With trends like quiet quitting on the rise and the Great Resignation still in effect, it is becoming more and more difficult to retain employees. Constantly hiring and firing employees is extremely costly, and takes away from your time that you could be using to improve your business.
Furthermore, it can be frustrating when a superstar employee quits, leaving you as a business owner with the tedious task of finding a replacement, going through paperwork and onboarding, etc. Instead of hiring and firing employees, integrate these tips into your business to successfully retain the great employees you already have.
1.Offer benefits
Employees cite a lack of benefits as one of the top reasons they leave a job. In fact, many employees today will not even apply for jobs that don’t offer a well-rounded benefits package. In today’s job market, offering basic health benefits is simply not enough. Considering offering other types of benefits as well, such as wellness programs and tuition reimbursement benefits. Inclusive benefits are a powerful way to retain employees and give them an incentive to remain at a job.
2.Recognize hard work
Never take your employees for granted. Doing so can easily lead to even your best employees feeling used and burnt out. Burnt out employees can have severe effects on your business. So, to prevent burnout, it is important to recognize your employees when they go above and beyond at work. Whether it’s completing a big project or meeting a sales goal, your employees want to know they are a valuable part of your business.
3.Allow for growth opportunities
Many business owners know that it’s best practice to promote from within your business. Your employees want to have something to work towards in their position, and career advancement is a large part of that for many employees.
4.Provide flexibility
People want to work somewhere that will be flexible to their personal life and busy schedules. A great way to do this is by letting employees work from home. Having employees working from home for business owners may sound risky, but remote work has actually shown to increase productivity. A study by ConnectSolutions found that 77% of employees working remotely increased their productivity. Allowing for autonomy in the workplace is a great way to ensure employees stick around.
5.Motivate and engage employees
Employees who feel unmotivated and unengaged in the workplace won’t care about the quality of their work, and therefore won’t be invested in your company. Disengagement at work, if left unchecked, will eventually lead to employees leaving to find more fulfilling jobs. However, there are plenty of ways to ensure employees will be motivated and engaged, such as encouraging collaboration and listening to feedback. Engaged employees are much more likely to stay in their job.
Conclusion
It’s safe to say that developing an effective employee retention strategy is a crucial aspect of having a successful business. However, it’s important to be realistic and remember that you’re not always going to be able to retain every employee. It’s also unrealistic to assume employees will stay at a job if you are not actively taking measures to retain them.
