Do you care whether your employees come and go?
Some business owners don’t care if their employees and best talents leave, thinking that they are always replaceable and won’t affect the business much.
However, if you’re just okay with everyone leaving and not thinking about improving your employee retention strategies, then this could cost you.
If you are not aware, employee turnover is rather expensive.
According to the Harvard Business Review, your company will spend about 21 percent of the leaving employee’s annual pay just to replace him with a new one.
But it’s not only about the cost. You’ll also be back to square one again orienting and making adjustments for your new hire. The money… the time… and even advertising and training costs. There will be a lot of delays in the progress of your company’s projects.
So if you don’t want to go all through of these, it’s best to focus on improving your employee retention strategies.
Grab the checklist: Employee Retention Strategies
1. Offer opportunities for career growth and pay them well.
How many years has it been when you last promoted an employee? If you are not offering opportunities for career growth, then most of your employees will develop a mindset that they will be stuck in the same old position for many years to come. Hence, having thoughts of leaving the company.
Every employee wants promotion and career growth because it is a sign that they’re going somewhere. It boosts their self-esteem and feel rewarded for working hard. However, while some companies do promote their employees and add more tasks and responsibilities to them, their salary does not even raise an inch.
Though money is not everything, we cannot that deny the fact that your employees also have a family to feed. Raise their salary if they do deserve it.
2. Recognise and praise your employees’ hard work.
This is one of the best ways to improve employee retention. When you recognise all the hard work done by your employees, it will help boost their morale and do their best again.
Like a child who is praised well by his parents, even adults need appreciation too. Sometimes, just a little bit of recognition will make all the stress in the workplace to go away.
When you praise someone, it makes them feel like they are really valued. Hence, boosting their motivation to keep up the good work.
3. Provide a nice and positive working environment.
You don’t need to go as far as to remodel your office space similar to Facebook or Google headquarters. You just need to create a workspace that will make your employees feel pumped up to go to work.
If your budget can, provide a team lounge or a small kitchen for your employees to help them have a place to relax and drink coffee during breaks or lunch hours. But if it’s still out of your grasp, providing a fridge and water dispenser will also do.
But these are not all about amenities. When we say a positive working environment, it also involves the people forming the entire company. What’s your company culture like? What are your values? Do you treat everyone else as family?
4. Trust your employees and give them more control.
Usually, you tell your employees what to do and they might feel like you’re controlling them by the neck. While you are the boss and may seem to have the right to do so, it isn’t healthy.
Your employees might interpret it as they have always no choice, that you’re abusing your authority over them. To make them feel like they’re in control of their own workspace, whenever you have a project, let them choose what tasks and responsibilities they want to contribute.
Trust their skills. If you hire them to do this or that, and they make suggestions to you, consider them.
5. Be a supportive leader.
Good leaders don’t only bark out commands. They lead by example and support every member especially those who are having difficult times.
Be polite and considerate, and treat your employees as an individual. Show that you’re also willing to provide assistance when your employees are encountering difficult tasks.
You can also show your support by training and developing your employees. This way, they will be able to do things effectively and efficiently even when you’re not around.
Focus to improve employee retention today, so you won’t be having any unsatisfied employees causing them to leave you. While we can technically say that all employees are replaceable, it is not an easy process to replace them especially if they are your best talents.