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Did you know that the average cost of losing an employee is 33% of their annual salary?
High turnover rates result in a loss of time spent training, talent, and a massive amount of company money.
Employee turnover may seem inevitable, but there are actually plenty of ways to keep your team members on board.
Check out our guide below for five tips on retaining employees!
1. Keeping Communication Open
In order to retain employees, you must maintain some level of trust with them.
It’s important that employees feel as though their voices are heard. Give them the opportunity to come to you directly or reach out through an HR representative in order to get their thoughts across.
Maintaining some type of personal relationship with employees is necessary as well. Simply checking in on employees throughout the week will show them that you care about them and see them as more than a cog in the machine.
2. Retaining Employees Through Thorough Training
It’s important that you have a thorough orientation process to introduce new employees to your company and their duties.
If an employee doesn’t initially understand their responsibilities, they’ll struggle to catch up as time progresses and you expect more from them.
Furthermore, if you plan on making changes that affect workflow, properly train your employees on the revisions.
Additionally, give employees the option to cross-train or train their way into a senior position by providing professional coaching services. If an employee sees the potential for professional growth through your company, they’ll be more likely to stay.
3. Creating a Pleasant Work Environment
Most people don’t have the luxury of working from home, but that doesn’t mean they should feel uneasy in the workplace.
Make the workplace a comfortable space by providing adequate equipment in a well-lit space. Furnishing it with plants or a coffee bar will give it a warm touch.
Be sure to focus on balancing a workspace that gives employees enough privacy without isolating them from the rest of their team.
4. Providing Mutual Feedback
An employer must provide employees with recognition for a job well done. While constructive criticism is necessary to see your business grow, you must also recognize the strengths of your employees.
Along with annual reviews, “stay” interviews are a great way for progressive employers to hear from their staff. During a “stay” interview, you ask your employees why they’ve stayed with your company. You can use this information to expand on the highlights of their work experience.
It also gives you a chance to express your positive thoughts on their performance and discuss potential advancement opportunities.
5. Offering Benefits
When parsing through job listings, the first thing many applicants look for is what benefits are offered.
Retaining employees is simple if you make an effort to provide them with adequate insurance packages, vacation days, end-of-the-year bonuses, etc.
If an employee feels their hard work is being recognized through perks and benefits, they have little reason to search for a new job that will offer more.
Building an Efficient Team
It’s difficult to see hardworking employees leave for other employment opportunities. However, if you provide your staff with encouragement and the resources to grow through your company, you’ll have no trouble retaining employees!
For more articles on business and team management, check out the rest of our website!