How to Create an Effective Employee Retention Strategy

Posted June 30, 2018

Employee retention is one of the most crucial parts of running a successful business. Things are tough when an employee resigns, and ensuring you have the least turnover as possible can be a challenge. Fortunately, you can develop an organized strategy to keep employees happy. Below, we’ve outlined a few tips for creating an effective employee retention strategy.

The benefit of benefits

What does your benefit package look like? Take time to reassess what you’re offering employees, as this is one of the most important reasons why employees choose to stay with a company. On top of the traditional benefits that employees expect to receive – like competitive salaries, health insurance, time off, family leave, and retirement savings – it’s good to offer newer benefits that are gaining popularity amongst the workforce. These include things like flexible schedules, in-office benefits like snacks and coffee, and other extras like gym memberships. Your culture is defined by what you’re giving your employees, make sure it’s powerful so your employees know how much you appreciate them.

Communication is key

Employees stay with companies that make them feel comfortable about expressing their opinions, whether that’s with other employees, bosses, or managers. Open channels of communication are vital to building company morale and allowing employees to feel like they can be honest and most importantly, heard.

Invest in your employees

Not only do you want to keep you employees educated and growing in their respective roles, but it’s something they undoubtedly want for themselves, as well. Invest in your employees by offering opportunities for them to take classes, attend industry conferences, or explore other further learning opportunities. Training and development is beneficial for both you and your employees. If you show them that you care about their growth, they’re more likely to stick around.

Constantly evolve

If you aren’t always growing and learning from you employees, you may get stuck in a rut that will cause them to leave. Make sure employees have a way to let you know what is and isn’t working about all aspects of your company. Employee satisfaction surveys are a great way to assess, and there are many online resources you can use easily gather this information, like Google Surveys or SurveyGizmo. Exit interviews are also a good way to understand why an employee left, and can help you redefine the employee experience in an effort to keep your team around longer.

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