The Top 7 Things That Improve Employee Retention

Chris Goodwin, SHRM-SCP

 

Employee retention is a problem for a lot of companies - especially in the current job market. With the demand for experienced individuals at an all-time high the temptation to leave is huge. And the abandonment isn’t always because of salary. Businesses that are serious about retaining their talent must do a thorough review and determine what it is that makes employees want to jump ship.

 

Your company’s ability to retain your employees creates a more stable and productive workforce. Higher employee retention rates translate to successfully achieving your business goals and having more sway when it comes to recruiting new hires. A well-executed employee retention strategy that proves itself through the company’s ability to hold onto talent also allows you to operate without the disruptions that surround employee turnover. 

 

Why Talent Jumps Ship

So what is the key to holding on to top talent and retaining employees who are valuable to your operations, even in the face of record job openings? Well, the first step is to move beyond the idea that talent leaves solely for pay-related reasons. That’s not always the case at all. According to a report published in the online human resources management website HR, 88% of employees leave their jobs for reasons other than pay. However, 70% of managers believe employees resign over pay-related issues. Here are the top 7 reasons employees choose to move on:

 

1. The workplace and/or position for which they were hired is not what they expected.

2. The employee doesn’t feel like they are a good fit with the company.

3. Training is weak, coaching is weak and there’s very little opportunity for feedback.

4. Not enough opportunities for growth or advancement.

5. Employees don’t feel appreciated, valued, or even seen.

6. Poor work/life balance, too much stress, unreasonable demands.

7. No confidence or trust in upper management and senior leaders.

 

Top 7 Methods for Improving Employee Retention

 

Keeping employees happy and earning their trust and confidence keeps your team solid and moving in the right direction. Here are the top 7 methods for retaining your employees even when there are opportunities elsewhere.

 

1. Training, Onboarding, and Ongoing 

You recognize your new hire won’t arrive fully credentialed and trained to seamlessly begin their work to your satisfaction. That’s where training comes in. Make sure you have a thorough training program in place. Encourage questions and feedback. The same applies to your onboarding process. The more new employees understand and know from the beginning the easier they will fit in with their fellow team members. Take their training seriously. 

Offer continued opportunities for employees to attend learning centers or e-learning that’s relevant to their job, if necessary, on the company. Your new hire will recognize any personal investment as an example of how much you value them.

 

2. Mentoring and Guidance

Provide consistent feedback and guidance so the employee doesn’t feel abandoned or confused about their role. Pair the employee with someone who is more experienced in the skill they need to acquire; a mentor. Set specific competency goals and schedule regular meetings with the employee so together you can design an individualized career development plan.

Of course, you need to be careful as too much attention to one employee can inadvertently end up punishing the more competent employee and that creates resentment. Check-in periodically with the mentor and offer them a guiding hand as well.

 

3. Create and Keep a Healthy, Positive Culture

Take a look at the type of employee you seek to hire. Think about the workplace culture and how it aligns with the traits and values you want in an employee. In order to attract the right employees, you must create an environment that appeals to them. All businesses value respect, honesty, and a team that works well together but what other attitudes are high on your list? Whether you value a strict work environment or a more laid-back workplace, you determine the culture and the culture attracts and retains the like-minded.

 

4. Demonstrate Your Appreciation

The majority of employees don’t quit companies, they quit bosses. So, make sure management and those in leadership show their appreciation for their hard-working teams through bonuses, compensation PTO and the proper “attaboys”. Cultivate an atmosphere of reward and gratification. Show your employees they matter and they’ll do all they can to be successful.

 

5. Pay Attention from The Beginning

In initial interviews, most candidates offer a glimpse into their “staying power”. Pay attention. Do you have a potential job-hopper or have they moved on in the interest of advancing their career? Look for someone who’s interested in growing with your company, not using the experience as a springboard to go elsewhere.

 

6. Provide Opportunities for Growth and Advancement

Give your employees all the tools they need to grow with your company and advance their careers internally. Provide workshops, certification opportunities, online classes, and any other tools they may need. Employees value and stay committed to organizations that invest in their growth and encourage advancement.

 

7. Recognize the Need for Work-Life Balance

Your employees are your greatest asset. But if they burn out from feeling overworked, stressed and meeting demands their productivity wanes and eventually they leave. No amount of monetary compensation is worth that kind of stress. Consider offering compensation days (PTO), compressed workweek or work-from-home opportunities, and flexible scheduling.

 

Consider unique and exciting rewards that help achieve work-life balance. Weekend get-aways, theme park passes for families, gift cards to restaurants, and the like are great ways to demonstrate that you recognize they have a life beyond the workplace.

 

Employee Retention Begins With You

The key to employee retention is having a workable retention strategy in place. If you prioritize your workforce your employees will notice. Foster an environment that’s stimulating, motivating, and affirming to your team members. Respect their opinions and be available to listen to them and provide feedback. Assist your employee with advancing their career. Show them you appreciate them.

Employees are most content in their jobs when they feel a sense of trust. Trust is important in all relationships but the employer/employee relationship thrives when there is trust and confidence in leadership. Your retention strategies come with a huge payoff; your employees stay within the organization and you avoid the high cost of turnover.

 

Implement Your Retention Strategy and More

For more ideas on how you can implement the best methods for employee retention contact Cornerstone Coaching and Consulting. We focus on bringing workforce solutions to small businesses. From HR services to administrative tasks and training and development to help achieve your business goals, Cornerstone Coaching & Consulting is here for you. Contact Cornerstone Coaching & Consulting today and let’s get started.