Employee retention continues to be a challenge for everyone. Competitors continue to lure candidates. Why? In most cases, a compensation increase for an employee when they change jobs is 15% more than their current salary. This isn't the only reason employers battle with recruiting. Employees are leaving because they feel unappreciated, struggle with work/life balance, inflexible work arrangements, lack of advancement or company culture.
Is it more expensive to retain a productive employee or recruit one? It is less expensive to invest in your current employees than to recruit. The ideas surrounding employee retention continues to evolve. Some businesses have researched and developed strategies on how to continually improve employee satisfaction and reduce their turnover. These companies are Delta Airlines, Honeywell, and DuPont to name a few. Why? Well, here are some of the reasons employees stay.
The employer CREATES a career advancement opportunity. Great employees are hard to find, so why not create a position that will allow a great employee to continue to develop and cultivate.
The employer ensures the employee isn't overwhelmed, overworked or underwhelmed. Learning how to create work/life balance with employees, begins by measuring peak performance times during the workday and implementing productivity around those time frames. This ensures the employee isn't overwhelmed, overworked or underwhelmed either.
Monitoring Turnover risks. Measure and communicate. Constant communication with employees to make sure their expectations are met, and they are happy, is something you build on daily, monthly and annually.
Create flexible working arrangements when necessary. Stop the expectation that employees will be available 24/7. This is draining and non-productive to employees. Establish remote working when possible. This helps reduce turnover due to commute and childcare issues to name a few.
Onsite childcare. Some companies are fortunate to have onsite childcare. If this is possible, great!
Employee Mental Health & Wellness initiatives. Continuing to learn and engage with your employees is one way of improving workplace mental health. Wellness programs are easier to develop, once you learn about your employees and adopt a well-rounded and disciplined better workplace initiative.
Without question, money retains people, but not always. In fact, it can be a band-aid to a deeper issue. Discovering the root of the issue and developing strategies to improve retention will help your business grow.
Let TAC, LLC assist you with all of your retention goals and strategies. We will help you grow your business and retain your employees. Advocating for excellence.