Employee retention is crucial for the long run of any successful organization. Losing an employee is estimated to cost the company approximately 6 to 9 months’ worth of that employee’s salary.
Although daunting, the idea of retention is simple: identify the areas that negatively affect your company’s turnover rate. It is essential to improve these aspects to keep a vital part of your organization: your team members. There are several employee retention strategies that you can use to benefit not only the members of your team but also the company, as these strategies can help save time and money.
Develop opportunities for growth and provide the resources needed
Employees will feel valued when given room to grow and develop within the company and themselves. Further, they will think their work is meaningful and crucial to the company’s success.
Providing free resources and tools, such as online courses, workshops, seminars, etc., is an excellent investment for the company as it allows employees to grow and more than likely stay within the organization. It is important to remember that not all resources and tools have to be expensive. Sharing your knowledge and being a mentor or guide to employees does not cost much, but it will provide them with invaluable information.
Offer and receive feedback
People need positive and constructive feedback to grow and offer their best work. Give employees positive feedback often to motivate and boost their self-confidence for better results. Address any problematic behavior or action immediately through corrective and constructive feedback.
As an owner, CEO, or upper management, don’t forget to be open to receiving feedback. Members of your team want their thoughts and feelings to be heard. Using employee engagement surveys can ensure that you get valuable information from your team members. Results can be discussed with the entire organization, along with action plans to improve certain areas. High levels of employee engagement can boost revenue sales, and creating a work environment where employees feel comfortable sharing their thoughts and ideas can increase engagement.
Offer competitive compensation
In terms of employee retention, offering competitive wages and benefits can help your team feel like their input and work is valuable to the company. While salaries do not have to be the highest in the area, they should be among the top. If you are unsure of the current wages, research what a competitive salary is in your area and determine if you need to make any adjustments. It is important to remember that lower paying salaries can result in the top performing people leaving the company, resulting in lower performing employees accepting that particular job.
For more information, contact us today
At Kona HR, we understand the importance of HR management and how it can assist in accomplishing the company’s goals. We will provide a strategic and comprehensive approach to managing the workplace culture and environment.
Learn more about our HR management here: https://www.konahr.com/hr-management