Ways to Improve Employee Retention

Some employee turnover is to be expected in any business. However, if employees leave in large numbers, it could signify a problem within your company. Retaining top talent and building a consistent team is essential to keep your business operating smoothly and efficiently. Here, the team at AMNY Recruitment Marketing provides insights into what affects employee turnover and ways to improve employee retention.

Why Do Employees Leave?

Some employee turnover is inevitable because people move, relocate, or retire. However, a high employee turnover rate with people leaving their current positions for other opportunities signifies a culture problem within your company. The reasons employees leave are usually manageable factors you can change to help improve your employee retention rate.

Most employees value four things at work: value, purpose, certainty, and belonging. If an employee feels underappreciated and overworked, the stress can make it difficult for them to maintain a healthy work-life balance. This lack of balance can lead to emotional and physical problems which may lead them to quit. Other common causes of employee turnover include:

  • Poor management
  • Negative company culture
  • Inaccurate job descriptions
  • Lack of career advancement
  • Disengagement or boredom with their current work
  • Perks, benefits, or salary that aren’t competitive or financially sustainable

When one employee decides to leave for the above reasons, it causes a cascading effect that can harm your business. The remaining employees must handle extra job responsibilities, compounding their stress which can lead to further departures as stressed-out employees test the job market.

Employee Retention Strategies

Studies have shown that it takes more time and money to recruit and train new staff than it does to keep existing employees. A low employee turnover rate is not only ideal for your business, but it also signifies a healthy work culture. There are several strategies you can implement to help lower employee turnover and increase retention, including:

Prioritize Your Recruitment

Developing a healthy culture with low turnover starts with making sure you hire the right people. That means hiring qualified individuals who fit your company’s values and goals. You want your job descriptions to be accurate, so they’ll resonate and reach ideal candidates.

You should also review your recruitment policies and practices. If people from diverse backgrounds are not applying, you may need to tweak your recruitment strategy. The wider and more diverse your candidate pool, the better your chances are of finding the ideal candidate.

Invest in Onboarding

Once you’ve found the right people for your open positions, you need to train them properly. Providing proper training and surrounding them with knowledgeable colleagues helps ensure they feel confident in their skills, abilities, and job performance.

During the onboarding process, you don’t want to only train new hires on their responsibilities — you want to provide them with information about your company culture. This early introduction allows new hires to set themselves up for success so they can thrive in their positions. Additionally, this early support helps employees feel valued and wanted from day one.

Ask for Feedback

Great communication is essential to every successful business. You want to create a thriving company culture that encourages open communication. Give your employees regular feedback and use meetings and employee surveys to learn about the needs and concerns of your employees. Once you receive feedback, listen to their concerns, and do what you can to resolve them. Addressing your employees’ concerns helps them feel valued and increases their loyalty.

Motivate Your Team

You want your current employees to feel motivated, valued, and engaged. Recognize their hard work and encourage them to take on new projects. If you provide your employees with advancement opportunities and training, they will feel stimulated and appreciated. Employees who feel challenged yet supported at work are more likely to stick around.

Review Benefits

Offering a competitive rewards and benefits package that recognizes your employees’ worth and market value can help improve employee retention. While employee compensation does depend on your budget, you still need to review your employees’ salaries and modify them whenever you can. Reward employees for honing their skills and using their expertise, and if feasible, offer yearly raises.

Improve Employee Retention With AMNY Recruitment Marketing

Businesses prefer stability over change, and achieving stability starts with employee retention. If you notice a high turnover rate, AMNY Recruitment Marketing can help. Our tools and capabilities can help you find candidates that fit your company culture and market to a diverse pool of candidates. We can also provide you with resources to help you improve employee retention and overall success. To learn more about our team of creative professionals, analytic gurus, and caring strategists, contact us today.