So what are you doing to improve employee retention in your company? The fact is, there's no single silver bullet that will make all of your employees want to stay with you forever. But there are certain things to look at when you want to improve your retention rate.
Hiring
First of all, great employee retention means, in part, that you're already hiring the right people: employees who want to work with you and have the skills to succeed. So take a close look at your hiring strategies and history: are you hiring people with a history of reliability? If a candidate has hopped from job to job in the past, they're likely to hop right away from your company, too. Next, see if the people you hire are demonstrating a strong desire to work for you. Did they apply because they need a job, or because the position involves what they're passionate about?
Onboarding
It’s estimated that one-third of employees know whether they’ll stay with their employer long-term after only their first week of work — which means your first impression is crucial. Confident and qualified employees are more likely to stay, so take a look at your onboarding strategies to ensure a good start. Are they set up in a way that helps employees succeed, or are workers thrown in the deep end and expected to figure things out for themselves? Look at your onboarding processes and make sure that new employees are given thorough training — and make sure they know what the company expects from them.
Company Culture
Employees are on the clock and working for you for forty, fifty, or even sixty hours a week, a significant chunk of their time. Is it enjoyable, or do they dread weekday mornings? Company culture can be a tricky thing to improve if it’s in bad shape, but it’s worth focusing on. Take the time to talk with employees about their day-to-day experience in the office, and you’ll undoubtedly notice themes that you can probably do something about. Perhaps increased flexibility in work hours is called for, or a change in the office layout to foster more open communication. The bottom line is that happy employees are productive employees, and also less likely to quit.
Professional Growth
Nobody wants to work in a place that doesn't value them and provide them with new opportunities. In 2015, employees who had opportunities for professional development were 10 percent more likely to stay at their current jobs. Even if there isn't a chance for a promotion right away, providing training opportunities so your employees can improve and learn new skills can go a long way in making them feel valued and engaged. Plus, it's a great way for you to invest in your people so that when a higher-level position opens up, you already have the perfect person.
Data
You need to be tracking your company's retention and turnover to know where the problems lie. Keeping abreast of where employees are going and why they are leaving gives you the ability to find the source of the problem and fix it. You might find that most of your turnover occurs under a specific manager: after all, in general, people don't quit companies, they quit managers. Find out which managers have the highest turnover, and help them develop ways to work with their direct reports better — or take other measures. Exit interviews can be a great way to find out why employees are leaving. You will also want to know how your company's retention rate stacks up against others in your industry to know where you stand.
Benefits
A great benefits package can't entirely make up for toxic managers or a stressful work environment, but it can certainly help retain employees. And unsatisfactory benefits can drive employees away as well. Study after study shows a strong correlation between good benefits and higher retention — which means it’s important to figure out what “good benefits” look like to your employees. Offering a wide range of options and helping your employees fully engage in the benefits selection process can demonstrate that you care about their needs, and that will go a long way toward keeping them around.
Keep the lines of communication open so you know what your employees need and want, and consider contacting benefits consultants who can help develop a benefits package that makes employees want to stay at your company.