How You Can Improve Retention Rates
The first thing you need to keep in mind is that your employees are people. They’re not numbers, and they’re not a resource to be used. You can’t force them to behave with the perfect algorithm of retention. The best you can do is create a culture that makes them feel valued, seen, and cared for so that they want to stay.
In order to create said culture, take a look at some specific tips you can incorporate into your retention strategy:
1. Support Employee Advancement
Did you know that 88% of people rank professional development and career growth opportunities as important when they’re looking for a new company? That’s nearly nine employees out of ten! These types of learning opportunities not only create more skilled and confident employees, they also show your workforce that you care about their continued improvement and success.
Whether you host a class focusing on soft skills, such as communication or teamwork, or you pay for interested employees to sign up for a class in hard skills, such as coding or business management, you need to show each employee that you care for their growth.
2. Offer Awesome Compensation
Yes, you knew this one was coming. As the saying goes, money makes the world go round, and it should also be a vital part of your retention strategy. Ensure that each position in your company has a competitive and fair salary, and leaders should always seriously listen to requests for raises. You could also think about adding a small amount of extra cash (or points on our platform) to each employee’s bi-weekly paycheck—just as a way to say thanks!
However, the salaries you offer aren’t the only part of your compensation package that you need to look closely at. Benefits are an integral aspect that you absolutely need to consider. Do you offer good health insurance (with a range of coverage options for single people and families)? Do you include vision and dental insurance? What about retirement savings?
Creative benefits are growing in popularity as well. Think about offering free healthy snacks, catered lunch, or monthly massages for your employees. Offering reimbursem*nt for transportation or bus passes can be helpful, too. The best way to find which benefits your employees actually want is to ask them. Send out a survey and then actually implement the benefits that are the most popular..
3. Create a Culture of Care
Your employees, both current and future, need to see that you care about them. One of the best (and most expected) things you can do is offer flexible work. 51% of employees wish their employer offered more flexible options, and 84% of working parents said flexibility is the number one most important thing when looking for a job.
Flexibility could be unlimited PTO, flexible work hours, or flexible work locations. Find the option that works best for your company, and then make sure your employees know you support them and their work-life balance.
One other way you can create an amazing culture is with employee rewards and recognition. Recognition can lower voluntary turnover by 31% by itself (and a lack of recognition is the number one reason employees leave), which is what this post is all about! Recognition programs, such as service awards, spot recognitions, and wellness programs, make your employees feel valued and appreciated.
Awardco is all about genuine, effective employee recognition. We can help you build a program that’s easy to manage and that employees will love on our employee rewards and recognition platform.
Improve Retention in Your Organization
Employees are still surrounded by nearly unlimited options when it comes to employment. In order to improve your employee retention rate, you need to invest time, effort, and money into making your employees feel like they’re valued parts of a team, not invisible parts of a machine. By supporting career development, enhancing your compensation, and evolving your culture, you will show your loyalty to your employees, which, in turn, will make them more loyal to your company.
