In this ever-evolving workplace, it has never been more critical to ensure employee retention. Investing in your employees is key to long-term success. If you aren’t competitive in this area, your employees will leave for companies that are. You’ll be left to try and source other qualified individuals, spend more time and money on training, and then continue to hope that they don’t leave you too!
Here are some ways to boost your employee retention strategy:
Competitive pay & regular raises
As they say, you get what you pay for. If you want good quality employees, you need to pay them their worth. This is a top criterion in how a candidate views their value. In addition to recognizing that hard work should be properly compensated, wages should be adjusted regularly to account for rising inflation and the cost of living. If an employee’s workload increases, so should their compensation. Pay attention to what your competitors in the area are paying their employees and what kind of raises they are giving.
Work-life balance opportunities
If the job allows for it, allow your employees to work from home, at least for some of the time. As a result of covid, many companies have learned that employees can be just as productive working from home, and some even more so. The benefits of eliminating long commutes and increasing schedule flexibility include more work-life balance and fewer sick days. This is a sought-after benefit by many candidates and could be an important incentive in keeping your employees in the long run.
Employee recognition and engagement
Check in on your employees on a regular basis. Make sure their workload is appropriate and they are not on the path to burnout due to an unrealistic workload. Recognize their efforts and reward them regularly. Employees are more likely to stay with an employer they feel values and recognizes their efforts. Not only that, but they will also be more likely to work harder and be more productive. Keeping employees engaged and feeling like an important contributor will help with this as well. Allow them to provide their input whenever possible. Keep them included in developing the company culture, ensuring they are engaged with the company and continuously motivated.
Good employees are hard to come by, so when you have one, you should do everything you can to keep them happy. It will be a contributing factor to your continued success and save you money in the long run!
