Finding the ideal candidate is of great importance for any company but knowing how to retain your employees is just as important! There are, indeed, many benefits you can get from focusing on employee retention, such as 1) reducing turnover 2) improving your team’s morale and motivation, 3) lowering acquisition and training time, 4) increasing overall productivity, 5) provide individual attention, and 6) give your employees opportunities to grow.
As an HR team, you probably have many different management goals you want to reach next year, and employee retention could just be what you need to reach them faster, so let’s have a look at the best actionable employee retention strategies that you can implement within your company.
1. Create a stimulating and positive working environment
Creating a positive, secure, flexible, and balanced workplace can be a great way to encourage your team to contribute to your business success and motivate them to go to work every day.
You could set up a nursery in the office, suggest flexible working hours or remote working when needed, offer breakfast, facilitate opportunities to learn, provide a nice lunchroom, and implement rest times for instance.
2. Set precise goals and expectations
Leaders should always be concerned about reaching greater productivity, but they also need to be sure they set clear goals and expectations, so then employees can have all the necessary information to do their job correctly and meet expectations.
According to a Gallup research, most workers in the United States do not really know what is expected of them at work, whereas “setting clear expectations may be the most foundational element” of employee engagement. If you want to improve your team’s engagement, you need to be sure to help them establish performance and work goals, so then they can better thrive at work.
3. Offer financial benefits to your staff
Investment and saving options can be a great financial benefit that your staff will really appreciate. These schemes can help your employees get on sound financial footing, enabling them to experiment with more diverse financial avenues, like passive investment strategies or active trading, helping their savings grow and be better prepared for the future.
You could also consider other financial perks, such as healthcare coverage, family and medical leave, paid time off, tuition assistance, corporate discounts, wellness programs, etc.
4. Value all your employees’ ideas
Being sure that your employees’ ideas and inputs are taken into consideration and appreciated will greatly improve their feelings of trust and motivate them to give their best for your company, as they will feel listened to and valued.
Always recognize a job done well and show appreciation for your team’s achievements, with genuine compliments and recognition. This will greatly strengthen their motivation to deliver results over and above what’s expected of them. If you can, try to let your team members take part in the decision-making progress as well, as this will increase their sense of ownership and accountability of their work.
5. Provide individual attention
The importance of personal and individual attention to all your team members shouldn’t be underestimated, as most people leave a manager and not a company.
So you need to find the time to connect, offer support, and listen to all your employees, so then they feel cared for, involved, included, as well as appreciated.
6. Give your employees opportunities to grow
Offering your employees opportunities for growth at work will be greatly appreciated. Growth and development are often among the top reasons to join a company, especially among Generation Z and Millennials. You should therefore learn about what your staff is interested in learning, what skills they require to help your company grow, and create a development plan that aligns the two together.
You can then think about the best ways to support employee growth, as well as professional development. You can finance once-off or ongoing training, encourage mentoring, knowledge-sharing, and coaching, help them build strong connections and expand their network, organize frequent team-building events, allow them to attend conferences, etc.