Employee retention continues to be a hot-button issue in a range of industries today. As employee engagement remains at an all-time low, turnover soars and profits are lost, many management teams are wondering how to keep employees without breaking the bank in the process.
Retention isn’t all about the money, although compensation can be a factor in some cases. There are many innovative ways to address an employee retention issue. The more creative a process may be, the more employees may be inclined to stay, or recognize that steps are being taken to improve work practices as a whole.
Keep these five tips in mind when determining the best plan for your business:
- Encourage peer-to-peer learning: Employees that maintain both professional and social relationships with coworkers are more apt to stay with a business, as opposed to a place where they don’t. Forming business relationships for questions, learning and team collaboration is a great start to social relationships as well. A stable team environment fosters productivity, enhances morale and creates a more positive work experience overall.
- Implement real responsibility: If workers don’t feel as if they are being trusted with an appropriate role or work level, they are more likely to leave. Make sure employees are given an adequate, manageable work load based on their skills, expertise and improvements. Having a sense of responsibility at work reinforces the importance of an employee’s role in a business and need for a continued work ethic.
- Listen to employees: Ask employees what is working and what isn’t. If there is a large turnover occurring, there has to be a reason why. When employees explain their concerns or issues, be sure to engage in active listening to remedy the situation and make a change for the better. If an employee feels as if their voice isn’t being heard, they may think their work and effort also isn’t being acknowledged, leading them to seek out a change in employment.
- Look at your benefits package: When is the last time your business updated its employee benefits package? If you can’t remember, it may be time for a change. Look at your healthcare benefits, pay, vacation time, work hours and overall flexibility as starting points.
- Provide room for growth: Most employees won’t want to stay in a position that has no room for growth or movement. Although a job may be great, progression is a natural part of the workforce and should be available for all employees. Ensure employees are given plenty of opportunity for new learning experiences, training refreshers, as well as networking initiatives.
Employee development begins with management training and employee training. Mastery can help your employees achieve a better learning process and experience. Learn more about our e-learning courses on our website.