An improved economy means increased job opportunities. For the average American, this is good news. And while in the big scheme of things, this is good for companies too, it creates the new problem of employee retention.
Here are 5 tips to improve your employee retention:
1. Are you sure you got the benefits package right?
Take a second look at the benefits. Many times, companies will allow the leadership to weigh in on the benefits package. This can be great because usually these individuals have worked their way up the corporate ladder, and so they know what different employees, at different levels want. But this isn’t always the case and sometimes it leads to the benefits package suiting the leadership and their lifestyle, rather than the average employee. This scenario generally applies to medium and larger businesses. With small businesses, the benefits package is often skimped on because of the need to cut corners and save money. If you do this, you will spend much more on recruiting and rehiring because your employees will not stick around for long. Instead, develop the benefits package around the needs of the most valued employees, get input from staff members, and make developing a well-rounded benefits package a priority. One great way to ensure happy employees is to offer perks that encourage team building and a healthy atmosphere. Check out fitli.com, where employees can book a class with a personal trainer directly on the app. If a majority of your employees are working from a desk during the day, offer chiropractic sessions as a perk.
Learn to spot signs of stress in others. If you can spot it, you can treat it. Have an open door policy, and if that’s not possible at least have a suggestion box. Welcome employee input. Ask for it. Have a regular meeting with the entire staff. It doesn’t have to be weekly or even monthly. It should just be on the schedule and made a priority. Use the meeting to open a dialogue and discuss issues or problems employees are facing, maybe with customers or maybe with each other or maybe even with you. Be okay with that and then do something about it. Take action and fix problems.
3. Relax a little
Don’t be rigid. Give employees the flexibility that they need. If they can get their work done, would it be encouraging to allow them to leave 30 minutes early or have a half day on Friday? Maybe consider giving some employees the option of working from home if they’re able to. And if customers or clients aren’t going to be seeing them, think about cutting your staff some slack on the dress code—at least one day a week. Your workforce will appreciate this. They’ll see it as a tightening of the company culture and another way that leadership at their company just gets them.
4. Who said bribery didn’t work?
Just kidding. Sort of. Incentive programs work. When you give people the option to succeed, they often will. This does not always have to be in the form of money, it could be recognition or responsibility.
5. Make sure your hiring strategies actually work
Hire the right people. Too often, leadership will hire someone because of personality. Personality should be considered, but it should not rank high on the list. Hire people with the right skills, the right background and the right motivation. Make sure that you are spreading the word about job openings on recruitment sites, on social media platforms and on your website. You want to cast your net wide. You also want to make sure that you have a clear picture of who you are looking for. Write down the minimum educational and experience requirements. Write down personality traits you think would fit into your workspace, and even better, ones that would improve your workspace. Ask good questions. Questions that will allow the candidates to illustrate their skills for you (i.e. if you need someone who is a critical thinker, ask questions that require that skill).