Whenever someone leaves a job, the operations of such a company are affected negatively. Over half of the people recruited in a company leave in the first two years. Companies face difficulties when replacing employees. Many managers do not know and show no interest in understanding why people leave jobs.
Managers have the responsibility of averting and correcting any factor that may cause people to leave their jobs. The problem can be addressed by understanding why people have left and changing the conditions for those left behind.
What should one do to improve employee retention? Here are some tips on how to make employees stay with your company for a long time.
Tell your employees what their job will be
Over 40% of American workers leave their job in the first six months of employment. This is mainly due to lack of enough knowledge by employees about their job. Lack of knowledge may be as a result of the failure of employees to understand their job or intentional misleading by the hiring managers.
Post-hire shock also leads to a high turnover in the first months of employment. This shock may be caused by the failure of recruits to ask questions, recruits who appear overwhelmed, or those who fail to interact with their coworkers.
To address this problem, share all relevant information with new hires about their job. This will help the workers make informed decisions when joining your company. Sudden changes in management should be avoided in the first months of employment.
Giving your employees responsibilities is one of the most important things to do to retain your employees. This action builds trust between you and your employees. These responsibilities should provide the employees with an opportunity to grow.
You should encourage your employees to go for further training. Give them incentives when they are learning new skills. The new skills will make your workers more productive and feel like part of the company.
Always consider your employees when there is an opportunity in the organization. Promote them at the right time. Responsibility will help you retain your employees for a long time.
Provide competitive packages for your workers
Offering competitive package is important in enhancing employee retention. Provide health insurance covering your employees and their immediate families. Life insurance is also very useful in addressing the problem of people leaving a job.
You can also offer other packages like flextime. Such packages tell your employees that you are ready and willing to take care of their outside lives. This work-life balance is very effective in encouraging job retention.
A competitive package is like an extra income to the employees. They don’t incur any cost when using such services. Employees are less like to leave a company with competitive packages.
Support and appreciate your employees
Many employers face the challenge of knowing whether their employees are appreciated or not. Failure to trust or empower your employees makes them feel unappreciated. It makes them feel unacknowledged for any job they have done.
Support and appreciation are also affected by the manager-employee relationship. You should try to know your employees. Show your employees that their personal lives matter to you and be open when speaking with them. Have time with them and listen to them.
Interaction brings a sense of safety when expressing, challenging, and sharing information on a workplace. Interaction creates a bond between you and the employees that helps in the retention of workers.
Related: 7 Ways to Inspire Your Team
Offering your employees with a competitive salary and incentives is a sign that you care for them. Inadequate salary and incentive are one of the main causes of job quitting. Many young people have been found to feel incredibly annoyed by low salaries. Older people have been found to be comfortable with low salaries.
Paying your workers higher salaries than they can get from a similar job elsewhere will increase retention. You should not pay your employees more than they are making. However, it is good to consider the time and money spent when recruiting, hiring, and training new workers. A fair pay helps one to retain employees in an organization. The value of long-term employees cannot be overlooked. Their experience and contribution is insurmountable.
A high quit rate is bad news for most employers. Employee retention is important for any company. To ensure high retention rate in your company, be on the lookout on any factor that may make your employees quit. Carry out the necessary changes without delay.
If your company has about 100 employees, hire a human resource director to take care of the employees’ welfare. HR managers have the latest information about employment laws and recruits. They may bring innovation in your company to help improve employee retention.