The signs are there. Disengagement, burnout, lower productivity, limited communication and even conflict can be present if there is a lack of career satisfaction. Losing one talented worker can be all it takes to realize something needs to be done to attract and retain more talent for the future growth of the company.
A job shouldn’t simply provide a paycheck. Insurance benefits are a vital component of employee retention, as they are necessary for the safety and security of employee families. Many employees are looking for career advancement, learning new skills to gradually move up in the field. If management is weak, some employees may not feel aligned with their leadership. While one of these may influence someone to start looking elsewhere, leaving a job is likely to happen if multiple factors are present.
Many business owners have lost a valued employee to another career field or company. There are various reasons a person may choose to leave, but how many times could it be prevented or even delayed by having an effective employee retention strategy?
Below are five things to consider to build long-term employee retention:
1. Hiring Strategy
Before someone comes in for an interview, company goals should be in place. A job seeker should be aware of the vision of the company and how he/she fits into that. Knowing what is specifically required in the job and what tools are available to achieve the goal gives an incentive to be a part of the company’s success. Whether it’s one-on-one mentoring for a period of time or detailed onboarding processes, a future employee wants to come in knowing he will be effectively trained and made to feel like a part of the team from day one.
2. Compensation and Benefits
Salary isn’t the only way to attract and retain key employees, but it is a vital one. A competitive hiring rate is attractive, but in the long term, consider how the company provides monetary incentives for growth and consistent hard work. Moving an employee to a leadership role or adding on to their job expectations without following through with a proper pay increase is setting yourself up to lose a talented employee. As workers learn more skills and provide more to the team, a level of compensation needs to occur. Verbal thank yous are not enough when an employee is investing more time and energy to advance in his career.
Benefits can go beyond basic medical, dental and vision. Research other ways to benefit your employees, like a chaplaincy program for spiritual health. Mental health is vital to a growing company, so there are ways to connect your team to get mental health support for work and family life.
3. Work Culture
From leadership to warehouse workers, mutual company respect and support are vital to keep employees returning each day. Open communication where ideas are exchanged and valued so changes can be made creates a culture where each person feels they play an integral role in day-to-day success. Roundtable discussions are meaningless if an employee makes an effort to speak up yet feels deflated at the end. Make an effort to implement new ideas offered and openly discuss issues that arise. Problems in the workplace will always occur, but if they are handled positively, it will create a culture where people will want to stay.
4. Professional Growth
Employees who are invested in more than just a paycheck want opportunities to learn and grow. Offer additional training in job skills, seminars or certifications to incentivize employees to grow beyond the task they were hired to do. If an employee learns more ways to stay engaged and contribute to the success of the company, they will want to continue that growth for the long term in a company that fosters it.
5. Exit Interviews
If an employee does feel it is time to move on to another opportunity, don’t avoid the feedback you can receive to help retain the employees you have. Seek insight as to why the valued employee is leaving and what opportunity is attracting him/her. This dialogue can help you see patterns if others are leaving so changes can be made for future retention. Having the humility to listen to concerns can save the company the heartache from losing valued talent in the future.
While it isn’t a realistic mindset to expect zero employee turnover, putting procedures in place and creating a level of open communication can greatly enhance the overall work environment where employees feel seen and heard at the end of the day. They want to know that their work matters, and they are being compensated for it, monetarily and culturally.
