Employee retention is one of the most difficult and expensive challenges faced by business owners, managers, and HR departments. Fortunately, the keys to retention are simple and straightforward, though certainly easier said than done. iSolved, our human capital management partner, offers these tips for retaining your top talent.
In a strong economy, jobs are plentiful and employers often struggle with a different problem: retention. According to data from Ajilon, more than 80 percent of workers are open to a new job or are actively looking for one. Among those who aren’t actively looking, more than half would be willing to leave their current job if they received an appealing offer.
If you’re finding it tough to retain your top talent, you may not be offering your star employees what they really want and need to succeed. But retaining employees is critical to the long-term success and health of any business, so it’s something you should definitely address in your HR strategy. Follow these tips to increase your chances of retaining your best employees.
1. Focus on your managers and supervisors
Employees are more likely to leave because they’re unhappy with their bosses, not their positions or coworkers. By focusing on your supervisors and managers, you can make sure your company is providing excellent leadership to each employee across every department. A good boss provides feedback and direction, understands how to connect an individual employee to the larger goals of the organization, and is willing to meet with their team members one-on-one on a regular basis. Provide consistent training and opportunities for your managers to gain the experience and knowledge they need to become better at their jobs, and you’ll likely notice an uptick in retention.
2. Make sure their voices are heard
In a large organization, an employee might feel like they don’t have much say and that no one is listening. It’s hard to grow and progress in a company when these feelings manifest, so it’s up to you to make sure this isn’t the case at your organization. Find ways to ensure every employee’s voice is heard, no matter what it takes to make that happen.
- Crowdsource new ideas or goals to get feedback from individual employees
- Provide a platform that employees can use to collaborate with one another and share their thoughts and ideas
- Conduct quick surveys to get feedback on the overall culture and atmosphere in the company
- Change the way you conduct performance reviews to receive and provide more ongoing feedback
These tips can help an employee feel that their voice is being heard, which can improve overall satisfaction and help you retain talent.
3. Provide the benefits employees want
We’ve heard a lot about on-the-job perks, with companies offering free lunches on Fridays, fully stocked break rooms with drinks and snacks, game rooms, nap pods, and lunchtime yoga classes. While these can be appealing to a certain demographic, not all of your employees will appreciate these perks. Make sure you’re also providing the benefits that all employees want, as well as those that can help them achieve a healthy work-life balance. Be generous with time off for sick days, vacations, and other important tasks. Offer a competitive benefits package with 401(k) matching, options for health care, and wellness plans that help your employees live healthier lives. Find ways to thank your employees for what they contribute to the company, whether that includes thanking them personally, providing rewards when they achieve their goals or developing a way to praise your hard-working employees publicly.
You can improve your employee retention strategy and avoid the headaches that come with losing your top team members by implementing some or all of these tips at your organization. GTM’s payroll and HR solution is an employee-centric platform designed to boost engagement and improve the work life of your employees. Request a free demo today.