Employee turnover is one of the biggest issues companies face. They spend thousands of dollars every year recruiting and replacing their employees. Most of the time they assume that turnover is something inevitable and don’t do anything to prevent it. Usually, companies don’t start thinking and focusing on retention until after they start experiencing turnover. Be sure to have a good [hiring process] before you focus on having a formal retention program. Once you have hired the best candidates, begin implementing your retention program.
Redesign your Onboarding Program
Organizations experience the highest level of turnover during the first 90 days, so make sure you make a good impression on your new hires. The first few days should be a positive experience for them; therefore the onboarding process should be a way to quickly assimilate the person into your organization. Show them your company culture, get them involved! If your company is not too big, try to introduce them in person to each employee to make them feel welcomed!
Be Flexible with Schedules & Benefits
Nowadays it is important for employers to understand that employees may have different needs sometimes. Employees will choose a company whose benefits packages and schedules fit their lifestyles, so it is imperative for employers to be able to adapt to the needs of each individual.Along with flexible work schedules and benefits, provide your employees with small perks. Whether it is free donuts on Mondays or social events once a month, helping your employees be happy and feel appreciated will serve as incentives to keep workers motivated and feel rewarded.
Communication is Key
If you are managing employees remotely, be sure to meet with them regularly. Good communication establishes trust between you and your employees. Whenever there is good communication between the two sides, employees feel like they can express themselves freely to their employers or managers. According to Jason Lemkin, it is important to meet one-on-one in an unstructured way at least once a year with your best employees . Ask them what they like or dislike the most about their job, what they have been working on, any needs they might have, etc. You need to learn and be aware of how they are feeling about their job, because after all, you want your best people to be happy.
These are only a few ways to retain your best employees, next week I will be sharing a few more!