Employees are some of the most vital resources of an organization since it takes time, effort, and valuable resources to hire and keep them. Your employees are responsible for making sure your company is working efficiently and properly. That is why organizations deploy employee retention strategies so that they can retain the employees they have.
Hiring a new employee can be very expensive and time-consuming, compared to retaining existing employees. Not to mention the fact that new employees need time to adjust to the company’s culture and operational processes. This may cause drag and lag in normal business operations.
What are Employee Retention Strategies?
Employee retention strategies are planned-out activities or actions that aim to increase the employee retention rate. The employee retention rate defines the number of employees who have been successfully retained by the company.
The strategies tend to be team-based, culture-based, or monetary, among other things. The main aim is to use them to retain employees, but they also increase efficiency, productivity, loyalty, and motivation in the employee.
Employee retention strategies may be the only thing stopping your employees from looking for a better opportunity.
6 Clever Employee Retention Strategies
The following are some of the cleverest employee retention ideas you can adopt.
Nowadays, people tend to give preference to their employee benefits, rather than just the salary. That is why it’s imperative to have a good benefits package, for all your employees. However, if you provide your employees with the best benefits at the start, there won’t be much to upgrade in the future.
Moreover, not all employees want the same employment benefits. Some may have different interests and preferences. This is why it’s best to provide not only a flexible benefits plan but also one that becomes more attractive, the longer the employee stays.
This way, the employee has the incentive to stay with the company for longer. For example, you can provide medical insurance to the employees after one year, and for the employee’s entire family after 3 years. This makes employees overlook minor inconveniences and focus on the bigger picture.
Build Your Employee’s Careers
Your employees are contributing to the organization and the organization is contributing to them by not only providing a salary and benefits but also valuable experience and training. Usually, companies tend to believe that their employees don’t need any further training or skillset because they’re doing their job properly.
Truth is, every employee wants to get better, learn more, and have a better skillset. If you provide them with the opportunity and resources to learn more, get more professional, and widen their horizons, there is a good chance that they’ll stay for more.
This is especially true for employees who are just starting their careers. If you help them early on, there is a good chance that they will stay with you because they will feel loyal to you and will also expect to constantly learn more.
Co-Payments for Consumer Goods Financing
People often have a hard time paying for things like new smartphones or cars, especially when they have other financial commitments. You, as an employer, can offer co-payments for things like vehicles, appliances, smartphones, and various other consumer goods.
You can develop a system of co-payments by providing employees with zero-interest loans. You can also offer unique repayment policies, like drawing the co-payment amount from the employees’ salary, taking a percentage of the yearly/bi-annual bonus, or having employees work an extra number of hours every month, among other things.
Also, you shouldn’t try to limit the number of payments your employees can opt for.
Make a Connection
One of the most important things is to make sure that your team connects. You should ensure that there is synergy between your team members and that they connect with each other. This is because a disconnected team wouldn’t be able to work efficiently.
To avoid drag in the business process, you need to make sure your team can work together like a well-oiled machine. Moreover, when you build connections between your employees, they start to feel like they are part of a family. One of the best ways to retain an employee is to make them feel like they are right at home.
Create a Culture of Mutual Respect
Employees need to feel respected and when they feel respected, they’ll genuinely reciprocate it. Creating a culture of mutual respect ensures that your employees know that they are valued. When employees feel valued, they automatically feel like they belong. There is a much higher chance of them staying to sustain that respect.
Options in Bonuses
Providing more options and choices when it comes to things like bonuses is extremely attractive to an employee. This is because every employee has different needs and wants, so not everyone can be happy with the same kinds of bonuses.
You should let them decide how they want to receive their bonus. Some may want a big annual addition to their salary, others may want smaller quarterly bonuses, and some may want a vacation instead of a bonus. You should respect their wishes and provide them the financial bonus of their choice.
Using employee retention strategies isn’t rocket science. If you break it down, all you need to do is take care of your employees in unique ways. If you can make sure that your employees are satisfied, happy, and content with their job, then you can be sure that employees will try their level best to work productively and efficiently.
In addition, while doing so, they would never think about leaving your company. Employee retention is easy. Just make sure there are no disengaged employees and if there are, then engage them at the earliest.