Various statistics have been showing lately that almost half of the companies don’t have a formal strategy for retaining their employees. This is really worrying for them since this means that they don’t have a plan to keep their employees close, and this could lead to more money being lost. Most of them think a raise is enough to have an employee change their mind about quitting, but that’s not always true. Though employee benefits programs are indeed useful, it may not be enough. Let’s have a look at some employee retention strategies you could use:
Employee Retention Strategies that Might Be Useful to You
1. Hire People Who Could Stay
A good strategy is to think about the employee retention right from the interview. You should always hire people who are ready to stay in your company. Long-term employees are the best bet for your company. If at the interview you notice that the employee has other plans or focuses on different things, then maybe you shouldn’t hire them.
2. Show Them Their Evolution
One of the best employee retention strategies is to show people their evolution. Periodically, show them how their work helped improve the company and why do you appreciate them. In time, they will begin to have a sense of belonging to the group, which will further motivate them. Giving additional feedback is always great, but remember to show them concrete results.
3. Maintain a Good Work/Life Balance
A big mistake is to expect everyone to work like a robot. If you want to keep them working at top performance, help them have a healthy balance between life and work. Even though it may sound easy, it can be quite complicated to achieve. Make sure your employees are not overworking themselves. Give them an occasional day off if needed, for example.
4. Let Them Grow
It’s great if you are offering your employees the chance to improve on what they’re already doing. However, this might turn out not to be enough for them. In time, they feel the need to grow and to do some other things. Because of this, you should offer them better chances of growing and advancing. A good solution is a cross-training or a mentorship program. You can even include volunteering opportunities. Here you have some useful quotes about volunteering to motivate your employees.
5. Encourage Their Creativity
Another one of the best employee retention strategies is to encourage creativity. You will hear this with many companies, but not all of them apply it. You can offer rewards for creative suggestions, offer an outlet for public and private contributions or set up some innovation teams. What’s important is to create a relaxed and fun environment that will make people feel creative and not afraid to speak their minds. Moreover, it is great if you can hire varied people since this is great for stimulating creativity.
Employee retention strategies may not be as easy to implement as they seem. However, they’re completely worth it if you think about the fact that there are high costs put at risk if one of your best employees leaves. Not to mention the fact that if he/she is leaving, this will make the other employees think about reasons to quit as well.
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