Employee retention should be a priority for any business. If employees are constantly leaving, you have to spend a lot of money on hiring replacements. You’re also losing valued members of the team and productivity drops while you are training new employees. The question is, what can you do about it?
There are a number of simple changes you can make to stop people from leaving and build a strong team of dedicated employees.
Increase Salary and Benefits
This is an obvious one, but it’s worth repeating. Realistically, people are at work because they need to earn a living. That doesn’t mean that people don’t like their jobs, but if they can move to a different company and get paid more money, people will take that opportunity 9 times out of 10. So, take a look at what your competitors are paying and what benefits they are offering. If you fall short, you’re likely to have a high employee turnover. Increasing staff costs will put more financial pressure on the business, but if you are saving money on hiring and training costs, and productivity is increased, it’s definitely worth it.
Host Company Events To Celebrate Wins
When people are doing good work, they want it to be recognized. If people work for months on a big project and at the end of it, you don’t acknowledge it, they won’t work anywhere near as hard next time. Hosting company events to celebrate wins and reward people for their hard work is a brilliant way to make sure people stick around. Spaces like the Hartford Society Room event venue are perfect for hosting these kinds of corporate gatherings. Celebratory events like this also give people a chance to relax and unwind, and form better social relationships with their coworkers, which makes for a better work environment.
Promote From Within
Often, people move to a new company because they feel they’ve gotten all they can out of their current job. If people want to advance and you are not giving them that opportunity, they’re going to find an employer that will. So, when new positions open up, always promote from within where possible. If you bring in an outside hire, people will immediately feel that their hard work hasn’t been recognized and they will never have the opportunity to progress, so they’ll start looking elsewhere.
Deal With Workplace Conflicts Properly
If people feel that they’re being bullied or discriminated against in the workplace and you don’t do anything about it, they will leave because they don’t feel safe. It’s your responsibility as an employer to take a hard line against things like this. Have a clear process in place for reporting any problems, and make sure that you take them all seriously. Make sure that you outline your policy in the employee handbook and let people know that there will be consequences if they do not treat their coworkers with respect.
Employee retention is a common issue for all businesses, and it can be very expensive. But if you make some simple adjustments to the way you do things, you can make sure people stay with the business.