One of the many commonalities you will find among the most successful businesses is that they know how to retain their top-notch employees. It’s no secret that turnover is costly for companies both in terms of monetary expenses and employee morale. After all, it is more expensive to recruit, hire, and train replacement employees than it is to retain existing ones. Additionally, decreased morale often results in decreased productivity. Now that you know why retention is imperative to a successful business, let’s discuss some employee retention strategies and best practices:
Use a highly selective hiring process. It’s a simple concept: before you can retain your best employees, you must first ensure that you’re hiring the right talent. Begin with careful screening and vetting of candidates. This process might include a background check, drug screen, credit check, employment verification, education verification– or all of the above. Additionally, while you’ll want potential employees to have the necessary skills and experience required for the job, you’ll also want to consider whether or not they’re the right fit for your company’s culture.
Benefits matter. One of the most important steps you can take to help ensure employee retention is to offer a competitive benefits package. What’s considered competitive? Health insurance and life insurance, for starters. Most employees prefer to work for a company that offers a retirement savings plan too. If you want to place your company among the ranks of the most desirable places to work, consider offering additional perks like flextime and the option to work remotely.
Offer an attractive working environment. Employees want to work in a friendly atmosphere that is both comfortable and inviting. Consider creating ergonomic workspaces that let in as much natural light as possible. Make sure that the office is neither too hot nor too cold. Remember: the atmosphere of your office should reflect your company’s culture.
Invest in your team. When employees feel stagnant in their jobs, they’re much more likely to turnover. Therefore, it’s worthwhile to invest in your employee’s training and development. Give them opportunities to learn new skills and obtain certifications. There are a variety of ways you can offer training to your staff, including workshops, seminars, mentoring programs and computerized training.