Is employee retention a concern for your company? If it is not, it should be. Do you know that approximately 82% of employees plan to quit their jobs in search of a better opportunity. This type of turnover is extremely costly. According to some estimates, replacing an employee who quits can cost an employer twice their salary. This cost varies by industry, but for some employers, it can be even higher.
So, are you doing enough to retain employees? If you are having trouble increasing employee retention, it is time to take swift and deliberate action. Here is the list of top 4 strategies for retaining top talent in today’s competitive market.
List Of Top Employee Retention Strategies
Recognition and Rewards Structure
Everyone wants to be recognized for their efforts. And, in today’s “anywhere workforce,” an employer’s appreciation can have a particularly significant impact. So, thank your direct reports who go beyond and explain how their efforts benefit the organization. Some businesses set up formal reward systems to incentivize great ideas and innovation, but even if you have a small team or a limited budget, you can implement compelling rewards and recognition programs.
Work-life Balance
What message does your time management send to your team members? Do you expect your employees to be 24/7 a day, seven days a week? Job satisfaction requires a healthy work-life balance. Employees like to know that their managers understand that they have lives outside of work and that finding a work-life balance can be especially difficult when working from home. Encourage employees to set limits and take vacation time. In addition, if late nights are necessary to finish a project, consider compensating them with extra time off.
Focus On Collaboration
You should encourage all your employees to contribute ideas and solutions, not just the stars. Encourage teamwork by allowing for collaboration, accommodating different work styles, and giving everyone the freedom to make decisions and course corrections.
Recognize Both Big and Small Milestones
Promoting employee retention entails highlighting notable accomplishments. Whether your team completes a major project ahead of schedule or a worker celebrates a fifth work anniversary, take back the opportunity to celebrate the occasion together. Even if you must celebrate virtually, it can be a meaningful and memorable occasion for all.
Final Thoughts
Implementing all four of the above strategies may appear daunting, but there are tools available to help. Zaggle Propel is one of the best employee rewards platforms, aiding organizations in retaining employees through frequent appreciation. It is intended to make recognition easy and enjoyable for all users. It promotes frequent, meaningful appreciation, which will transform the culture of your organization.
Sign up for a free demo today to begin prioritizing employee retention at your organization.
