Employee retention incorporates numerous factors that deal with the work environment of staff. Staff members will only be able to retain if they see their current role as temporary. Valuable employees can bring in a multitude of revenue, or their value could be keeping up coworkers’ morale. Not all valuable employees will be the most productive, although this does help.
Valuing the right employees is very important, as KPIs need to be evaluated accurately. Rapport with coworkers is far more valuable in a traditional work setting than when an entire company works remotely. Each department should have its own set of KPIs, as various company areas are responsible for different tasks. Below are tactics that convince staff to stay with a company for years.
Annual Awards
Awards can allow the staff to feel truly important to the company as they should. Do not discount a company awards event to be overzealous or ego-driven. Occupational awards like you can find at EDCO Awards can really mean a lot to loyal employees. The ability to showcase trophy awards at home or in the office allows an employee to show others what their hard work has earned them. A tangible award can be so important, but also supplementing this with a bonus is equally important.
Offering Remote Roles To Top Performers
The rental markets in so many cities are making these locations unlivable on a specific wage. Moving to less expensive areas with a remote work role can benefit staff. High performers who are given the ability to work remotely might stifle their job searches if they have been looking. Most professionals are willing to take a lower wage to work from home as this helps reduce costs elsewhere. The additional hours these individuals possess weekly can allow them to find work-life balance for the first time in their professional lives. Parents can also need remote roles as they can handle childcare or transport their kids to school.
Compensation/Benefits Should Be Competitive
Compensation needs to align with the rest of the industry or at least compensation in the local area. The main reason that a large percentage of employees leave a company is to work in an identical role for more pay. The truth is that salaries are far more transparent than in the past due to platforms like Indeed and GlassDoor.
Paid time off or PTO is a huge benefit for those who want to travel or value their work-life balance. Health benefits are also essential in the US, as medical costs can be astronomical, even for a routine procedure.
Additional Earning Potential
Earning more than an hourly wage or salary can be crucial. Inflation and rising prices mean that some might need additional forms of income. Offering extra hours or contract work to current employees will be appreciated. Losing valuable employees to companies that have offered them part-time work is not worth it. The business most likely has additional work that has to be done that should be offered to staff first before contracting it out. Employees will not want to lose their regular paycheck along with supplemental income by leaving a company.
Sharpening other skills with contract work is possible as an area like copywriting can be improved with experience. Take the time to see which employees are doing well in their current roles before offering them additional work. You do not want to contract work out to struggling employees, as this could lead to a decline in their already subpar performances.
Using Employee Feedback To Improve Staff Experience
Employee feedback is important whether the person is leaving or currently with the company. Exit interviews can provide several notes on how a company can improve employee experience. Identifying trends in the feedback can provide valuable information that can lead to improvement. Employee morale will directly impact productivity along with customer experience. Happy employees are usually far easier to deal with than those who are disgruntled. Looking to improve employee experience will be viewed by staff positively as they will feel their voices are heard. Even customer reviews can lead to process improvements that staff will welcome.
Employee retention will be a paramount factor that dictates the path of any company. Constantly losing employees leads to money spent on training new staff that might leave after a few months. Setting training processes that empower new hires is so important. Feeling like a fish out of water during the first few months at a company can lead to resignations or the elimination of an honest effort.