Employee retention has never been more important. With lower levels of unemployment today, top talent is in demand. It’s very important for companies to keep their top employees in house.
The recruiting process doesn’t stop once you hire an employee; it continues long term. Retention is an extension of the hiring process. You need to keep your employees engaged, challenged, and satisfied with their roles.
In this blog, we discuss the important role employee retention plays in recruiting today and offer 8 employee retention strategies you should implement right now.
the importance of employee retention
The cost to continuously hire and replace employees is very expensive. It’s estimated it can cost a company twice an employee’s salary to replace them when they exit the organization.
Losing an employee can also have a negative impact on production when recruiting and ramping up new team members. The constant cycle of replacing team members can place a lot of stress on your team, and you could have difficulty finding a suitable replacement.
Therefore, it’s vital to focus on employee retention as an extension of your recruiting process. Once you have an employee, it does not mean they will stay long term. Focus on keeping your current employees happy and you will need to hire less frequently.
8 employee retention strategies you should implement right now
As they say, a little can go a long way. Focusing a little more on employee retention and keeping your current team happy can keep them more engaged and satisfied with their jobs. Try these retention strategies if you are having trouble keeping your employees:
1. be picky when hiring
All companies make hiring mistakes. Recruiting is not an exact science. But there is a lot you can do to ensure you make better hiring decisions. It’s okay to be picky. Be thorough. Have a certain criteria you are looking for. Don’t rush into a hiring decision just to fill the spot. Think long term when hiring. Each new person who joins your organization can have a positive or negative impact. Putting more time into your hiring decision will help you hire better people.
2. relax your dress code
Relaxing your dress code can have a big impact on company culture. Today, there is a greater desire to be a little less formal. People want to be comfortable at work. It’s just one of the many things employees desire when considering companies they want to work for.
3. communicate openly
Maintaining an open line of communication with all your employees from the top down is very important. People want to have their voices heard and want their opinions to matter. Be open to new ideas, listen to your employees when they have concerns, and be open and honest. Talk to your employees as often as you can.
4. focus on leadership rather than management
Lead, don’t manage. Collaborate with and provide support to your team rather than give orders and directives. Guide your employees and provide them with direction. Trust them to do their jobs and step in only when required. When you build trust and lead by example, people are more likely to follow.
5. focus on development
A top reason employees leave is due to a lack of development and advancement. Provide your employees with a clear plan for professional development and career advancement. Offer training and coaching, afford employees the opportunity to add new skills, and ensure they are always challenged and never bored. When people get bored, they start looking for new challenges and, possibly, a different job.
6. offer convenience perks
Employees appreciate flexibility. Life can be hectic and trying to balance work and life is challenging. Providing convenience perks allows your employees to feel more comfortable in knowing they can book a doctor’s appointment on their lunch break, work from home, or leave occasionally because their child is sick without having to worry about job security.
7. create opportunities to socialize
Work can’t always be all work and no play. Create opportunities for your employees to socialize and have some fun. Plan lunches, events, and celebrate your successes.
8. be an employer to be proud of
Establishing a strong employer brand is very important today. If you create a place where people are proud to work, you will have an easier time retaining them. You will also make your company a destination where people want to work, which in turn, will help your recruiting efforts.
Collectively, the above tips foster a strong and engaging work environment. It can help you create a place where people want to work, and a place they are proud of. Work on implementing the above suggestions to help you improve your ability to retain your employees long term.