Employee retention is a key factor in maintaining a successful business, while continual employee turnover is expensive, demoralizing, and an impediment to growth. Although insufficient compensation is a dominating cause of employee loss, other significant reasons include overwork, lack of appreciation, poor management, and few opportunities for promotion. Here are some tried and proven strategies to help you hold on to your talented employees.
Besides salaries commensurate with their experience and expertise, encourage employee retention by offering generous benefits packages to your valued personnel. The basics include health coverage, life insurance, and a plan to save for retirement. Many companies also offer sick leave, family leave, childcare assistance, vacation time, and stock options. These perks send a clear message to employees that you consider their contributions to your business highly important. To let them know that you are concerned with their career growth, provide professional development opportunities such as mentorship programs, conference attendance, and reimbursement of tuition for outside classes.
Employees feel more comfortable if they are aware of their parameters. Clearly explain their work responsibilities, evaluation guidelines, and company policies to which they must adhere. Let them know that when they have ideas, questions, or grievances to share, they can communicate with management without fear of censure. Encourage feedback about what makes them remain loyal to the company and what would prompt them to want to leave.
Balance Employee Workloads
Don’t overload your employees with too much work. This will discourage them and cause burnout. Instead, see that they enjoy a healthy work-life balance. This will energize them and bring about greater productivity. Additionally, vary their workloads so that they don’t become too monotonous. Give employees opportunities for community engagement in social programs on behalf of your company, which provide meaningful work for your personnel and good public relations for your business.
To help ensure employee retention, always acknowledge superlative work. Frequently thank employees for their efforts, and offer rewards such as raises, bonuses, promotions, and surprise gifts.
For more advice on employee retention, get in touch with BizCap Commercial Finance.