Running a successful company is directly linked to keeping a high employee retention rate. When building a strategy for a higher retention rate, you need to come up with ideas that suit your employees’ requirements and also let you stay within the budget.
As exciting as it sounds, planning and executing an employee retention plan is not so easy.
It requires you to be updated with the current trends in the market and what your employees think is attractive in another firm but lacks in theirs. To get the best out of your employees and also encourage them to stay with you could be challenging. But if you earn your employees’ trust and give them the confidence that you can offer them what could keep them motivated, then they may want to reconsider their decision.
Improving Employee Retention Rate across Industries
Let’s go through steps that can help you create the ultimate strategy to keep your employees loyal and maintain a high employee retention rate.
Assess the Situation
If you are beginning to plan a retention strategy, you must keep in mind what your business is going through and what it has been doing in the past. You must incentivize your employees after figuring out what you can afford.
Go through at least 5 years of data to plan a budget. You can find different budgeting software online that you can use for calculating everything about your past performance and how much you can afford to spend on employees in the current situation.
Offer Guidance or Mentorship
When a new employee joins the company, assign him to one of the seniors to be mentored by.
Mentors can be a great source of guidance when you join a new workplace. It would not just ease the pressure on the newbie, but also let the senior have a fresh mind to work with.
It is not only beneficial for the employees, but also beneficial for the company in the long run. Just make sure that the supervisor responsible for the new candidate shouldn’t be the mentor. It can make the new employee carefree towards the supervisor which is not recommended.
Everyone needs a strong motivation to work. It could be in the form of health benefits, bonuses, paid time off and/or retirement plans. You should educate your employees about all the benefits they can get when they join the company.
Compensations and perks could include anything from occasional lunches to everyday coffee or snacks in the office. You must think out of the box and offer something different to them as perks than the rest of your competitors. It is not only a way to keep your employees’ morale high but also make your company stand out from the rest and attract a better workforce.
Strong Communication and Consistent Feedback
If the employees don’t feel stressed communicating with their superiors, your organization is on the right track. The subordinates should be able to communicate freely with their superiors. If the superiors are too uptight, the ones that report to them may not feel comfortable sharing new ideas or asking questions.
An atmosphere like that is very dangerous to employee retention. So if you don’t already let employees communicate freely with each other, you should start working towards it right away.
Acknowledgement for Employee Retention
Who does not like to feel appreciated for their work? It should be a routine in the workplace to appreciate workers who have worked beyond the call of duty. It could be anything that you think could make them feel special or appreciated. From a simple gift card or a paid holiday, whatever you think could work for the particular employee.
When you pat the employee’s back, do let him know why he is being treated special. He needs to understand what he did to stand out from the rest. There are companies out their which follow an already set-up reward plan repeatedly, but you must not let the appreciation part work on auto-pilot.
Invest in the Company Culture
An alternating work routine could be a major part of a successful retention plan. A set daily routine could get stressful very easily. Humans like change. Fixed routines are for robots. And since you are not working with robots, consider allowing them to have flexible work hours. Getting to come to work and going home from work a little late 2 to 3 days a week could be a great tool for high employee retention rate.
Having a healthy work enjoinment means all the employees get equally appreciated. If an employee from another team has worked better than the rest, then he deserves appreciation from the whole office. The competition among the workers can very easily turn into jealousy which can not only hurt the retention rate but also damage the company. Therefore, ensure that a healthy work environment is maintained at all times.
The Last Word: Improving Employee Retention Rate
Planning and executing a successful retention strategy is not the end. It must be reviewed at least once every year. It means you must be updated with salary standards and other benefits in the market. Improve your retention strategy according to the need of time every year. Direct the management to maintain strong relations with the workforce, by providing them unique benefits such as student loan grants (13 grants to pay off student loans) and improving employee experience. These steps can definitely help you keep a talented and loyal workforce along while preventing disengaged employees totally.