Did you know that the average turnover rate for is 18%? According to Gallup, it is estimated that employee turnover can cost the company up to 2 times the salary of the employee. In today’s economy, it is critical that businesses prioritize retaining top talent.
Here are 3 key factors to improve your employee retention.
- Understand the impact of investing in employee retention.
A higher turnover rate can have costly effects on your budget, with a cost averaging from one-half to double the employee’s annual salary. It also impacts the moral at the company as employees become frustrated with their workload if their team is short-staffed.
It is critical to understand the concerns of your employees and work to ensure that they feel heard and valued in the workplace.
- Review your employee retention strategies.
A specific strategy for employee retention will benefit your company. First, review your current retention strategy to see what areas and numbers need to be improved. Focus on understanding why employees have left as well as areas that your current employees have voiced dissatisfaction for.
Effective strategies to increase employee retention include recruiting the “right” employees, having an interactive forum for employee engagement, having an effective and enjoyable onboarding experience, offering competitive incentives, and more. You can research these strategies more in-depth online to see which one would be the best fit.
- Make sure to prioritize your employee’s overall well-being.
Alongside building a few new retention strategies, employee engagement is a key factor in determining whether or not that employee will stay with the company. A healthy and mutually beneficial professional environment that supports an employee’s well-being is important.
One way to improve employee satisfaction at work is to train your managers to help their teams find purpose at work as well as communicate a clear pathway for career growth at the company. You can also consider implementing a flexible or remote working option. Reassessing quarterly compensation and offering desirable benefits will give your company a better company culture reputation, which is beneficial in recruiting and retaining top talent. Finally, continually note ways you could be going above and beyond for your employees.
You can try out these tips today to increase your employee satisfaction and retention! Is there anything we missed? Comment other tips on employee retention below!
