August 7, 2019
Tips for Maximizing Your Employee Retention
Every employer dreads the day a valued and valuable employee knocks on their office door with bad news: they have been offered a new position at a different company. How do you ensure this situation never happens to you, you might be asking?
Well, while you may not be able to prevent each and every one of your beloved employees from handing in their two weeks’ notice, there are steps you can take to maximize your employee retention. Here, the Wise team explains a few small changes that can result in stronger workplace loyalty.
Provide Flexibility and Freedom
Statistics show that over 35% of employees would leave their current employer if they are not offered some flexibility in their schedule. That’s over a third of employees who feel they do not have enough freedom in their workplace! Many employees have families to take care of and personal responsibilities to attend to, and it can feel suffocating for employees who feel constrained and unable to handle other responsibilities outside of work. When you give your employees flexibility in their schedule, such as work-from-home days or the ability to take personal time in hours, you are more likely to see increased productivity and employee retention.
Pay a Fair Wage and Offer Rewards
Even the most loyal and diligent employees may leave their position at their company if they are offered a higher wage somewhere else. Therefore, one of the best ways to ensure your employees remain loyal to your company is to pay them a salary competitive to other positions in the industry. Provide employee bonuses as incentive and offer raises for superior work—your employees will prefer to remain at a company where they feel appreciated and paid appropriately.
Help Employees Reach New Milestones
Sometimes, employees decide to leave a company for reasons other than the desire for an increased wage. Many employees wishing to switch companies mistakenly believe to move up in their career, they need to leave their current place of work. In reality, picking up and moving to a different company is not always the best way to achieve the next big career milestone. To avoid this pattern, help your employees create a detailed plan that allows them to move up in their career while remaining with the company. Creating individualized career plans with your employees will maximize the chance that they remain with the company while also helping them feel valued.
Understanding what is important to your employees may not be as straightforward as what we have described above. You may be thinking, ‘We are already doing all of this and are still losing good people!” That is when it’s time to dig into your data through analytics to uncover trends. Could it be related to individual supervisors? Benefit costs? Commuting distance? PTO policies? The power of analytics allows you to test each of these theories against your data and make changes that can truly impact employee retention and your bottom line!
Learn More with an HR Professional at Wise Consulting
If you are a manager, chances are you have had to deal with losing valuable employees and handling the frustrations of employee turnover more than once. By enlisting the help of a Wise consultant, you can understand what your data may be telling you to optimize your employee retention rates and provide the working environment your employees most value. If you want to explore these ideas a bit more, contact the experts at Wise Consulting today!