High employee turnover is costly for a company. First, there are the hiring and onboarding costs. Then, there are the lost productivity costs as current employees leave and new employees ramp up. A better approach is to improve employee retention. Keeping current employees happy reduces turnover and strengthens your team through long-term growth.
1. Competitive Salary
Pay people what they are worth, and they will work hard for you. While the other items on this list are valuable, none can compare to fair compensation for what is done. It doesn’t matter how valued or happy employees are. If they struggle to pay their bills, they will look for another position that pays more. When determining the position salary, consider industry standards and the local cost of living. Continue this policy by increasing their wages with rising inflation. Finally, an employee’s salary should reflect increased responsibilities and duties.
2. Flexible Working Requirements
Working from home is here to stay, at least for some positions. About 98% of employees desire to work remotely at least part of the time. However, working from home isn’t suitable for all positions, and not all employees want to work from home full-time. Ideally, you could offer employees working flexibility by having the option of working from home, from the office, or in a hybrid setup. If employees must work from the office, another option is to offer scheduling flexibility.
3. Promote a Work-Life Balance
A poor work-life balance is one of the most common reasons people leave their current job. This is a carryover from COVID-19 when people changed how they view their professional careers and personal lives. Employees place a higher priority on maintaining a good work-life balance. They will leave a job if they feel that it does not encourage a good work-life balance. Create a culture that promotes time away from work as a valuable thing. Don’t expect employees to answer emails or the phone while not working. Encourage employees to use their vacation time.
4. Practice Recognition
People want to feel appreciated and recognized for their hard work and contribution. Establishing a culture where people are recognized creates a feeling of belonging and camaraderie. Employees feel as though they are contributing value to the company and are appreciated for it.
5. Provide Growth Opportunities
Provide employees with a clear path for long-term career growth. Part of recognizing the value of employees is investing in them. Foster the professional development of valuable employees by providing training and promotion opportunities. Doing this encourages them to stay with your company longer because they feel professionally fulfilled. There isn’t a need to seek development elsewhere because they aren’t stagnant or stuck in their current position.
Improve Your Employee Retention
Implementing these five ideas to keep your staff happy can improve employee retention rates. People want to feel appreciated and that they contribute value to their company. You can do this by paying them what they are worth, showing you care about their well-being and rewarding accomplishments.
By working with BOS staffing, you can hire high-quality employees who are more likely to stay long-term.
