Employee loyalty and retention can be difficult to manage. If turnover is high it can contribute to a lack of organization and stability. Are you ready to know how to improve employee retention?
It takes effort from the employer to understand what is attracting candidates and what is keeping them in that position. Although salary is a priority it usually isn't the only variable that will help employees decide to stay or to go. There are many different things you can implement in your company culture that can delight employees and reduce turnover.
By improving retention and reducing turnover, you can cut back on expensive hiring costs and have a more stable work environment. There will also be a reduction in time spent training new hires and assimilating them into your company culture. Engaged employees are more productive and work harder.
We've got 3 actionable retention strategies to keep your employees happy and engaged rather than knocking on other employers' doors!
1. Feedback, especially the positive stuff
Any human, especially employees need feedback to upgrade or improve their work. This includes both positive and critical, or constructive advice. The ideal ratio is about 5 positive feedback suggestions to every 1 constructive or critical suggestion.
Although constructive or critical feedback is necessary to drive improvement, more positive feedback has been shown to better motivate employees. It can be difficult for any manager or leader to suddenly change habits but you can start small. Maybe make a goal to document 2-3 positive actions weekly from your employees.
It's also good to allow employees to give feedback to the company as well. Gathering employee opinions and then making changes based on their feedback lets them know that their input is valuable and useful. Your employees may have powerful ideas for your company on improvements or innovations that can really help you. When employees know that the company cares about their ideas, they will be more invested in the suggestions that they give.
2. Encourage a Balanced Work + Home Life
Work-Life balance is an important priority for all employees. Establishing a concrete work schedule so that employees know what to expect is a great first step to any organization.
Some employees are more productive at different hours. Depending on your company culture you may have set office hours or a flexible work schedule. Encouraging employees to take authority and capitalize on their most productive hours can help drive engagement and your bottom line.
Remembering to keep an employee's personal well-being and leisure life in check can also lead to better performance. Consider implementing work from home days, weekend policies or working individually to help establish personal plans. This not only shows flexibility but will help employees bring their A-game every day.
Are there any managers or employees you know of right now on the verge of burnout? See if you can help distribute their load for a day or two to help them come back refreshed. Empower managers to know what to look for and how they can be flexible with their teams.
3. Establishing Growth and Succession Pathways
No employees want to stay in the same role doing the same thing forever and never get promoted to the next level. (well, most employees!) Consider how you can better organize each role and each employee with a plan for growth, learning, and progression. Work with employees to establish this plan and set their long-term growth goals both personal and career-related.
Promoting mentor and training programs will help keep employees engaged, accountable and challenged. You'll be able to see how they perform, drive your bottom line and know where your gaps are. Allowing employees to cross-train each other and build each other up will only result in good things for your company.
Getting your succession pathways organized for each employee and position can be the toughest part, but once it's set up you'll see how easy it is to manage. Each position in your company will have goals and milestones set for employees to work toward as well as clear promotion standards will keep employees engaged and staying with the company for the long-term.
Empowering mentors can help foster future leaders and improve overall communications among employees. These factors can lead to healthy company culture and better transparency. Ensuring routine meetings between managers and employees can help keep communication lines open to know what's working and what's failing. Employees want to be heard.
These are three strategies you can start implementing right away. For even more tips on how you can improve retention and lower turnover sign up for a free consultation! Let's get you on a steady path towards retention and growth!