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5 Ways to Manage Employee Retention

by / ⠀Blog / September 2, 2022
manage employee retention woman closing business

Employee retention is crucial to a successful business. Employees that feel well supported in their organization are not only more likely to stay, but more likely to recommend the company to others. With the right strategies in place, you can make your employees feel like a critical part of the team, help keep them with the company for the long haul, and manage employee retention.

1. Invest in Your Employees’ Career Development

As a business owner, some of the characteristics you might look for in a prospective employee are drive, work ethic, and potential. These employees can bring a lot to the table. Not only do these characteristics lead your employees to want to grow the company they work for, but they often have strong personal goals they want to work toward.

As a business owner, you’ll want to have programs in place to foster this mentality. Thinking long-term for your company and your people, you want to be the one to offer them a career they can be proud of with consistent opportunity. If it only feels like a job to your employees they may already be looking for what’s next.

As an organization looking to manage employee retention, you should consider individual development plans for your staff. A development plan helps employees have actionable steps they can take to grow their skills.

Not only does taking the time to invest in your employees’ training benefit what they can do for the organization, but it can help keep them motivated. Investing the time and resources to have these honest conversations about your employees’ goals and where they fit within the organization can help them feel that their work is meaningful and trust that it can take them somewhere exciting.

2. Empower Your Managers

Employees that stay at organizations feel supported by management. As an organization, you want to ensure that all of your employees feel empowered to do their best, especially those in management roles. This helps to manage employee retention. Empowered people empower others. When managers feel confident and comfortable in their role, they can lead their team effectively instead of projecting any feelings of confusion or stress.

Manager relationships are critical to the success and satisfaction of employees. A survey found that “40% of employees that don’t rate their supervisor’s performance highly have interviewed for a new job in the last three months.” Even more so, another survey claims, “60% of employees think managers need managerial training.” 

As a business owner, teaching your managers to be strong leaders and role models will carry benefits from the top down. Employees will be more motivated to do a good job in support of their manager and team when they feel connected and comfortable in their relationship with them.

3. Offer Recognition Consistently

Employees that feel recognized and appreciated for their hard work are more likely to stay at a company versus employees who don’t. It helps them to feel that their work is meaningful and they are making a difference to the company. It reinforces the idea that their commitment and work ethic are noticed. Also, it creates an inclusive workplace that allows people to feel a part of a team. Better yet, employee recognition can relate to greater company goals which is a key component of employee engagement.

Employees want to feel that they understand the mission of the company they work for and how their work matters. Recognition can go a long way in reaching those greater goals. Especially on your end to manage employee retention. Employee achievement can be highlighted through conversations surrounding their impact on your company’s work and client relationships. These positive conversations can bolster your employee’s work and drive their confidence toward new goals.

Some great events to celebrate include goal achievement, innovative ideas, and long-term dedication to the company. Recognition can be tangible with gifts or compensation, but it can also come in the form of praise. Genuine callouts whether they be team, department, or company-wide can be incredibly impactful to all employees. Not only does one employee feel seen for their accomplishments, but other employees can be inspired by the progress of others. Then, they feel motivated to push for the same results. 

4. Consider Your Benefits

In today’s competitive job market, employees are more particular than ever before about the benefits they can receive from their place of work. Keep this in mind to manage employee retention. Part of employee satisfaction requires that you hear what employees want from their workplace. Then, try to meet them in the middle. 

Benefits

Some of the most commonly offered benefits that most employees might expect to see in a full-time position include health insurance, dental insurance, vision insurance, and life insurance. Then, there is a retirement account, such as a 401k. Here, an employee can contribute a percentage of their salary to be saved for retirement later on. You can match the contributions your employees put into this account as an added benefit.

Other benefits include paid time off, paid holidays, and paid medical leave. These are especially important to employees who want to understand the culture of the company they are going to be working for. How you handle time off says a lot about your values and the relationships you have with your workers. 

Additional Benefits

If you’re looking for a leg up as a company, there are additional benefits that have taken over the current work landscape. In addition to health or life insurance, you could offer your employees pet insurance. Once again, the benefits you offer as a company says a lot about how you view your employees.

Today, it’s important for employees to feel that they are seen as the entity of who they are. This means recognizing their hobbies and interests outside of work. In addition, this includes the other things that are of the utmost importance to them like their families – which for many, includes their pets. Offering your employees pet insurance as a benefit is a reminder that you want to take care of them in as many ways as you can. Both you and your employees may be asking “is pet insurance worth the cost?” It makes a big difference knowing that you don’t have to cut into savings or stress about paying out of pocket to help your pet.

As an employer, you demonstrate your commitment to your employee’s well-being because the stress of a sick pet takes more than a financial toll, but an emotional one too. Your employees will feel much more focused even in a trying time if they know they are financially capable of caring for their families with your support. 

Flexible Hours

In demonstrating your commitment to employees as people first, implementing some additional benefits such as flexible scheduling and remote work options can set your business apart from the competition. Flexible scheduling allows employees to choose their schedules. So long as they complete the same hours each day and total up to full-time each week. Flexible scheduling lets employees take the time in the morning to put their kids on the bus and even finish their day early enough to have dinner with the family.

Remote Work

Finally, there’s remote work, which has become a polarizing debate recently. You don’t have to commit to being a fully remote workplace. But, offering a hybrid model can help achieve the balance everyone is looking for. In fact, a survey found eighty-seven percent of workers that had the chance to work remotely in some way embraced it and spent an average of three days a week working from home. 

5. Pay Attention to Work-Life Balance

Burnout can become a massive issue for employees; an issue that can lead to quitting. As an employer, you have to look out for your employees and ensure that they feel supported. This is especially in times of burnout or exhaustion. You should set an example and ensure that taking time off to rest is encouraged. Not something to be ashamed of. When compared to someone who grinds away and never rests, taking time off to recharge can lead to more productivity. Engage with your employees on the things they do outside of work. Additionally, celebrate their passions and hobbies so they don’t have to feel like work is their sole priority all of the time.

Finally, work with your managers to ensure the workload of your employees is reasonable. An employee that takes on too much work, especially without fair compensation, can easily become overwhelmed, frustrated, and burnt out. At the end of the day, pay attention to your employees. Show them that you care about the person as a whole to help your employees and your company to thrive. 

In today’s changing corporate landscape, it can be harder to keep the attention of your employees when it may feel like there is something better, or more challenging around the corner. That’s why investing in your employees now will only help your business later. Don’t skip out on these essential strategies. Pay close attention to how your employees are feeling and what they need to grow and thrive. After all, your company can only be as good as your team running it.

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