Employee retention can have a major impact on the success of your company. If you have high rates of turnover, you’ll get stuck in a pricy cycle of paying more for lost productivity, recruiter fees, new employee onboarding and more. Additionally, low retention rates means employees don’t have the chance to form strong working relationships and it will cause candidates to run away as fast as they can when they find out how long the average person lasts at your company. So, it’s very important to find a solution to this problem ─ and fast!
5 Ways to Improve Employee Retention Rates
Looking for ways to increase your company’s retention rates? Put the following five ideas into action:
Offer Unique Perks:
Make it difficult to find a better company to work for by providing your employees with attractive perks. Besides the obvious – like great healthcare and a generous 401(k) match – try some of these ideas: allow flexible working arrangements, free pizza Fridays, informal happy hours, take the team to a ball game or a concert, flip-flop Fridays, throw awesome holiday parties, take your dog to work day, take a half day off for a job well done, spot cash bonuses for great work, awards/ recognition – no matter how small – for work well done, stock the kitchen with free snacks, and anything else your budget can handle that will please your staff.
Promote from Within:
There are few things more discouraging to hard working employees than being passed up for a promotion by an external candidate. Closely examine the skillsets and potential of your current employees before making the job available to outside candidates. When people know they can grow their career at your company, they’re much more likely to stay on.
Schedule Regular Reviews:
This is not just about the annual, and often routine, going-through-the-motions, review, this is about regular quarterly and/or mid-year reviews. Do them informally with managers and their staff. Have them go out to lunch (this helps build personal relationships by being outside the office) and discuss how the employee is doing. Are they on the right path? Are they hitting expectations? Are there changes or tweaks that should be made? Employees appreciate the opportunity to address concerns now, rather than having to wait an entire year.
Choose Better Managers:
After conducting a Gallup survey of 400 companies, the Human Resource Development organization reported that an employee’s relationship with their manager is the most important factor leading to employee retention. When people trust their boss and believe they care about them, they’re much more likely to have higher levels of job satisfaction and productivity.
Invest in Your Staff:
Help your employees keep their skills up-to-date by sending them to training sessions as often as possible. Not only does this make them feel valued, it will also benefit your company. People enjoy the security of knowing their employer considers them part of the company’s future.
Looking for candidates who want to make your company part of their long-term career plan? Contact Longview Search Alliance. Our reputation of transparency and candor throughout the recruiting process has allowed us to become one of the top staffing agencies in San Diego, CA. We’re here to discuss the positives and negatives of every candidate, so you can make the best possible hiring decision.