According to the results of a 2019 survey, 75 percent of employees in the U.S. do not plan on staying at their current jobs for more than five years. In fact, U.S. businesses lose approximately $1 trillion each year as a result of voluntary employee turnover.
This is especially worrisome in 2020, where the novel coronavirus epidemic has changed the way most companies have to run their business. Thanks to mandatory lockdowns, businesses deemed non-essential have been forced to close, with many continuing their efforts remotely. Many employees are worried. Many are having a tough time adapting. As a result, it’s more important than ever to support your employees and make them feel appreciated during these times.
To avoid the financial hit and the loss of productivity that stems from voluntary employee turnover, it’s important for businesses to take the needs of their workers seriously and find ways to keep them happy and satisfied with their current jobs. Listed below are ten of the best employee retention strategies businesses can start implementing right away.
1. Onboarding and Orientation that Set Candidates Up for Success
Better staff retention rates start from the second a person is hired.
The onboarding process should cover more than just responsibilities. It should also introduce them to the culture of the workplace and help them learn how they can thrive in their new environment.
Onboarding is the perfect time to sit down with new employees to set goals for the first few weeks, months, and years of employment. This helps them envision themselves being with the company long term.
Make sure they have a chance to ask questions. This will help them feel more comfortable during the transition and make it easier for them to learn the ropes. Be prepared for questions about the company’s structure and future during the COVID-19 epidemic — and make sure you ensure that you’ll do all you can to support them during the company’s upcoming transitions.
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2. Mentorship Programs
There’s no way an employee can learn everything they need to know about their new job during one onboarding meeting or 30-minute new-hire orientation. That’s why it’s also important to set them up with a mentor.
Pairing a new-hire with a seasoned employee gives them a chance to learn from someone who’s been in their shoes and understands the company culture. Furthermore, it allows them more time to ask questions as they arise.
3. Tailor Compensation Plans to Retention/Growth
Workers want to feel that they’re being compensated fairly for the amount of time and effort they’re putting into their jobs. When businesses take the time to put together competitive compensation plans, employees are more inclined to stick around, especially if they know that there’s room for them to grow and earn more in the future.
4. Recognize and Reward Good Work
Employees are much more likely to stick with a job if they feel that their wins are being celebrated. Recognizing and rewarding good work shows workers that they’re valued and appreciated. Recognition is another great tool in your toolbox of retention strategies.
It’s important for the workplace culture to make room for multiple kinds of recognition. A mix of verbal praise and written praise works well for different personality types (some people might feel embarrassed by public recognition but would appreciate a hand-written note, for example). No matter the method recognition is great for making sure everyone feels appreciated. In addition to recognizing small wins, it’s also good to throw in more elaborate celebrations, such as parties and employee appreciation events, to commemorate bigger milestones.
5. Optimize Work-Life Balance
For workers to stick with a job long-term, they need to feel that they have a good balance between their professional life and their personal life. If they’re constantly working nights and weekends and aren’t given adequate time to recharge, they’re more likely to burn out and seek employment elsewhere.
Be aware of the struggles many employees are facing due to the coronavirus pandemic. Many employees who once had their children enrolled in school are now having to take care of their children while getting work done from home. Additionally, many are also dealing with sick family members. Offer a more flexible schedule to accommodate people’s personal lives and specific needs. Flexibility in work schedule, compassion, and understanding are often underutilized retention strategies.
6. Offering Unique Perks
Offering perks can make a workplace more appealing to current and future employees. The perks can be as simple as providing free coffee and snacks in the breakroom. Or as elaborate as offering discounts on big-ticket items (computers, smartphones, etc.). Taking the time to go above and beyond to offer something more helps foster loyalty and keeps workers invested.
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7. Ask for Feedback and Act On It
Healthy lines of communication are essential to a thriving business and high employee retention rates. Employees improve when they feel seen and heard. Consequently, it's critical to have regular access to mentors, supervisors, and managers.
Oftentimes, it can be tough for employees to approach their managers with problems. . That’s why it’s important for managers and supervisors to ask for feedback on a regular basis.
More importantly, after they’ve put out a call for feedback, they need to take steps to act on the requests and concerns of their employees. This helps to foster trust and shows workers that their opinions matter.
8. Communication and Feedback
It’s important for higher-ups to communicate with employees, both new and seasoned. Subsequently, when supervisors and managers take the time to check-in, employees feel that their performance matters. Add high-quality communication to your list of retention strategies for great results!
Using tools like workplace chat apps help to keep the doors open and allow for easier communication between supervisors and the members of their teams. It creates a great place to celebrate small wins and give recognition, too.
It’s especially important to take advantage of virtual meetings, using Zoom or Google Hangouts. For the next few weeks, you won’t be able to see your employees face-to-face and they may begin to feel disconnected from you, their co-workers, and their projects. As a result, these virtual meetings can boost office morale and build up those connections once again. Some companies have even utilized virtual morning coffees before meetings or created channels on Slack dedicated to employee board game nights and other shared interests.
9. Annual Performance Reviews
It’s important to check in with employees on a regular basis. Annual performance reviews give employees a chance to set new goals and reignite their passion. It also gives them another chance to provide feedback to their supervisors.
10. Training and Development
Ongoing training and opportunities for development go a long way when it comes to employee retention. If workers feel that they have room to grow within a company, they’ll be more inclined to stick with their job. Subsequently, they'll work harder in their position so that they can go on to do more later.
Put These Employee Retention Strategies to the Test Today
There are many reasons why businesses have trouble retaining employees. However, these employee retention strategies can make it easier for business owners, managers, and supervisors to provide workers with the support they need to stay engaged and remain loyal to the company long-term.
Companies looking to source talent should consider whether the candidate is the right candidate for the right seat in order to lower the risks that come with employee separation. At HIRECLOUT, we take a holistic approach to sourcing and placing the best tech professionals. We have a proven record of strong employee retention among our placements. Visit our employer page to learn more about why you should be working with a HIRECLOUT recruiter.