10 Strategies To Retain Your Employees
Retaining employees is an important part of building a successful team. When managers and supervisors work to make their teams feel valued and motivated, employees are more likely to stay with a company that can contribute to the company’s overall growth and prosperity. In this article, we discuss the importance of employee retention and offer 10 effective employee retention strategies.
Why it’s important to retain employees
Here are some key benefits to retaining employees:
It can build a strong workforce
Steady employee retention allows managers and supervisors to invest in their team members and helps them develop into more productive employees. When employees stay with a company long-term, they often accept more responsibilities, seek professional development and help the company grow.
It increases productivity
Instead of spending time looking for and training new employees, managers and supervisors can focus on helping employees be more productive. A stable staff knows what needs to be done and how they can achieve it. They have a strong foundation for advancement based on institutional knowledge and developed skills.
It improves employee morale
Employee retention strategies are designed to increase employee happiness and job satisfaction. When managers regularly implement these strategies, they help increase employee morale overall. Employees who feel happy at work are often more willing to work toward the company’s mission and contribute to a positive work environment.
It is more cost-effective
Hiring and training new employees is often more expensive than offering development opportunities to current employees. Consider offering current employees an educational stipend to advance their skills, on-site training, conference options or promotions and/or extra benefits or perks.
How to retain an employee
If you want to keep more high-performing employees in-house, it’s important to start by creating an effective employee retention strategy.
1. Create an engaging onboarding process
During the onboarding process, take the opportunity to make a positive first impression on a new employee. Create a process where new employees get comfortably acclimated to the workplace. Do this by creating straightforward training materials, offering support and guidance and explaining how the company operates.
Introducing new employees to others in the office can help them feel like they are a part of the team right away. Taking them out for a team lunch is another way to make new hires feel welcome and help them get to know their coworkers quickly.
2. Pair with a mentor
A strategy to pair an employee with a mentor can start at the onboarding process. It’s a good way to help new employees feel welcomed and know they have someone to turn to. However, mentorship shouldn’t be offered to just new employees. Everyone can benefit from a mentor-mentee relationship whether by helping others or knowing that they are supported by more experienced teammates.
3. Schedule employee performance reviews
Employee performance reviews are a great way for employees to grow in their roles. Meet periodically to discuss their strengths, weaknesses and career goals. By learning their goals, you can help them continue to advance in the company. Offering positive feedback during this meeting can help employees feel valued and more satisfied at work. If the budget allows, use the performance review as a time to offer the employee a raise or a bonus.
4. Show your appreciation
When an employee is doing a good job or has recently earned a big achievement, recognize their hard work. You can show your appreciation by saying it directly to them or making a company-wide announcement. When employees feel their efforts are noticed, they are more likely to continue to work hard and stay with the company.
5. Encourage a work-life balance
A healthy work-life balance is when employees can effectively manage their work and home lives and feel like they have enough time and energy for both. This element has become increasingly important to many employees.
You can help employees achieve a more balanced work-life experience by giving staff more flexibility with their schedules. Consider allowing employees to come in late and make up their work if they need to leave for an appointment. If possible, give employees the option to work remotely. Employees who are feeling sick but can still work or those with a long commute may appreciate the opportunity to work from home occasionally.
Helping employees maintain a work-life balance shows that you value their well-being. They are more likely to stay with the company when they feel like they have a manager who cares about them.
6. Offer professional development opportunities
Helping employees meet their professional goals may influence them to stay with the company because they see it as a place with many opportunities. You can help them by spending time coaching and mentoring team members. Offer your team additional training or education opportunities, such as funding certifications, sending them to conferences or providing education stipends. Update equipment so coworkers can learn—and produce—using the latest technology.
And when possible, promote from within. By investing in your team, they can develop their skills and take on more responsibilities, both of which can lead to improved employee retention.
7. Provide competitive compensation and benefits
In a competitive job market, it’s essential that you reward your employees with adequate compensation and benefits when you can. If you can’t afford salary adjustments, consider giving some type of bonus, adding a retirement plan or improving health care benefits. You might offer reimbursement for fitness classes or schedule talks on stress management or retirement planning services. All will help raise employees’ job satisfaction and encourage to stay with your company.
8. Implement team-building activities
When employees feel more connected to one another, they can look to each other for support and guidance, inspiring them to stay with your company longer. To help employees connect, encourage collaboration and cooperation among your team members. When employees can work together in harmony, they may feel more relaxed and happy at work. Help everyone get to know each other better by facilitating team-building activities. Plan team lunches or optional after-work events for your team. The more people learn about each other, the better they can work together.
9. Offer more perks
Perks of various kinds can boost employee morale and keep your employees engaged. Flexible schedules, paid parental leave and remote work options top the list of most valued perks. While those are important to consider, employees also appreciate perks on a smaller scale, too. Casual wear on Fridays, discounts to sports events or even an occasional box of doughnuts will help lift spirits in the workplace.
10. Keep communication lines open
Maintaining an open-door policy lets employees know they can come to managers with ideas, questions and concerns at any time. As a manager, it’s your job to ensure your team—whether on-site or remote—feels a connection to the company and each other. That feeling of belonging and being heard can go a long way toward retaining employees.
Tips for retaining employees
It’s important to choose employee retention strategies that make sense for your workplace. When implementing your strategies, use these tips:
Ask for employee feedback
Send out anonymous surveys to learn what your team members like and dislike the most about working for your company. Ask them what changes they would like to see in the workplace. Have them also list any incentives that would help them feel more satisfied and valued and stay longer. By directly sourcing team members, you can customize employee retention strategies more effectively.
Create a better work culture
Promote wellness and kindness to create a better work culture. When people feel you value their well-being, they may feel more comfortable coming to you when they feel overwhelmed at work. Give your team opportunities to relax and recharge after a challenging task. Let them know it’s acceptable to take mental health days or to take a break when they need it.
Be a mentor
Offer your team support, advice and guidance for their careers. Give them opportunities to take on more responsibilities when they are ready. Ask them what they would like to improve and then create ways for them to reach their goals. Share your own career journey with your team, including your successes, setbacks and greatest career advice.