Retaining employees is essential for every organisation — from global companies to small size businesses. Switching jobs has become easy and simple with the advent of the digital medium as companies can post jobs with just one click and reach thousands of potential candidates.
The fact is well known that companies with high employee retention perform better. As workplaces are getting advanced and competitive, it has become a real challenge for companies to sustain good talent.
It takes strenuous mental and physical effort to hire the right candidate. And after you have hired the best, you don’t want to lose them.
Today, we are going to share a few ways you can increase your employee retention rate and increase productivity.
Offer competitive salaries and attractive benefits
While none of your employees would openly admit that money is among the top motivation factors that get them out of their comfortable beds, it really is the driving force. We are not saying it is the only factor, but yes it plays a pivotal role in retaining employees. Many HR executives believe salary was among the top factors when they were asked the employee the reason for quitting.
Offer your employees enticing salaries. The cost to replace an older employee is going to cost you 130% of the employee salary which is massive.
If you cannot offer a premium salary package. Offer other things which a worker won’t get in a large-sized organisation such as flexibility to work from home, performance bonuses or less working hours.
Create the right culture
Company culture is another crucial factor that plays an essential role in retaining workers. Some people confuse company culture with the company environment, while the company environment means the physical surroundings. the latter refers to the personality of the environment.
How the company has positioned itself among its employees is very important. If your organisation does not feature an ideal culture, your workers will not feel a connection with the company and the loyalty starts with crafting an emotional connection.
Some tips to create positive culture include:
- Set clear goals and vision
- Make all the employees aware of the goals and vision
- Make your employees feel important
- Encourage activities which support teamwork and cooperation
- Thank and reward your best employees
Take regular interviews
Post-employment surveys are significant to understand the work culture. Have a meeting with your workers every month to address their problems.
You can ask them the following questions:
- How is it going with your line manager?
- What do you think about your workload?
- Do you have any suggestions?
Another great way to hear out your workers is by taking an anonymous response. Some people don’t get out of their shells as they are worried about being the ‘bad cop’. To make them more comfortable, you can take anonymous feedback.
Abstain from micromanaging every assignment. Offering a difficult and challenging situation to your employees permits them to take a shot at ventures they have not done previously.
If they achieve it, they feel accomplished, if they don’t, they learn. So, you as an employer win in both situations. This will also give your employees self-validation and a guarantee that they can be trusted.
Many workers don’t favour micromanagement as it takes away the opportunity of them dealing with the project their way. Employees feel they are insignificant. Encourage a two-way discussion and request that your worker devises new plans and ideas. This will make them feel valued.
If you don’t like a plan or an idea, don’t treat it with disrespect. If you do so, the worker may feel intimidated and disheartened. First, recognise their efforts by telling them that you admire the solutions they have provided. Advise your employees that the idea is acceptable, however, it won’t get us the ideal outcome.
As a mentor, your job is to inspire your employees. Provide them guidance and additionally advise them as to how they can improve themselves.
Offer company cars to employees
Increasing mobility, company cars are a great benefit to offer the employees. A private vehicle makes it simple for the worker to reach the workplace.
While it may not be a remarkable thought to offer a vehicle to a junior level worker, offering a car to the senior or executive level employee can produce great results for the company.
The appeal of appearing with an extravagant vehicle in an off-site client meeting will improve the overall personality of your organization. Your clients will get the feeling that you treat your workers incredibly.
Numerous organizations offer corporate car rentals with flexible agreement terms. Another incredible advantage of corporate car rentals is that you have a variety of choices to go through.
If a worker chooses to leave, the bill won’t put much strain on your pocket, as you have the opportunity to cancel the contract whenever you want with zero additional surcharges.