You’ve been searching for months, interview after interview, and you finally land a qualified candidate, an incredible asset to your team – now how do you keep them aboard? What are some of your top retention strategies, and do you make that a priority? Employee retention is a key metric used in the selection and acceptance of a job for a job seeker. Employees have more options than ever when it comes to choosing a workplace that benefits their needs and lifestyle and they are not afraid to jump ship for a seemingly better opportunity. Here are some of our tips on how to keep your new and existing employees happy and engaged and improve your retention rates.
Compensation. Not only do you have to attract an employee with a competitive wage, but you must remain consistent with an annual raise, especially with the current rate of inflation. If you won’t compensate them according to their value, somebody will. The average compensation increase for an employee who accepts a job offer is 15%. Employees seek to feel valued and their hard work to be recognized as an imperative part of the team and the best way to do that is to give them what they are worth.
Adapt. 85% of employers say COVID-19 altered the definition of a good job. Aside from higher compensation, employers are craving (if not demanding) remote or hybrid flexibilities. People got a glimpse of a lifestyle that may have offered them a better work-life balance than pre-pandemic and they are not willing to just give that up. It seems through time the words, “adapt,” or, “evolve,” have provoked a negative mindset when, in reality, isn’t that the ultimate goal? Shouldn’t we embrace change as a way to advance into the future? Offering remote or hybrid flexibilities does not have to be a negative thing. In fact, studies show that there was an increase in productivity by 47% since March of 2020 when working remotely. When you decide to approach a hybrid schedule a little bit can go a long way. Perhaps you want to begin offering one day per week or every other week. Ease into it. Employees aim to feel heard, and this is a surefire way to achieve that.
Touch base. Don’t forget about your vets! Someone who has put years into your company deserves your appreciation and attention in return. Loyalty should mean something and be recognized. There are a few ways to touch base with your employees that can be offered both formally and informally. Offering a survey to your employees is a soft way of gaining some feedback. You can adjust the survey according to the information you are trying to achieve. For example, recent studies show that 50% of workers in the U.S. would prefer access to unlimited PTO as opposed to earning a higher salary. A survey would be a great way to decipher what your employees desire and if that is something that can be adjusted. You could also schedule quarterly meetings with your employees as a way of gaining additional feedback. This is a way to offer feedback of your own as well regarding an employee’s performance if applicable.
Promote a healthy environment. You want people to feel happy and excited to come to work. Even just one unhappy employee is like cancer that can spread their misery amongst your entire workforce. Promoting a happy environment where people feel comfortable to take their uninterrupted lunch, schedule their PTO, and ask questions when needed can make a world of difference. Offering employee bonding events like monthly lunches or virtual happy hours are a great way to promote a positive environment that people want to be a part of.
Celebrate accomplishments. A “great job,” can go a long way. Nothing feels better to an employee than when their hard work is recognized, and it will make them strive to continue their efforts. Offering a referral incentive is a great way to spark a competitive flare within your employees that can greatly benefit both parties. It helps you in a candidate search and you can feel confident in the referral as it came from a trusted source. If their referral is hired, you could offer an incentive such as an additional PTO day or a cash prize after a 90-day period. Everybody loves a little healthy competition.
Employee retention is a combination of practices within your organization that should remain a top-priority!
For further assistance in your search for qualified candidates to fill your open roles, please call (518) 275-4816 or email jobs@walrathrecruiting.com.
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