5 Ways To Improve Employee Retention

March 21, 2023
Photo by Austin Distel on Unsplash

Acquiring talented workers is only half the battle. For many business owners, the hardest part of employee management is retaining their best workers. How can you sell your best employees on sticking around long-term? The five tips below should help.

1. Create an Engaging and Inclusive Onboarding Process

Did you know that 16% of new employees leave their companies within two years of their hiring date? Why do so many new employees decide to leave that early? In all likelihood, a faulty onboarding experience contributes to those early departures.

If an employee never feels like a company made the effort to make them feel welcome, they won’t develop that initial attachment. New workers may also have a hard time getting acclimated because they don’t know who to ask for certain things. It’s your job as a business owner to protect your new hires from those unpleasant experiences. Crafting an onboarding process that helps new hires feel at home faster is a must if you wish to accomplish that goal.

2. Offer Your Employees Stability

Put yourselves in the shoes of your new employee for a moment. You’ve just started a new job and two months later, you hear that your company is moving. After feeling like you’re finally settling in, management rocks your world by forcing you to change your daily commutes.

Companies are also known for moving frequently. According to Simply Self Storage, corporations account for 38% of moving companies’ customer base. If you cannot give your new employees some sense of stability, it’s hard to blame them for moving on as well. Perhaps opening another location instead of moving is the move if you want to retain more of your employees.

3. Give Your Employees Proper Work-Life Balance

Employees are often under a lot of pressure. Those in especially competitive fields may feel like they cannot take a break out of fear that some new hire can replace them. Fostering healthy competition between departments is one thing. Pressuring your employees to always push themselves to the limit is another.

You should be mindful of giving your employees a proper work-life balance. Encourage them to use their vacation days and assure them that nothing about their status at work will change. When employees are off the clock, respect their boundaries and leave them out of work-related discussions. Allow your employees to enjoy a good work-life balance so they will have no reason to seek a new job.

4. Present Your Employees With Enticing Benefits

About 90% of employers offer their workers 401k defined contribution plans. Those retirement plans are great, but they won’t wow your employees. As a business owner, you should be open to offering more significant benefits to keep your employees around.

For instance, you can be more flexible when it comes to working arrangements. Give your employees the option of working from home if their position allows for that. You can also make it easier for your long-term employees to obtain pay raises so they will have another reason to stay. Basing benefits on the specific needs of your employees is another idea worth considering.

5. Take Internal Conflicts Seriously

Conflict in the workplace may not exactly be inevitable, but it’s close to it. How you respond to internal conflict as the boss could affect your ability to hold on to your employees. You must take those conflicts seriously.

Listen to all of the parties involved in a conflict and make decisions based on the facts available. Bringing in a third-party mediator could also help with resolving those conflicts. Let all of your employees know that you handle those matters fairly. Even if they may disagree with your decision, they may grow to respect it and opt to stay.

You can keep your employees around long-term by coming up with ways to improve their working experience. The suggestions in this article will surely help. Pick up more ideas for improving your business by checking out our website!

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