Employee turnover is one of the most unfavorable situations in a company because it affects the entire business’s productivity. Turnover usually leads to lower morale and the need to recruit new workers, but sales and deals are also affected and are decreasing. Moreover, employee turnover has hidden costs that are to be discovered by each organization, depending on what it lacks.
On the other hand, employee retention is the key to low turnover. If done right, it can save costs that would otherwise be invested in replacing workers. At the same time, employees won’t be affected that much by their co-workers leaving, which will spare them the stress that will diminish low productivity levels.
Overall, keeping your employees and team together has plenty of benefits. But how can you do it?
Invest in career development
In a recent report, 94% of workers stated their stay at a company would extend if they were offered more opportunities for career development. This is slowly becoming the norm in businesses, as newer employee generations find it necessary to build a stable but ongoing developing career rather than stay in the same place and not evolve.
Although many companies still don’t understand this need, investing in career development is much more beneficial. Workers who improve themselves will bring more value to the organization by being motivated to do their work and increasing productivity. On the other hand, investing in your worker’s career paths will attract top candidates interested in becoming better at their job, eventually increasing retention, your final goal.
Your company can bring more insight into career development through mentorship programs and education systems. Some business courses offer special employee discounts, so you need to check that out.
Remark people’s efforts
Recognition is a crucial element for retention. That’s because a culture of recognition helps employees see their real value and that their contributions to the organization matter. In an unstable economy and shifting social norms, people need to feel they’ve built a sense of security in their value to the company. Keeping employees informed through the Netpresenter omnichannel is an effective and cost-efficient solution for retention strategies.
Recognition elevates performance, which is why your business needs to try it. Recognition programs don’t necessarily need to be extravagant and should fit your company’s culture. For example, most common activities include employee anniversary recognition programs, but here are other interesting ideas:
- Wellness initiatives consisting of gym subscriptions and spa days;
- Offering equipment and gadgets, such as power banks or wireless keyboards;
- Personalizing notebooks, toiletries or tea mugs for them;
- Providing free meals or treating them with morning coffee once a week;
- Creating appreciative badges for them for enhancing the thing they’re known for;
Of course, remarking on people’s talent means communicating more efficiently, which is why using apps to communicate with employees is crucial for developing sustainable and long-term work-related relationships with workers.
Prioritize work-life balance
During the pandemic, companies weren’t entirely separating work life from personal life, as employees were working from their own homes. That leads to working overtime and being less productive in the same amount of time. But finding and maintaining this balance over time is the key to success if you want to ensure everyone is carrying the tasks they can finish during the work program.
This should be the manager’s task to ensure no one has to deal with more work than necessary and people are not sacrificing sleep or free time for completing work. One example of this movement is reassuring employees they don’t have to respond to emails after business hours. At the same time, tasks need to be distributed in such a way that everyone has more or less reasonable charges and not all are challenging or time-consuming. To properly prioritize life over work, it’s best to conduct research on your organization and pinpoint the unnecessary tasks, meetings and strategies.
Provide hybrid and remote options
On-site, hybrid or remote working hours? Companies struggled to find the best solution for increasing productivity levels, as some companies have thrived in different settings. Some studies have analyzed what would be the best option depending on a few factors, such as job satisfaction, physical health and work-life balance.
It seems that more than ever, employees appreciate flexibility but structure at the same time. Therefore, the optimal choice would be combining hybrid and working from home, as it ensures better physical and mental health.
A comfortable work environment is essential if you choose a hybrid approach. The preferred setting includes comfortable and ergonomic furniture, but the design also matters. Colorful, fresh and open spaces are most appreciated at the moment. Interior designer services might help elevate your office space and boost employee well-being.
Provide employees proper tools
Although a considerable investment, providing qualitative and high-tech tools for your workers will ensure higher levels of productivity and morale. That’s because dealing with IT issues frequently will not only hinder the creative process, but fixing them is time-consuming, and asking employees to stay over the program to finish the task when tools were at fault isn’t righteous. At the same time, uncomfortable workspaces with clutter, lack of natural light and other tools all over the place will only make people feel overwhelmed. Such inconveniences will only frustrate people, so they’ll find it more challenging to focus on their tasks again.
As an employer, you must work with employees closely and ensure they leverage excellent equipment and productivity tools. Updated computers, newer technology as well as proper software products are necessary. Remote workers especially need these elements, as you need to offer everyone the same chances to be productive.
Bottom line
Implementing employee retention strategies is the only way to keep talented people around. Although there will always be better workplaces and jobs, if you work on transforming your company, you’ll attract more valuable people and be able to retain this talent in your organization. The strategies presented above include basic requirements for employee retention, but you may find other ideas suitable for your company’s culture.