No matter how large or small your business is, knowing how to keep employees happy is important. According to the Wall Street Journal, a high turnover rate costs twice as much as a typical employee’s salary. A high turnover rate costs your business in many ways. It decreases employee morale, knowledge and performance.
Are your employees happy? If you are one of the many companies that could benefit from increased employee retention, then check out these top employee retention strategies to help you find and keep good employees.
#1 Start By Hiring Right Employees
The very first step in improving you employee retention rate is to select quality employees. It is important to vet each job candidate carefully. Look at how well they will fit in with the company culture. But, don’t stop there. Perform background checks on potential employees. Although it will cost, you’ll get your investment back by helping you hire quality candidates.
#2 Offer Competitive Pay
According to Forbes, research has consistently indicated that the most important thing to most employees is salary. This is no surprise as most people want to be paid what they feel they are worth. Employers that offer competitive pay are better able to attract and retain the best talent. Even if you are just starting out and your funds are low, salary should take priority. If not, you’ll waste money later by having to rehire and train new employees.
#3 Offer Work-Life Benefits
If your workplace is unyielding and rigid, you’ll have difficulty attaining good talent. That is because most people do not want to work in such an environment. Almost everyone wants to attain work-life balance. To attract and retain top talent, work with your employees to customize their job so that it fits, not only your needs, but theirs as well. Offer flexible working hours, remote working options and flexible PTO options. These types of things help your employees feel valued, which certainly will improve performance.
#4 Recognize Hard Work
When employees perform well, they want to be recognized. A recent Gallup Poll found that more than 87 percent of younger job seekers feel that professional development is very important in a job. Employees that feel stuck in a certain position are more likely to look for opportunities to advance elsewhere. So, offer plenty of opportunities for employees to advance in your organization. Provide professional development activities and training.
#5 Don’t Ignore The Importance Of Company Culture
Corporate culture is extremely important when it comes to employee retention. No employee wants to work for a company that has the wrong corporate culture. Your company’s culture contributes to the values and identity of your company. Quality employees are more likely to be attracted to and want to stay at your company if they feel that they belong. Make sure that the employees that you select are a good match for your company culture.
Are your employees happy? Following the above employee retention strategies consistently will help you keep top talent in your organization.