It’s hard to find and retain great talent in today’s world. Constant turnover costs businesses over $1 trillion every year. When so much money is at stake, you can’t afford to find great talent only to lose them.
If you want to increase employee retention to help make your company more attractive to the top talent in your industry, this post will help. Follow the steps below to learn how to increase employee retention.
Create a Great Onboarding Experience
Even though you’re hiring people that are great at what they do, that doesn’t mean that they’ll be able to adapt to your company and its culture as soon as they start working. In most cases, they’ll need to learn how your company operates and what’s expected of them in their job.
Great onboarding is what will help you accomplish this. Your onboarding program will tell people what working in your organization is like and how they can find their way around the company. It will also help them understand the resources available to them to do their jobs.
Doing this will help set up your new employees for success. Even if someone does great work, they won’t be able to do it at your company if you don’t provide them with the tools to do their jobs.
Provide Ongoing Employee Development
People who want to develop their careers don’t want to get stuck in one role at organizations. People who are good and want to grow will always look for ways to improve their standings in their careers. The question is, do you provide this opportunity to the people on your team?
Make sure to create opportunities for the people on your team to grow as individuals and professionals. This means you shouldn’t limit people to what they’re currently doing. If someone wants to branch out and learn new skills, give them that opportunity.
One of the best ways to do this is to provide training to your team. This training should help people develop their skills and give them what they need to grow into new roles at your company.
Provide Enough Benefits
Top talent has a lot of options when it comes to jobs. You don’t live in a world where you can skimp on salary and benefits if you want to keep talented people on your payroll. Someone is likely just to jump ship to a better opportunity if you don’t stay competitive in the marketplace.
Here are a few benefits you can offer to keep people working for your company:
- Paid lunch
- Paid time off
- Sick leave
- Paternity leave
There are more benefits offered by other companies, so look into what the top companies provide their teams. You’ll need to match those benefits if you want to compete with them on talent.
Other companies are also offered government benefits to keep their teams on payroll during hard times. Reach out to a company like ERC Today to see if your business can benefit from those programs.
Ask for Feedback
Employees aren’t always honest with the people they work for about problems in the company. They believe that if they speak up, they’ll get punished for not toeing the line.
That’s not a sign of a healthy company culture and will make your business unappealing for top talent to work.
One of the best ways to increase employee retention and keep your talent is to make sure your team feels heard. Set aside time to talk with each team member to listen to their concerns and things they believe you can improve.
Doing this is also a great way to remove the inefficiencies of your business. You don’t always notice minor problems as a business owner or manager. By hearing from the people doing the work, you can find issues and address them to make life easier for your team and help them stay productive.
Offer Flexible Working Arrangements
The way people work has changed a lot over the past several years. We’ve gone from a society that valued going into the office to one that values working from home. The chances are good that this trend won’t change in the future.
People now see the benefits of working from home and on their own time. Top talent is looking for flexible working arrangements, so they aren’t stuck wasting hours every day doing a commute.
Offering flexible work-from-home arrangements is now a great way to attract and keep new employees. If you let people work on their own terms, they’ll be more likely to work for your company.
Provide Better Feedback
It’s easy to criticize people when they don’t do the job you paid them to do. After all, you’re running a business. You expect people to get things right.
However, it’s easy for people to get discouraged when they only hear negative feedback. When you only talk to your employees about their work to tell them what they did wrong, it’s easy to think that way.
That’s why using positive feedback is one of the best ways to increase employee retention. Telling people that they do a great job will help build their confidence and make them more likely to do good work in the future.
On top of that, it also shows that you appreciate what they do and value the work they do for your business.
Learning How to Increase Employee Retention Is Key to Finding Top Talent
Top talent doesn’t want to work for companies where they’re disengaged and don’t find value in your work. That’s why it’s important to increase employee retention. The more you do to make your company better to work at, the more the top talent will find value working for your company.
Do you want to learn more business tips to run a better company? Head back to the blog to read the latest articles for more great advice.