The Top 5 Employee Retention Strategies
- Jun 15, 2023
- Marta Gongos
- 0 Comments
Finding star candidates is hard. Hiring star candidates is easy. Keeping them is the hardest.
When it comes down to it, having good employees stick around poses more of a challenge versus getting them on board. Employees are a chief investment in your company. They are integral parts of the capital, the brand, and the business.
You’ve hired the right people and built a strong team. Now, all you have to do is master the art of keeping them for the long haul.
Keep your employees motivated and committed with these helpful employee retention strategies!
Table of Contents:
- Effective Onboarding Process
- Competitive Compensation
- Training and Development
- Healthy Work Environment
- Flexible Work Setting
Common Reasons Why Employees Leave Their Jobs
Before we dive right into the main event, let’s take a look at some of the most common reasons why people decide to trade in their current jobs for better opportunities.
If you notice an uptick in resignations, you might want to start collecting valuable insights during exit interviews.
- Inadequate remuneration;
- Weak benefits package;
- Insufficient paid time off;
- Limited career advancement opportunities;
- Lack of recognition;
- Need for better work-life balance;
- Unhealthy company culture; and
- Work overload.
Employee Retention Strategies You Need To Know
1. Effective Onboarding Process
Setting your new recruits up for success begins with an effective onboarding process. Subpar orientations can deeply affect an employee’s performance, and you wouldn’t want that to happen on your watch.
Your onboarding process is the springboard that employees use to dive right into the clockwork of your company. As the employer, it is your responsibility to teach them about the tasks and company culture.
Remember that cutting corners on this vital first step can hurt both the company and your employee’s career. Set the tone right, and you are bound to have your employees hit the ground running with a smile on their faces.
2. Competitive Compensation
Career growth and passion for craft aside, everyone works for a paycheck. The compensation you offer is crucial to employee retention. This includes salary raises, bonuses, and healthcare benefits.
3. Training and Development
Every industry in this world is subject to a constant state of evolution. In the spirit of keeping your finger on the pulse of developmental elements, you should always consider providing training sessions for your team as needed.
As technology continues to blur the lines between digital and reality, there’s no predicting what comes next. Keeping your team updated with new skills and tools doesn’t only benefit your business but your employees too. They gain new knowledge and sharpen their prowess to evolve with the times.
Professional development is a huge keyword to keep in mind when thinking of employee retention strategies. Go for virtual conferences, online classes, and tuition reimbursement for continuing education. It’s a great way to build skill, character, and leadership.
We all want to grow and glow up in life, and work is no exception.
4. Healthy Work Environment
You wouldn’t marinate yourself in a room full of toxic smoke, so why stay at a company that doesn’t believe in a healthy work environment?
Your team wants to feel valued for their presence and appreciated for their contributions. Make them feel like your corporate family by both providing and requesting feedback on a regular basis. This exchange fosters a synergy that domino-effects into a healthy and happy work environment for everyone.
On top of that, you can hold annual meetings for performance evaluations or to discuss further career growth possibilities.
You might even consider establishing peer-to-peer recognition via recognition programs— trophies, certifications, prizes, and all!
5. Flexible Work Setting
Hybrid and remote work has become the new normal for many of us, and it isn’t just to prevent another wave of COVID-19.
Having flexible work hours in combination with a remote or hybrid office setting is a winning strategy that can easily cut the resignation rates in half. Working remotely offers an improved work-life balance, less commute stress, location independence, environmental sustainability, and more.
While there are tons of benefits to hustling in a regular office, working remotely has it beat by a mile.
When all the strenuous noise entailed in a traditional office blueprint is fine-tuned with flexibility, harmony follows.
Happy Employees, Happy Company
A happy employee makes a happy company—and that’s good news for you, your office culture, your revenue, and the future of your brand.
Employee retention strategies begin with the hiring process, and Ad Culture has you covered.
With our recruitment expertise, you are only a few steps away from meeting highly-qualified applicants.