Employees are an invaluable asset for any business. Employee retention is a crucial aspect that affects the growth and expansion of your business. You can boost your employee retention using a mix of various techniques.
Why Is Employee Retention Important?
Employee retention should be a priority for all organizations as the financial costs of losing an employee and finding, recruiting, and training a replacement employee are significantly large. Moreover, low retention rates also impact the work culture, productivity, motivation, and performance of the current workforce. Here are some strategies to help you improve employee retention:
Increase Employee Engagement
According to a Gallup Poll, nearly 73% of disengaged employees are actively searching for a different job. To improve your employee retention rates, you must increase your employees’ engagement and involvement in the organization. Asking for employees’ feedback and turning it into actionable decisions can significantly improve employee retention. Employee engagement surveys can help you understand how the employees feel about their team, role, and manager. HR chatbots are also an effective solution to create a 24/7 channel for employee feedback.
Offer Competitive Base Salary and Benefits
Many employers may think that money is the only essential factor to retain an employee, but this isn’t always true. You can offer a competitive salary to help your employees feel their work is worth the time and valued by the company. Employees need to know that their wages are among the top others who perform similar roles. This way, employees feel valued and work more passionately. To retain your employees, review your current wage rate and determine if any increments are necessary to make the salary and employee benefits competitive.
Recruit the Right Employee
If you recruit quitters, don’t be disheartened when they leave. Hiring the right person, in the beginning, is a crucial step to keep your employees in the organization for longer. Explore ways to attract first-rate employees who match your work culture. Moreover, a smooth onboarding process for the new hires helps them create a positive outlook towards their job, colleagues, leaders, and the organization.
Encourage a Healthy Work-life Balance
According to OECD, full-time workers devote only 14.5 hours or 60% of their day to their personal life. When employers have high expectations from their employees, it can often increase the latter’s workload and force them to work longer hours, which results in reduced family and leisure time. Having a healthy work-life balance is essential to increase the employees’ productivity. Creating work-from-home programs and regular working hours offer your employees the flexibility they deserve.
Appreciate the Efforts
Employees who feel recognized and appreciated tend to stay longer and work harder for their company. You must prioritize monetary rewards and social recognition to make your employees feel appreciated and rewarded. You can also send messages appreciating and acknowledging their hard work.
Plan Your Finances With Nolan Accounting Center
Make some adjustments in your current working style to motivate, acknowledge, competitively pay and appreciate your employees, and improve the employee retention rates. Make sure you plan well how these adjustments will affect your financial records. With its accounting, tax planning, and payroll services, Nolan Accounting Center can help you actively invest in your employees. Contact us today to know how we can help you.