If you ever want to know if a company is in trouble, just look at their retention rates. As the old saying goes, if people know the boat is sinking, they will begin to jump ship. The company may not be sinking in terms of financial troubles, but in the ability to progress. After all, if you are continuously training employees, there is no time for innovation and growth. If your company is in a similar situation or seeing that it's heading that way, then stick around. The following list details three ways you can begin improving your retention rate.
Employees who feel their employer-provided benefits positively affect their lives are 40% more likely to be loyal to their workplace. This may be accomplished in two ways. One can be to simply add additional benefits to their already existent package. Your employees will definitely appreciate this gesture, but the drawback is that it does not produce a stronger relationship. Another strategy and a less expensive route to take is to provide your staff with simple rewards, such as extra lunchtime or company parties. This allows you to encourage communication between your staff and move away from the typical workday schedule every once in a while.
Let Them Relax
Burnout is very real. A loss in passion may not cause burnout but simply a loss in energy. Therefore, it is vital for you to let your staff relax. People need to maintain a healthy work-life balance, and this can only be accomplished by allowing for some flexibility in the workplace. Allow your employees to request time-off or an addition to their vacation days. This might sound like an expensive thing to do, but the consequences are far worse. Unhappy and tense employees will provide you with sub-par work and eventually leave your company for ones with more flexible policies.
When it comes to making sure that your staff is happy working for you, respect must be the first thing that is analyzed. All the benefits in the world will never be enough to replace respect. This goes for yourself and your employees. When speaking with employees, always make sure to approach them with a respectful tone and intent. Don’t implement excessive rules that inhibit their workflow. Respect goes a long way to making sure that your staff sticks around for the long haul.
The retention rate within a company is one that is often never spoken of. This basically stems from companies not wanting to disclose that type of information to the public. However, for change to be possible, the conversation must be started. Adhere to the tips above to begin creating a positive work environment for your employees.
For more advice on how to retain employees, read on here!