Turnover is a significant problem employers are facing right now. In November 2021, over 4.5 million people left their positions voluntarily. Retaining employees can be a challenge in any organization, but it's essential to have a dedicated strategy if you want your staff members to stay.
Every worker at your company contributes in some way. If someone leaves, it creates a gap that needs to be filled. You'll lose time and money searching for new people, training them, and adjusting to their unique work style. Finding the right candidate can also take months of lengthy interviews, tests, and applications.
- Retail and hospitality
You can prevent turnover. According to an analysis from Gallup, 52% of employees leaving their current jobs said their manager could have stopped them. Here are some of the best ways to retain employees and boost workplace morale.
1. Offer a Competitive Salary
One of the biggest reasons workers leave their jobs is for higher-paying paying positions. Only half of the employers offered counteroffers to retain employees in the past years. However, that's changing during the great resignation, which is why some industry experts are dubbing it "the great counteroffer."
Although companies might not want to increase wages, the cost of finding, replacing, and onboarding new employees are much more costly, as well as disruptive to your team. Also, the higher the position in your company, the more expensive replacing them becomes. For example, a new senior executive can cost your brand 200% of the person's salary.
If you cannot retain your top employees through these tips, executive search firms can help reduce the costs and stress of replacing team members.
2) Have a Flexible Schedule
If your employees have enough time to spend with their families, care for elderly parents, or volunteer in their free time, they're happier. Coming back to work refreshed and feeling fulfilled can increase productivity, better morale, and greater loyalty.
Employee surveys show nearly half of current workers would leave their position for one that offers more flexibility in their work hours and location.
Several options are available to provide flexible work schedules, such as,
- Four-day work weeks
- Working from home
- Flexible start times
Along with offering more options to improve employees' work-life balance, you can reduce turnover by hiring the right person the first time. You can achieve this by working with Utah recruiting firms to assess your needs and find the perfect candidate. When you have more self-motivated, career-driven candidates, you're already on the right path to retaining valued staff members.
3) Provide Opportunities for Growth
Employees want strategic benefits to feel they're growing in their roles, especially with professional development. For this reason, it's vital to offer a variety of opportunities to develop new skills, such as courses through companies like Udemy.
Also, it's crucial to have a clear path for professional growth and advancement. If there isn't a clear plan for career development and your employees don't see an opportunity to move up, they'll look elsewhere.
Types of opportunities include,
- Training programs
- Mentoring programs
- Job shadowing
- Industry networking events
There's a better chance of employees staying with your brand for several years when you promote from within. If you want to know how to retain employees, work with hiring agencies to assess your needs and find the top people looking for advancement and long-term advancement.
4) Have a Great Corporate Culture
If there's an open, friendly atmosphere at work, employees are more likely to stay. Culture is one of the most critical drivers of employee engagement.
One reason for a great corporate culture is a happy team. Research shows highly engaged employees are 21% more productive, whereas 73% of workers that don't feel that connection with their employer are actively looking for new jobs.
Offer your employees a variety of ways to socialize. Popular examples include,
- Lunch and learns
- Yoga classes
- Contests for free lunch
- Company outing events
Also, make sure everyone feels comfortable sharing their opinions during weekly team meetings with you and each other. This step is a great way to encourage collaboration and retain employees.
5) Display Appreciation for Good Work
The best way to appreciate your workers is to show gratitude for their excellent work. If your employees are rewarded for hard work, it's more likely they'll stay.
Creative ways to show appreciation include,
- Personalized thank-you cards
- Awards for top performers
- Publicly recognizing good work during a company meeting
Even the tiniest acknowledgments of appreciation may go a long way in keeping talented employees engaged.
6) Show Employees You Care
The best way to take care of your employees and retain them is to show you genuinely care about their well-being. You should always make sure your employees understand you value them and encourage work/life balance.
Many staff members leaving their positions feel disconnected from their employer. The COVID-19 pandemic and remote work have increased this divide between employers and employees.
Simple ways to improve the connection with your workers and for retaining employees include,
- Listen to their input
- Show empathy
- Ensure open lines of communication
- Offer regular employee surveys
Companies that are slow to respond to these changes in employee attitudes and tend to the emotional needs of their staff may find it challenging to hire and retain the best workers. If your brand is in this situation, consider hiring a Utah hiring agency to help you find quality employees.
7) Give Employees Opportunities to Cheer for Their Teams
When employees feel they are part of the company's success, they are more likely to stay with your brand. Incentivizing employees to cheer on their peers is good for relationships and business.
Here are some ways to boost your company's morale:
- Celebrate success regularly with team meetings and parties
- Give out branded apparel such as T-shirts and hats
- Sponsor and encourage employees to participate in company sports activities
Companies can also deepen their connection with employees by offering benefits outside of work. For example, a new trend includes companies teaching essential life skills like cooking and fitness classes. This is a great way to improve work-life balance and promote healthy lifestyles.
How to Retain Employees with Hiring Agencies
Recruiting firms can help you retain some of your best employees and find great workers. It's more than just posting jobs and expecting people to apply. Recruiters can use social media and other online platforms to build a talent pool.
In addition, executive search firms understand that employees in different age generations have different needs and use this knowledge to place the best candidates for your company's openings.
For example, millennials tend to take jobs that allow them to contribute their unique gifts and learn from others. However, these workers are more fickle and often switch jobs frequently.
On the other hand, baby boomers are more likely to stay with a company that offers stability and opportunities for professional growth. Both groups have invaluable experience and knowledge but require different techniques to win them over.
If you're looking to keep your employees and find new talent, working with a hiring agency is the best way to do so. Hiring agencies have the knowledge and tools to find great people for your business while helping you save time and money.