Employee retention is an important measure all companies should be tracking. The cost of turnover can be astronomical – as we figured in this video. But before you can fix retention, you first have to understand why your employees may be looking for career opportunities elsewhere.
Once you know why people are leaving, you have a better shot at correcting any shortcomings within the company, thus improving employee job satisfaction, improving retention, AND working your way to becoming a sought after workplace!
To find areas your company could improve upon, consider holding exit interviews, surveying your employees, or speaking with employees directly to see where the company may be falling short.
However, if you don't have inside information to work with, we've listed 10 things employees are looking for in the workplace that will help you to improve employee retention today!
There is never a talent shortage IF you're a great place to work.
– Robert Isherwood, CEO, AMBAC
Read AMBAC International's case study to see how they turned their
company into a great place to work.
10 Things Companies Can Focus On To Improve Employee Retention
1. Clear Communication: Effective communication is key to retaining great employees. Management should make sure that employees are aware of company goals, expectations, and performance metrics. Clear communication helps employees understand their role in the company and how they can contribute to its success.
2. Recognition and Rewards: Recognizing and rewarding employees for their hard work and dedication is essential in retaining great employees. This can be done through bonuses, promotions, or other incentives. When employees feel valued and appreciated, they are more likely to stay with the company.
Start learning how each of your employees like to be recognized with our employee recognition handout.
3. Flexibility: Offering flexible work arrangements, such as remote work or flexible hours, can help retain employees who have personal or family commitments that make it difficult for them to work traditional 9-5 schedules.
4. Professional Development: Providing opportunities for professional development is another key to retaining great employees. Employees who are given the chance to learn new skills or advance their careers are more likely to stay with the company.
Employees want to see their future with a company. They don't want to be stuck in a position where their pay and growth will be stagnant. See how we've started laying out career paths for employees through our succession development planning process.
5. Employee Engagement: Engaged employees are more likely to stay with a company. Management should make sure that employees feel connected to the company and its mission, and that they have a sense of purpose in their work.
6. Positive Work Environment: A positive work environment is essential for employee retention. Management should work to create a culture that is supportive, inclusive, and respectful of all employees.
7. Competitive Compensation: Offering competitive compensation is another key to retaining great employees. Management should make sure that employees are paid fairly for their work and that their compensation is in line with industry standards.
8. Employee Feedback: Regularly seeking and responding to employee feedback is essential in retaining great employees. Management should make sure that employees feel heard and that their concerns are addressed.
See how SRC Lexington took employee surveys to a deeper level and uncovered the truth about their workplace.
9. Employee Wellness: Employee wellness programs can help retain great employees. Management should make sure that employees have access to the resources they need to maintain their physical and mental health.
10. Transparency: Transparency in decision-making and company operations is essential in retaining great employees. Management should be open and honest with employees about company plans and performance, and should involve them in important decisions whenever possible.
In summary, Retaining great employees is essential for the success of any company. By providing clear communication, recognition and rewards, flexibility, professional development, employee engagement, positive work environment, competitive compensation, employee feedback, employee wellness, and transparency in decision-making, management teams can build a culture that encourages employee retention and promotes company growth.