Employee retention is vital for any business, especially in the competitive marketing industry. According to LinkedIn data, the average employee turnover rate is over 10%—a number that’s significantly impacting your bottom line whether you know it or not. There are steep costs associated with having to rehire and retrain, not to mention the value you lose when those rockstars you hire walk out the door to your competitors.
The good news is you’ve come to the right place if you’re looking for employee retaining strategies that will make your top talents feel valued, challenged, and engaged. These are our top employee retention tips for managers!
Employees want to know what is expected of them, how they are performing, and how they can improve. Setting clear goals, providing regular feedback, and conducting performance reviews is a surefire way to better retain talent!
Recognizing and rewarding your employees’ hard work and contributions helps drive employee job satisfaction. Acknowledging their achievements, celebrating their successes, and rewarding them with incentives will help keep them around!
Retaining talent is challenging if your compensation packages are falling short of expectations. The best and most straightforward way to combat this is by offering competitive salaries, bonuses, commissions, or equity options, along with other benefits.
Speaking of compensation and benefits, you also want to ensure that your total compensation packages haven’t grown outdated. What’s “competitive” can and will change with inflation and other economic developments, so regularly adjusting yours to align with industry standards is one of the best employee retention strategies.
When retaining employees is feeling like a challenge, take a moment to remind yourself that they are human and have a life outside of work. When the work-life balance is skewed one way or the other, it can be a cause of stress and burnout.
You can promote work-life balance by offering flexible work arrangements like remote work options or flexible schedules. It’s also a good practice to encourage employees to use their vacation time and take breaks to recharge.
Another one of the best employee retaining strategies is thinking about their future. This means offering clear career advancement opportunities that will help them from feeling stagnant and that they need to pursue growth elsewhere.
Our next tip to retain talent is investing in skill development. Invest in training, professional development opportunities, or mentorship programs as part of your employee retention strategy to prolong their learning journey.
Another way to retain talent is by encouraging employees to take on challenging projects and roles to foster growth. This makes work exciting and engaging, as doing the same old things over and again is a recipe for boredom or burnout—both of which might drive them to seek new opportunities elsewhere.
All of your employee retaining strategies should involve fostering a positive and inclusive company culture where employees feel valued and included. This kind of environment earns employee loyalty, even when times are tough.
Top performers want to be involved in decisions that affect their work, their team, or their department. They also want to be part of the solution when problems or challenges arise that need to be addressed. Retain talent by giving them a voice!
Another one of the best strategies for retaining employees is encouraging them to provide feedback that you then act on. This will empower them to share their opinions and ideas and help management see what’s working and what’s not. It helps the organization adapt and evolve, creating a more dynamic and appealing work environment.
Communication is huge when it comes to retaining employees. Be transparent about company decisions and changes that may impact employees. Doing so will allow them to plan and adapt accordingly, as people often look for new jobs when they feel misled.
If you want to boost employee retention, another thing you can do is to prioritize employee well-being by offering wellness programs and resources. Provide access to mental health support services and resources to create a more desirable work environment.
Retain talent by cultivating a company culture that’s all about learning and innovation. This boosts employee engagement by ensuring things never get stale while also helping your company adapt to the ever-evolving market and customer needs.
Top talent thrives on collaboration and teamwork. They want to work with other smart and creative people who can challenge, inspire, and support them. Encouraging teamwork and collaboration strengthens relationships and drives productivity, creating a positive work environment that’s worth sticking around in.
Employee retaining strategies are great, but hiring people who fit your company and are worth keeping around is where it all begins.
At Ad Culture, we help connect employers with employees who are going to buy into their company vision. Whether you’re looking for marketers, technical specialists, or web designers, count on us to find you top-tier talent that’ll stick around.
Ready to find your unicorn? Contact us today for more information!
Let’s Find The Right Combination Of Talent And Personality For Your Company.