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Effective Employee Retention Strategies That Work

Friday, 19 October 2018
Effective Employee Retention Strategies That Work
A business’s greatest asset is its employees. Additionally, the cost of hiring and training has significant financial impacts, as well as impacts on employee productivity and morale.
For these reasons, prioritizing employee retention strategies is essential for success.

Here are some effective employee retention strategies that keep employees happily in your organization.

- Create a Culture of Empowerment

Employees who feel appreciated are far more likely to remain at their current workplace, rather than searching for a new job. That’s why empowering your employees and encouraging them to explore new areas, share their ideas, and ultimately treating them like humans can make all the difference. 

Consider investing in an Enterprise Employee Scheduling program, to give your employees flexibility in scheduling and show them that you care about your life outside of work. Open opportunities for growth and encourage them to share their long-term goals, whether or not they pertain to your business.

- Competitive Compensation and Benefits

Compensation and benefits are one of the first things employees look at when considering an employer, and they’re the first thing to consider when seeking a new job. Depending on the size of your organization, you may be limited in what you can offer for monetary compensation. This will trickle over into the health benefits you can offer.

Fortunately, there are other ways you can offer perks to your employees that will factor into their decision to work with you or move on. Flexible hours and vacation, offering wellness programs, and education assistance are just a few inexpensive ways to offer perks to your employees.

- Create a Mentorship Program

It’s not enough to have managers anymore; you need to have effective leaders to take your business forward to new heights and keep your employees engaged. Consider launching a multi-tier mentorship program that pairs lower level employees with higher level employees. Roll this into your strategies for diversity and inclusion. 

The two-tiered approach gives both the mentor and the mentoree opportunity for development and growth. The employee receiving the mentoring will be able to reach their goals, and the mentors will develop their leadership skills, which will be valuable as they advance throughout their careers.
Effective Employee Retention Strategies That Work

- Have an Open Door Policy

A lack of communication is one of the main causes of frustration for employees, whether that lack of communication is between management and employees or coworkers. Having an open door policy will give your employees a direct line to management so that they can share their frustrations and find solutions without bottling up their emotions and becoming toxic.

It’s also important to have strong policies in place about workplace communication while fostering human connection and getting people out of their silos to interact with one another. This might look like set times where email will be inaccessible or having a clear indication of how employees should communicate scheduling needs. 

- Have Strong Hiring Policies

A significant part of being able to keep people is ensuring you hire the right people in the first place. Hiring the right person both for the role and your organizational culture will make a significant difference in your ability to retain them for the long-run. 

To hire the right person, you’ll need to look beyond the resume and assess the whole person. What are their values and goals? Why do they want to work for your company above others? What hidden talents and skills do they bring to the table that even they might not be aware of? By implementing a strong hiring policy, you improve the hiring standards of the organization and hire people who will stay longer.

- The Value of Employee Retention

You can’t undersell the importance of employee retention. Keeping your employees means improved profits, consistency, and the continuity of your business. You create a workplace in which employees can create a strong rapport and build an effective working relationship. By prioritizing the needs of your people, you’ll be able to develop an effective employee retention strategy for your organization.