Does your business struggle with a high employee turnover? There are lots of reasons your employees could be jumping ship. The trouble is, a high staff turnover can be detrimental to your business.
It costs a lot of money to continually train up new employees. The business will also suffer in terms of productivity when a member of staff leaves. So, if you want to ensure your business constantly runs smoothly, you’re going to want to focus on retaining your workers. This is actually a lot simpler than you might think. Here, we’ll look at some of the best ways to increase employee retention.
Ensure you’re offering the right perks
One of the key ways to retain your staff is to ensure you’re providing the right perks. A recent report has revealed that businesses which don’t have a benefit plan in place, tend to suffer a 157% employee turnover rate. Benefits are considered an extremely important factor for job candidates, so if your company isn’t offering any then now is definitely the time to change that.
In order to ensure you’re introducing the right perks, it’s a good idea to survey your employees. Ask them what would improve their working experience with the company. That way, you won’t be guessing which perks are worth investing in, you’ll actually know exactly what your employees want.
Provide continual training
One perk which the majority of employees would like their company to offer, is continuous training. Nobody wants to feel stuck in a rut, so if your employees have no opportunity to progress, they’re going to look for employment elsewhere.
As well as offering training courses, you can arrange on-the-job training, mentoring programs and presentations. Allow your employees to share what they know with their colleagues. The more training and growth opportunities you provide to your employees, the happier they are going to be.
Be sure to praise good performance
Employees love to feel appreciated, so don’t be shy when it comes to praising them for their good work. By rewarding them with praise, they’re more likely to remain loyal to the company. It will encourage them to continue working hard and show them their skills and effort are worthwhile.
Consider adding financial benefits
One perk which can prove invaluable at retaining employees, is financial benefits. Due to the high cost of living today, many employees struggle to make it through the month on their paycheck. So, if you were to offer some form of financial help, like financial training, or early access to salary linked loans, it could prove to be one of the most beneficial employee perks introduced into the workplace.
Improving employee retention isn’t difficult. The above is just some of the key ways to hold on to your employees and keep them satisfied. As mentioned above, one of the best ways to boost retention is to actually ask your employees which perks they want from the company. This will ensure you introduce the most effective benefits plan.
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