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How To Implement An Employee Retention Strategy For Your Business

Your employees are your most valuable asset, and you should invest in your team. Retaining top talent should be a top priority for every business owner.

Having a high staff turnover can be hugely damaging to your business productivity and profits. Statistics show that replacing employees costs roughly 33% of their annual salary, so it pays to keep your staff happy! The good news is, there are plenty of things you can do to improve employee morale and create a positive work environment.

Here are some employee retention strategies that every business should implement:

Offer good employee benefits

The current job market swings in favour of candidates and there is strong competition to attract and keep top talent. Offering employee benefits helps companies attract and retain the best employees. A study by Harvard Health found that the most desirable employee benefits are private healthcare, flexible hours, extra holiday allowance, and work-from-home options. Creating an employee benefits scheme and offering these job perks will give your company a competitive edge and help you attract top talent in your industry. Experts at Prosperity Wealth explain how an employee benefits plan can help you “recruit, engage, reward and retain the best quality people.”

Allow flexible working hours

As mentioned, flexible working hours is one of the most desirable workplace benefits. Employees are placing higher importance on a healthy work-life balance and many job-seekers want a role that offers greater flexibility. This is especially important for employees with children or other commitments outside of work. Offering flexible work hours can benefit both employers and staff are it should increase productivity and boost employee satisfaction. Allowing employees to work from home can also help you retain skilled staff while reducing operational expenses and overhead costs.

Create a positive work environment

Creating a positive work environment plays a fundamental role in employee retention. A positive work environment is more productive and delivers stronger results. There are dozens of ways to foster a positive environment in the workplace. Firstly, create comfortable workspaces by investing in quality office furniture such as sturdy desks and ergonomic chairs. Maintain a comfortable temperature in the workplace and ensure sufficient lighting, good airflow, and so on. You should also check in with your employees regularly, maintain open communication, and create an environment where team members are valued and supported. Employees who feel supported in the workplace will be more satisfied and less likely to look for job opportunities elsewhere. Taking these steps should help you create a positive work environment and culture.

Invest in employee development

Lack of career advancement is one of the top reasons why employees leave their jobs and look for opportunities elsewhere. Surveys show that most employees will consider leaving their job if they have no career advancement in the first 12 months. One retention strategy that will help you keep ambitious employees is by offering more in-role growth opportunities. Identify ways to help employees advance more quickly e.g. by creating supervisory roles. Keep in mind that a pay rise doesn’t necessarily have to come with every step up the career ladder. Many employees are satisfied simply by having more responsibility and autonomy in the workplace. Invest in developing your employees by offering regular training opportunities and in-house qualifications. Showing an interest in your employee’s development will help you build loyalty with your team and minimise staff turnover. It will also mean that your staff have the skills and expertise to perform their duties efficiently.

Listen to employee feedback

Listening to your employees and acting on their feedback will help you build trust and loyalty with your team. Establishing trust is fundamental to employee retention. Hold regular one-to-one meetings with your team members and ask for their feedback. You should also send out employee surveys so that staff can provide honest feedback. Anonymous surveys will help you gain genuine insight into employee happiness and satisfaction. Once you have received feedback, create an action plan to improve working conditions and boost employee satisfaction. Acting on employee feedback and suggestions is essential, or you risk losing trust and respect with your staff.

Conclusion

High staff turnover can have a significant impact on your bottom line. Replacing employees is expensive and it will also have a negative impact on productivity and workplace morale. This is why it pays to invest in your staff and keep your teams happy. Fortunately, there are plenty of employee retention strategies that can help you attract and keep the best staff. Try implementing the above suggestions to improve employee satisfaction and reduce staff turnover.

Sources:

TINYpulse, 17 Surprising Statistics about Employee Retention

Oxford College

Harvard Health, The Most Desirable Employee Benefits

Prosperity Wealth, homepage,

Ruby Clarkson

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