5 Tips to Improve Employee Retention
It is clear that in today’s complex workforce, there are many facets to ensuring your organization’s stability and long term success. One of the most expensive yet often overlooked problems is employee turnover. High employee turnover can impact a work place in multiple ways. Perhaps the most obvious is training costs, as well as the cost of recruiting and interviewing new prospective employees, but turnover also affects the existing employees by resulting in overwork to accommodate for the gap in coverage, knowledge loss and lower overall productivity.
Here are a few of our top tips to help improve employee retention within your organization:
Flexibility within a workplace is key- things like offering flexible vacation options and allowing employees to exercise some control over their schedule (i.e. allowing shift trading, or accounting for preferred and non-preferred shift times during schedule creation) can go a long way towards ensuring that employees remain engaged, and therefore happy being a part of your workforce. As well, if telecommuting is an option, this is also a great way to achieve this goal- as Meghan M. Biro states in an article written for Forbes “Workplace flexibility is an awesome leadership tool. Use it.”
Arguably one of the most important aspects of maintaining a positive, efficient and productive workplace is maintaining a favourable workplace culture. Research shows that there is a strong correlation between workplace culture and employee happiness/ feelings of being valued by their workplace.
Ensuring open communication between all levels of management and employees, reasonable policies (i.e. equitable scheduling, resolutions towards solid work/life balance, and fair employment policies), clear workplace values as well as hiring individuals whose personal characteristics fit your organization’s values are all part of creating a safe and friendly environment.
A 2015 study from Care.com found that 62% of employees would leave a job for a comparable position at another organization with better benefits, while Bamboo HR reports that 74% of employees polled in 2014 want better benefits.
Strive to offer your employees workplace benefits that will allow them to feel engaged and valued- not only medical and dental benefits, but also corporate wellness programs such as fitness coaching or gym memberships, incentives to living a healthier lifestyle, and stress reducing initiatives.
The best workplaces strive to hire the best employees to fill their workforce. Looking at factors like job histories, skills and experience as well as interviewing with specific characteristics, values and goals in mind will allow hiring managers to find individuals who are not only competent and suited for the job, but suited to fitting into the workplace environment as well. In addition, hiring the correct people is a key component of maintaining a positive workplace culture.
Offer Training and Guidance
Many times, newly hired employees are expected to be fully trained and up to speed on their position’s requirements. It is important to invest organizational resources into ensuring that employees feel supported, and clear about their role and its associated requirements and expectations. In addition, offering training opportunities will help ensure the employee feels that the organization is invested in their success.