How to Improve Employee Retention
Recent years have seen employee retention becoming increasingly important. This, in part, is because acquiring talent has become harder due to soaring employment rates and the growing gig economy meaning that it’s more vital than ever to keep hold of the staff members you’ve got.
With COVID causing remote working to become the new normal, leaders have to engage their employees through screens and clever communication. This is a key time in making sure that your employee retention scheme is as tight as it can be.
There are a number of strategies that can be employed for good employee retention. These include the following:
1. Compensation and benefits
To keep a valuable staff member, you may have to offer them more than a competitive salary and basic benefits. Rewarding employees based on their performance demonstrates that you understand their worth and fosters feelings of appreciation.
2. Clear communication
Good communication is always key, and it can do wonders for ensuring that staff members feel up to date with an organisation’s goals and aspirations. If an employee understands the bigger picture and how they contribute to it, then they are more likely to be committed.
3. Improve Work-Life Balance
Work-Life balance is one of the most important benefits you can give your employees. Recognising that they have a life outside of their work and supports it means they are more than likely to want to stick around for longer. Consider offering little flexibility or an earlier finish on a Friday.
For more on the topic of employee retention, including additional strategies and what the real cost of staff turnover is, download our free Guide to Employee Retention.
To get in touch with the team at Howarth Morris to find out how we can help you improve your employee retention strategy, email us at firstname.lastname@example.org.