In the US, the annual employee turnover rate is 18%. Employee turnover has increased by 88% since 2010. In 2020 alone, 3.5 million workers quit their jobs.
If you’re struggling with employee retention, your business may never grow. Instead, you’ll waste time and money training new employees.
Read on to learn how to boost your employee happiness and retention rates. With happy employees, you can boost productivity. Set your business up for success with these tips today!
Hire the Right Team
Retaining happy employees starts by hiring the first employees in the first place.
Before investing time and money in recruiting and training employees, consider what traits make an ideal hire. Take the time to specify your job listings to ensure you gather ideal candidates. Specify the experience, skills, and areas of expertise you’re searching for.
Before hiring new employees, make sure they’ll feel engaged with your business. Look for employees who are passionate about your industry and the work they do. Engaged employees are more likely to stay at a company because they feel their work is important.
Spending time and money recruiting, training, and retaining new employees for only a few months of work is a waste. Instead, invest in finding the right hires from the start.
Avoid mismatching role responsibilities or the skills necessary for each job title.
Before hiring new employees, outline your expectations clearly. Recognize any misalignments in the prospective hire’s experience. If they’re not the right fit, keep searching.
Optimize Onboarding
Once you gather the right employees, invest in their onboarding experience. Onboarding and training your new employees will ensure they do the work you expect of them. Otherwise, you could unintentionally miscommunicate your expectations.
Miscommunication could frustrate your employees, eventually leading them to quit.
Outline the goals you need to accomplish as part of your onboarding process.
For example, you’ll want to set clear expectations for the new hire’s work and their future at the company. Outline what you expect from them during their first week and over time. Make an effort to connect your new hires with the rest of the team, too.
Connecting team members will ensure they build relationships with their colleagues. New employees might feel more comfortable in their new work environment as a result.
Allow your new employees to offer feedback about company processes and the company culture. Giving them a chance to communicate will help you avoid miscommunications in the future.
As part of the onboarding process, consider the new hire’s long-term future and development at the company, too. Then, help them determine what steps they need to take to accomplish those goals.
Adjust the Company Culture
Create a company culture of recognition and feedback. Encouraging customer recognition will ensure your employees feel valued. If they feel ignored for their contributions, they might not feel satisfied with their job.
Building a culture of feedback will ensure your employees feel seen and heard. Otherwise, they might decide to seek validation elsewhere.
You can create a company culture of recognition by:
- Practicing continuous listening
- Holding regular one-on-one sessions
- Creating an employee recognition program
For example, you can schedule annual performance reviews. Offer your feedback and ask your employees for theirs.
Build peer-to-peer recognition among team members by creating an employee recognition program. For example, you can share employee shout outs in a newsletter. You can also present company awards each year.
You can learn more with this employee recognition info linked here.
Invest in Employees
Invest in your employees to show them they have a future with your business. If they can’t see potential long-term opportunities for growth, they’ll look for it elsewhere.
Employee development will ensure you engage and retain top talent.
First, prioritize internal hires and promotions. Provide opportunities for mentorship and coaching within departments. Make long-term employee goals to show your employees you care about their development as part of the team, too.
Consider the employee compensation you offer as well. Pay your employees competitive compensation by adjusting their salaries annually. If your business can’t increase employee pay, consider other forms of compensation (like retirement plans, health care benefits, or bonuses).
Employee compensation can raise employee happiness and retention.
Consider what perks you’re offering, too. For example, you can offer flexible schedules or remote work options. Offering perks can help you attract and retain talent.
You can also invest in your employees through wellness offerings. Keeping your employees happy (mentally and physically) can boost productivity. It can also show you care about their needs.
If your employees are feeling stressed, consider stress management programs or reimbursement for fitness classes.
Offer Flexibility
Help your employees find their work-life balance. For example, you can encourage them to set boundaries regarding work hours. Encourage them to take vacation time, too.
You can also offer flexible work arrangements. For example, you can allow employees to work from home. Consider partial telecommuting options to reduce stress and boost employee retention.
Use Exit Survey Insights
You can’t always avoid employee turnover. If an employee does decide to leave, determine why. Gaining insights through exit surveys can help you make adjustments.
The adjustments you make could help increase employee happiness and retention in the future.
Increase Your Company’s Employee Retention Today
Don’t let a high employee turnover rate affect your company’s growth. Instead, use these tips to increase employee retention this year. With happy employees, you can boost productivity for long-term growth and success.
Start applying these changes and become a successful business today!
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