In order to attain a strong workforce, you have to hire trusted, qualified, reliable and competent employees, and the next step is to retain them. A high attrition or a high employee turnover increases the costs associated with hiring and recruitment, and productivity is decreased. Implementation of effective and proven employee retention programs is the key to the health and success of your business. To ensure customer satisfaction, increase product sales, and smooth operations, it is important to retain your best employees. Employee retention really matters because failure to retain your best employees results in additional costs for hiring and training, lost knowledge, decreased skilled workers and other employees are also influenced to back out from your organization.
Offering a competitive benefits package is very important such as providing life insurance, health insurance, and retirement savings plan, as well as other perks showing that you can accommodate your employees’ outside lives like flextime and telecommuting. It is important to have a concrete plan such as providing a specific framework right from the recruitment process of the things the company expects from its employees because any change of expectations keep employees on edge, causing unhealthy stress. According to studies, most employees leave because of their supervisors and manager more than the job itself or the compensation benefits, so the quality of employee supervision is also critical in the retention of your employees. Employees who feel they are undervalued contribute to a company’s attrition, and these common complaints that center on the clarity of earning potential, expectations, lack performance feedback, failure show up on schedule meetings, and failure to create a developmental plan when an employee is performing or wants to succeed.
It is also crucial to have an avenue for your employees to speak freely within your organization by having feedback portal, employee engagement, and management meetings. Provide small perks like giving out pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays and other gimmicks you can think of to show your employee appreciation. You can also hold contests and incentive system to motivate your employees and so that they feel rewarded for a job well done. Fostering employee development is also an important factor in employee retention like learning a new skill. There must be an open communication between the management and the employees through regular meetings and open-door policy. Hire a human resources director if you have more than one hundred employees to have a streamlined employee benefits processes and structure.