Employee retention rate is something on the mind of all business leaders. While a larger business can often make do with fewer employees for a brief period, it can be detrimental for a small business to have fewer employees than they need for even a short time. Not to mention the costs of onboarding and offboarding employees can be difficult for small businesses to cover. Because of this, you want to boost employee retention as much as possible. Here are a few ways to do just that:
If you want employees to be committed to your company, you need to help your employees be properly engaged in their work. This can be achieved by providing exciting learning opportunities and encouraging employees in their projects. When employees are fulfilled by the work they are doing and like the people they work with they are more engaged. Additionally, you can increase engagement by enforcing work-life balance to prevent burnout.
Build Career Paths
Employees are more likely to stay with a company that makes their career a priority. Outline to your employees how they can grow by staying with your company. This can include raises, increased responsibilities, or learning opportunities. People like to improve, so helping your employees reach their full potential will make them want to stay with your company.
Give Positive Feedback
Your employees will want to leave if they feel their work isn’t properly appreciated. Whenever an employee finishes a difficult project, overcomes a challenge, or makes a meaningful impact, make sure to recognize them publicly for their good work. Positive feedback can also include regular praise for key contributions in meetings and projects. When your employees see how much you appreciate their work, they won’t want to work for anyone else.
Offer Great Benefits
Another way to show your employees how much you care is by offering them the benefits they need and want. This includes traditional benefits like health insurance and paid time off, but also can include anything from flexible scheduling to a wellness program. Ask your employees what benefits would be best for them and do what you can to accommodate those needs. Employees who feel their needs are met aren’t likely to leave.
Though you can’t put an end to all resignations, you can increase employee retention. Follow this advice to create a workplace employees want to stay in.