With employee turnover on the rise, it’s more important than ever to invest in employee retention to keep your turnover rates low.
A first step to reduce your employee turnover is to identify why your employees might quit. On the other hand, you simply can’t persuade every employee who is thinking of leaving, to stay. However, there are some retention strategies you can deploy to help retain good staff and develop a more stable workforce in your business in the long run.
This is a good starting point to help you reduce your employee turnover, but certainly not an exhaustive list of strategies:
1. Create a good recruitment and selection process
2. Show your appreciation
3. Ensure pay is fair
4. Offer staff incentives. These could be bonuses, performance-related pay, healthcare packages, public transport packages, gym memberships, etc. If your budget doesn’t stretch that far, think about giving staff more flexible workhours, offer them to take their birthday day off, support working from home, or arrange discounts with local businesses. You could try casual Fridays, free fruit in the kitchen or a free lunch from time to time.
5. Provide learning opportunities
6. Make your office a great place to work. An ergonomic chair or adjustable desk can for example already make a big difference to people’s morale and productivity.
7. Implement an open-door policy
8. Give regular performance reviews
9. Communicate how the business is performing
10. Encourage positive working relationships. Bring back the ‘water cooler’. Help team members connect by giving them a dedicated space or area that is always open. For teams not in the same office consider an always-on video conferencing set up.
11. Give managers training
12. Run exit interviews. If they’ve come to you with their resign letter, it might already be too late, however, there are a few last-minute things you can do to try and change their mind:
- Offer better benefits
- Offer a higher salary
- But most importantly, listen to their needs. And if, then, there’s nothing you can do, use their feedback to improve your other employees’ work life because when your employees lose a coworker, they may become discouraged and less engaged in their work, negatively impacting your workplace culture, and you risk losing them as well.
Here’s to organisations who invest in employee retention!