It was recently reported via a survey that more than approximately 50% of various employers stated that they didn't have any type of formal strategy when it came to retaining employees. A previous survey from 2008 also stated that employers who demonstrated the overall value that they placed within their employees, as well as implemented practices and policies that reflected effective practices in terms of retaining them, would benefit from both worker productivity and commitment.
The same survey stated that around 85.2% of employers decided to implement wage increases in order to keep their employees, while 58.4% decided to utilize a benefits package. Unfortunately, these types of reactions often result in huge costs, especially for small businesses. The good news, however, is that these two options are not the only ones that can be taken advantage of.
Here are seven other strategies for employee retention that can instead be utilized.
Hire Only the Best Workers
When it comes to employee retention, this really begins during the job interview itself. Regardless of how much that you, as an employer, may want to keep an employee on at your business, and no matter how much you may try to do to influence their decision to stay, in the end, it's the employee's decision on whether they stay or whether they go. Ultimately, the most important thing that an employer can do is to hire employees that can actually be retained.
Give Employees the Metrics That They Need
Multiple studies show that people always have a desire to feel like they're succeeding, as well as that their talents are being utilized in such a way that helps make a difference to the businesses in which they currently work for. When people begin to think this, they develop a sense of belonging, as well as a feeling that your company is also their company as well. The bottom line is that employees actually want to see the results of all of the work that they're doing.
Recognize a Healthy Balance Between Work and Life
Employees cannot be expected to function like robots. It's always important to help them realize a healthy balance between work and life, which will prevent them from having any kind of negative feelings toward you and/or the company. Always take the time to ensure that your workers have enough time to essentially recharge themselves, such as taking a week off every six months or a long weekend every once in a while.
Always Be the Best
Every employer wants their business to be at the top as much as possible, as do the employees. Working for a winner not only helps ensure longevity, but it also gives employees a sense of pride as well. Take the time to understand the competitive advantage that your company has, as well as define it, regardless of whether it's customer service, great products, or the type of software that you use.
Provide Employees with Options
While on-the-job training opportunities are wonderful, you should be doing more than simply helping your employees get better at what they do already. For instance, consider engaging in both mentorship and cross-training programs, which will help employees obtain the skills that they need to essentially move up the ladder in the company. Every good employee always wants the opportunity to advance.
Never Hide Behind Your Open Door
While an open door policy is a good policy to implement, it's another thing to be completely engaged with your employees. It's never enough to simply invite feedback and criticism. In fact, there are times where some people feel that they can't truly express themselves without feeling like some sort of retaliation will be taken against them. Consider creating an open rapport with all of your employees.
Keep a Watchful Eye on Management
It's estimated that close to 80% of most employee turnover is created by management that is either ineffective or overtly hostile. As an employer, when training managers to deal with the more technical areas of the positions in which they will be working, take the time to include skills in terms of effectively dealing with employees as well.
HR 101: Employee Hiring and Retention Workshop
Time: August 23, 2017, 2:00pm
Greater Austin Black Chamber of Commerce
912 East 11th Street
Austin, TX, 78702
Running a small business requires you to wear a lot of hats. This program prepares you to effectively deal with the human element and navigate the myriad of compliance issues when you hire, fire, and retain employees. Best practices, practical checklists and helpful free resources are provided by a seasoned local HR professional.
Register here: https://austin.score.org/content/take-workshop-49