you card goes a long way.
Retention Strategy 2: Provide a Welcoming Onboarding Process
You know what they say about a first impression. That counts for your company too.
Your onboarding process sets the tone for your entire relationship with an employee. If it’s stressful and confusing, they’re not going to want to stick around. There’s a reason that retention rates are exceptionally low in the first 30 days of an employee’s time with any company.
To combat this, make sure your onboarding process is welcoming and informative so that your new hires feel supported from day one.
Here are a few ways you can do this:
- Give your new hire a small gift from the company
- Send a welcome e-mail and CC key team members to introduce themselves
- Create a welcome packet with nearby restaurants, coffee shops, banks, etc.
- Provide an outline of what they should expect during their first week
You only have one chance to
make a good first impression.
That applies to your team too.
Retention Strategy 3: Prioritize Work-Life Balance
In today’s busy world, it’s easy to burn out quickly. Employees need time to recharge outside of work so that they can be productive when they’re on the clock. It can be especially difficult to separate work from daily life as a remote worker.
No matter if the employee is salaried, hourly, or works from home they should not be expected to work outside of business hours. Even if that means just taking a call or checking their email, if you want to improve employee retention, make sure your employees can separate work from their home life.
Learn More > How PEOs Like Us Benefit Retention Rates
Retention Strategy 4: Be Flexible for Your Employees
Life happens, and sometimes employees need to take care of personal business during work hours. Your employees should be able to count on being able to go for a quick bank run in the middle of their day or leave for a doctor’s appointment. It’s important to be understanding and trust that your employees will ensure their work will be done. Of course, you want to apply this equitably across your staff.
A few methods to accommodate your team (and ensure the work gets done) include:
- Allow other team members to cover for them while they’re away
- Allow the employee to make up for the lost time by coming in earlier or staying later
- Give your employees the option to request remote work as needed
If you’re inflexible, they may start looking for a job at a company that is.
Don’t worry about change when you work with an outsourced HR team like ours. We’ll help you set the tone for the work environment and create company policies that support those. With our PEO support, you’re truly part of the team. You can trust the team at Vested HR to be with you every step of the way.
Retention Strategy 5: Provide Remote and Hybrid Positions Where Possible
Work from home (WFH) is a current trend in the workplace. And it’s one that’s here to stay. For our trades and restaurants, you may not be able to provide remote work, but others may be able to make these options available to their team.
It’s important to not fall behind and stay on top of trends in the work world. Remote work has been on the rise ever since the pandemic and because of this, many job-seekers are in search of remote and hybrid positions. If you want to attract top talent – and keep them – offer remote and hybrid positions so that people can work from home when necessary.
Remote work is on the rise
and is here to stay.
Retention Strategy 6: Recognize and Reward Wins
It’s important to recognize and reward your employees when they do good work. No matter how big or small the win is, it’s crucial to give positive feedback and positive reinforcement to encourage more productivity. In a restaurant, you can share who had the highest ticket sales. If you work in the trades, you can highlight who had the most positive Google reviews.
From an employee perspective, it can be difficult to know if your work is up to expectations or even being noticed. Reassuring your employees doesn’t always have to be a financial bonus or a big gesture; it can be done with a simple email or note acknowledging their efforts.
Retention Strategy 7: Support Employee Well-Being
In today’s office, your employees’ physical and mental health should be a top priority. Offer wellness programs and access to mental health resources so that your employees can take care of themselves both inside and outside of work. When employees feel valued, they’re more likely to stick around.
Here are a few ways you can support your workforce’s well-being:
- Reimbursements for gym memberships or fitness apps
- Access to meditation or wellness apps
- Access to therapy or counseling sessions
- Encourage employees to take time off to care for mental health
Retention Strategy 8: Provide Tools for Success
To improve employee retention, it’s important to give your employees the tools they need to be successful in their roles. This includes providing them with the resources and support they need. This includes ongoing training programs, mentorship opportunities, and access to key company information.
It’s crucial to create a positive work environment that supports collaboration, teamwork, and success. By focusing on these areas, you can help your employees thrive in their roles and stay with your company long-term.
It’s Time to Get to Work with Vested HR
These days, valuable employees are hard to come by and you should strive to retain your best team members. By using these 8 HR strategies, you can improve your business’ employee retention and keep your best talent around for the long haul.
If you have additional questions or want to learn more about how a professional employment organization (PEO) can help you improve your employee retention rates, give us a call!