5 Tactics to Retain Employees to Improve Work Environment
Employee retention is worrying companies the world over, from both a talent drain perspective and from a competitive standpoint. Top talent walking out of the door brings them a whole new set of challenges from having to find the right replacement (which is no small feat) to managing the impact it creates on rest of the staff and the overall work environment.
About 67% of Australian employers report that they have experienced an increase in staff departures in the last three years with the average employee turnover standing at 15%.
That’s why employee retention should be high on your organization’s list of priorities. Read on to find out about 5 tactics that can help you retain your valuable employees.
1. Selecting the Right People in the First Place
It all begins here. Getting the right people on board is of immense importance if you want to retain them. Competency screening and behaviour-based testing need to be part of your recruitment and selection and strategy.
As per the Wall Street Journal, you should interview and assess candidates not only for their ability to perform the job well but also to find out if they are the right fit for your company’s culture and co-workers.
2. Offering Attractive and Competitive Salaries
There’s no denying that money is a huge factor in retaining your top talent. All employees want to be compensated well for the work they do. That’s why they feel pushed to catch a better opportunity whenever they find one.
If companies don’t work out competitive compensation packages that set them apart from others in the industry, they’re more likely to lose employees. Moreover, managers have to offer meaningful promotions, both in terms of responsibilities and pay, otherwise, employees are more likely to look elsewhere for their next role.
3. Providing Benefits That Truly Benefit Employees
Benefits and perks play an important role in keeping employees happy, engaged, and healthy. Among the different kinds of benefits that companies offer, health benefits are most crucial when employees have to choose whether or not they would stay with an organization.
By investing in a comprehensive health benefits package for your employees, including health and life insurance, you’ll increase your chances of becoming the employer of choice.
Besides health benefits, incentive compensation and bonuses, flexible work schedules, generous paid leave policies, and the opportunity to work remotely are some other benefits that are highly valued by employees.
4. Helping Your Employees Grow
As per the Australian HR Institute’s report on employee turnover and retention, 63% of respondents believe that employees leave their jobs because of a lack of career progression.
Employee loyalty, as part of loyalty programs, should be considered with various agencies such as P2M Loyalty Programs, who doesn’t just come with attractive compensation. You have to put in efforts to expand their knowledge and skill-set, and give them the opportunities to build successful careers.
When employees feel that they’re continuously growing and improving with the company and that the company is investing in them, they would want to stick around for longer.
5. Fostering a Culture of Open Communication
Keeping all lines of communication open for employees helps them feel free to speak their minds. Whether an employee wants to voice their concerns to their immediate supervisor or someone more senior, they should be able to do it comfortably. They should feel heard and be given due importance.
Similarly, you should also give them honest and open feedback about their performance and improvements that their work needs. Make sure that senior managers are committed to regular and respectful communication with each and every team member. This will lead to trust-building between different employee cadres.
An increase in employee turnover is disruptive to your business and causes your company to lose focus. Follow these effective tactics for employee retention so that you can reach your business targets better and faster!