Employee retention is usually accepted to be the sum total of efforts that go into retaining, or keeping, staff working within a business. Employee retention is tracked by most companies because losing staff and especially in large numbers, is disruptive to a business and quite expensive to boot. This is the reason employee retention training is gaining in importance, nowadays. High employee attrition costs your business as it needs to spend time and money filling the vacant positions and training up new employees. Additionally, a high turnover can also make the remaining employees more stressed out as they have to fill in the gaps until and unless a new employee is hired and trained. Moreover, losing staff in good numbers can often considerably minimize the employee morale and cause a group of people leaving because they watch their colleagues doing the same thing.
So is your employee retention at its apex? If yes, then congratulations! But, if you are one of the many businesses that witnesses high employee turnover as an issue, you might wonder what you can do to retain your most valuable employees. In today’s cut-throat competitive business world, top-notch talent is in high demand. So if you are not making your top employees happy, another organization might come along to steal them away from you. Hence, we have come up with some important tips that will ensure that your employees are around for many years to come:
- Hire Carefully
Before you begin to retain your employees, you need to make sure that you have hired the right employee to begin with. So it is important to vet candidates, not just to ensure that they possess the right skills but also they fit well with the culture and management of the company. An often ignored aspect is the credit. Yes, a candidate might have items on his/her credit that are worth paying heed to. It might also lead to a more engaged and authentic conversation about the obstacles the candidate has actually overcome.
- Provide a Good Benefits Package Salary
If you want to keep top-notch talent, obviously you will be required to pay them well. However, salaries offered are based on the following:
- Employee skill and experience
- Geographic location
- Supply and demand
- Employee seniority
Remember, a high salary is not always the deciding factor when employees look for employment elsewhere. You have to offer additional perks like flextime and the option of telecommuting that meet the needs of your employees.
- Provide a Cozy Wok Environment
Obviously, employees want to feel safe and comfortable at work. Therefore, it is important that your office is properly ventilated, well-lit, and at an optimum temperature. Moreover, you also need to have a culture that complements your industry, engages your employees, and also motivates them. Hence, you need to find a way to communicate your vision and always remember to put your people at first priority.
- Provide Specialized Training
You must provide skill enhancement training to all your employees. With technology and innovation gatecrashing the 21st century, ne development, news selling strategies, and the huge influence of internet are some of the important reasons to keep your permanent employees in the loop. Here are some of the ways to keep your employees well-trained for the job they are hired for:
- Computerized training
- Seminars and webinars
- Pamphlets, articles, and books
- Mentor programs
Apart from the above tips, it is very important to listen to your employees. You can learn a lot when listening to them. It is imperative to spare few minutes to find out what exactly is going on with your employees in both their personal and professional lives. Do not forget to reward your employees because praising employees for accomplishing business performance goals is one of the most effective ways to make your employees feel at ease, which further will make them want to stay with your company for the long run. And above all, employee retention training can also prove beneficial for your business enterprise.