Employee retention should be on every business’s radar. All businesses, for whatever reason, have employees that leave. While employee turnover is an inevitable part of owning a business, the loss of even the least effective employees can deliver quite a few challenges. Not only does it demand that you dig up a sufficient replacement— but it also requires you to consider what their departure will mean for your team. Anytime an employee quits, other employees will take notice. Some will start to wonder if they should walk out too.
An effective employee retention strategy will decrease employee turnover and increase the knowledge base of your company. If your aim is to boost morale and maximize employee retention, follow these 3 steps.
Be Selective With Hiring
Before you start thinking about retention, make sure you bring on the right employees. Having a selective hiring standard won’t just help you to vet skillful employees, it will also help you find the ones that make the right fit. You wouldn’t get into a long term relationship with someone who checked every requirement off your list but you couldn’t stand, would you? You might, but then you’d face the likelihood of splitting up pretty early down the road.
Selective hiring standards can help a company dodge the challenges of employee attrition by taking company culture into account. Money can’t even buy happiness in the office. Employees who feel taken advantage of or out of place are the ones most likely to have wandering eyes. Show your employees that you have their best interest at heart and the sentiment will be returned. Make sure you hire employees whose interests align well with the company. These are the ones more likely to feel as if they’ve achieved their professional and personal goals.
Start the process of hiring for fit by assessing what makes your employees want to stay. Employees who seem to motivate the team and boost morale should have these skills nurtured and appreciated.
Offer a Competitive Benefits Package
Most applicants will judge a job by the compensation and benefits package it offers. Remember, the career oriented employees that you want are likely in pursuit of security and stability. A generous benefits package will go a long way in communicating how much an employee is valued by the company. Employees tend to stay with a company longer when they feel like their work is appreciated. Keep top-notch employees on your side by setting them up with benefits packages that reflect an employee’s worth.
If your business can swing it, consider benefits that go beyond the standard. Some employees offer benefits like health, disability, and life insurance, but consider tacking on paid time off and pre-tax commuter benefits program. Retirement savings plans and wellness programs can be the competitive edge your business offers that incentivizes employees to stay put.
For smaller businesses with tight budgets, there are plenty of small perks that can encourage employees to stay. Advantages as simple as free snacks in the kitchen, or weekday retreats can have a huge effect on attitude and performance. These strategies won’t break the bank and can generate an appreciation that does a world of good for your retention.
Provide a Comfortable Work Environment
Imagine walking into a room and feeling like you were better off outside or at home. No employee wants to spend hours at a time in an office they think is unsafe or uncomfortable. An office that is located in a safe area and has quality indoor features will be one that an employee won’t dread going to.
Get employees excited and proud about their work by designing an office environment that is equal parts attractive and comfortable. Lavish decorations and features aren’t necessary as much as space, functionality, and comfort. Provide proper materials, ergonomic furniture and a temperature controlled environment to keep employees comfortable and on track with their tasks. The right employees want more than just a great salary— they want to flex their expertise too. If your office can’t provide them with an environment that aids their work or caters to their needs, they’ll find another one that does.