Employee retention is a crucial metric to pay attention to in any business. Training new employees can be time-consuming and costly, so whenever possible, it’s better to keep your current employees and invest in making your company a great place to work. If you’re seeing a lot of turnover on your team, these are key strategies to improve your retention rates.
One of the best ways to improve your employee retention is to ensure you’re hiring the right employees in the first place. Sometimes interviewees might have all the right skills and qualifications, but if their values and work styles conflict with your company culture, they will likely struggle to integrate well and feel fulfilled. Ensure your hiring team brings on employees who will fit into your team well while still having the necessary skills.
Provide an Excellent Onboarding Experience
Similarly, ensure the people you hire receive an excellent onboarding experience. It can be tempting to give them a day or two of formal training and then throw them into the team to learn “on the job,” but this can be overwhelming for new employees and leave a lot of gaps in their knowledge. Ensuring they receive a thorough orientation will help them acclimate well and feel confident in their role. Another great strategy is to pair them with an office mentor to help offer guidance and expertise during their first few months.
Promote Development Opportunities
Many employees leave their jobs when they feel there is no room for professional development or advancement. Ensure you continue to invest in your employee’s growth, providing ongoing education, training, and advancement opportunities. Some employees may be content to stay in a lower-level position for many years, but for your employees with bigger aspirations, ensure you are fulfilling their desire to learn and advance their careers.
Finally, ensure your employees feel appreciated. This should encompass a wide range of actions–from small thank-you notes and appreciation gifts to fair compensation increases and performance bonuses. What this looks like will depend on the company and the resources available, but employees are much more likely to stick around when they feel their hard work is appreciated, and their superiors are working hard to compensate them accordingly.
Some employees will inevitably move on to other companies to pursue their career goals, and that’s to be expected. However, these strategies can help you increase employee satisfaction and minimize turnover. Employees who are treated well, have the opportunity to invest time into professional development and understand their job expectations are more likely to maintain company loyalty and stay with the business for years to come.