It is expensive to lose your employees. According to a survey conducted by Bamboohr, 31% of employees leave their job within the first six months while 68% depart within three months of their job.
This turnover is great for job seekers as they are always looking for a better opportunity. Most of the time, they do find one. Unfortunately, for employers, it may cost two to three times of the staff’s salary. This cost comes into play when you hire new people and provide them with the training that is needed to make them as equally experienced as the previous employee.
But, to every problem, there is a solution. The solution here is to retain your existing employees for long. Here are a few practical retention strategies:
1. Start from the Start, Hire the Right Person
First things first, make sure the candidate you’re choosing possesses the skills you’re looking for. Make sure he or she is energetic and asks questions. Be honest with your decision. If you do craft your interview questions properly, you will be able to tell whether the candidate is serious and ready to work for your company.
2. Offer Market Competitive Salary and Additional Benefits
As you go through the hiring process, think about the long term perks you can offer if the candidates stays for a long period of time. Keep that in mind. Offer market-competitive salary and additional benefits.
According to Glassdoor (a job searching site) survey, hiring managers found salary to be the reason behind 45% of all job switches.
Yes, money matters, but additional benefits can also help in their retention. Offering health care and insurance makes 56% of employees stick to their job. Annual bonuses work too.
3. Be a Leader, Not a Boss
History admires leaders, not bosses. Be a leader. People always follow leaders, not bosses. You can also consider equipping your managers with leadership training. Treat and value your employees well. If they’re feeling comfortable working under your leadership, they won’t ever complain or think about quitting.
4. Reduce Employee Workload
Nobody likes to be overworked. Consider dividing projects into smaller milestones and check on their progress and guide your employees along as required. With a normal workload, your employees will probably find work enjoyable and manageable. Do not over-enforce deadlines unless necessary. Never forget to motivate them with the end goal as well.
5. Focus on what Managers do
Make sure your managers are ready to lead their team. Keep an eye on managers and train them to avoid the creation of a forced and unhealthy working environment. Most of the time, employees, leave because of their managers or bosses, not because of the job nature.
6. Better Engagement, Better Retention
This rule can be called the ‘universal law of retention’. Engage your employees as much as possible. Have meetings, monthly dinners, and birthday celebrations together. The more you engage them, the better the retention. In other words, make your team feel like a family and they will find it hard to quit.
7. Reward Your Employees
We all need some form of appreciation or another, and it can be from the littlest of things. If someone has been working effectively for weeks or months and receives no appreciation, he’ll feel unfulfilled from work. The solution is to reward your team every time they’re performing well. As they get appreciated for what they do, they’ll keep up the same efforts later on.
In conclusion, build relationships – an engaging atmosphere is always better than a bossy atmosphere. Employee retention is all about engaging and rewarding your employees!We’ve learned 7 strategies for employee retention but one factor is common in all of these. Focus on employees rather than work. Value your team, and they will value your company.