The New Year is always a great time for a change, and many workplaces experience this as their team changes. Improving employee retention can be challenging since people who are working at a workplace will often be tempted to make changes, including changing their workplace. It’s a good time to make a change after all, right?
However, employers are now actively countering this factor by improving employee retention rates. On average, it can take as much as 30% to 50% of an employee’s annual salary to find their replacement. Businesses are realizing that it is more affordable to start focusing on not only getting but also keeping the right employees at their workplace.
This can be seen by the fact that more businesses are offering employee perks that keep employees happy, focused and invested in the business. The following are a few ways that they have started to do this:
1. Investing in Training
Many employees change their jobs because they feel like they’re not growing with a business. When these feelings of stagnation grow, a business can lose their top employees who want to explore greener pastures. However, investing in training programs is a better idea as it helps in improving employee retention. By offering accredited training courses with certifications and more, employees feel a sense of loyalty towards the business.
2. Offering Flexibility
Flexibility in timings, mode of work and also their ability to leave early on a particular day also makes employees happy. Plus, it works both ways. If you can call in your employee early for a shift, it shouldn’t be an issue if they need to leave early for a day. While you do need clear guidelines to make sure that no one is abusing this privilege, you should still take the time to offer. Remote working is also a great way to offer your employees the chance to not miss out on a day of work if they have to go somewhere.
3. Unique Perks
Your company perks should be front and center in attracting employees and improving employee retention. These perks can be ones that aren’t offered anywhere else. For example, Google gets the cream of the crop because their perks include paid lunches, kid’s daycare, nap pods, and other creative perks. Once you are able to accommodate these perks, you’ll find that your employees will stay because they cannot get that perk anywhere else.
4. Improving the Culture
Employees are greatly affected by the work culture, and they are more likely to stay in places which have a positive work culture. Workplace bullying, office politics, gossip and more can make the place undesirable for many. It’s a good idea to use positive reinforcement of ideas and traits you want and take strong action against others that you don’t like.
The good news here is that more workplaces are incorporating these trends and focusing on improving employee retention. So, this year, if you feel like your employees are getting itchy feet, take some time to make sure that you’re doing your best to give them a reason to stay.
