6 Top Tactics to Increase Employee Retention

It’s no secret that any company’s success depends largely on how satisfied, dedicated and sincere its employees are. A company can ensure all of this, and more, by emphasizing employee retention strategies at their offices.

Nothing kills employee dedication like disengagement with the company and their peers. Simply put, if employees aren’t engaged, the business can and will not grow. A dedicated workforce is one of the most valuable primary assets that any business can possess. Thankfully, with effective employee management and encouragement tactics, any company can boost the dedication within their workforce.

Offer Constructive Feedback and Outward Praise

When people think of employee engagement, they usually imagine financial benefits and perks. What nobody realizes is that employee retention starts with communication, which is completely free. The first step to engaging employees is appreciating their efforts and acknowledging their roles in keeping your business running. One simple act of praise can go a long way towards ensuring your employees become a dedicated force to be reckoned with.

Here are some ways you can do that. You can appreciate employees in front of the entire team(s) for their performance. The management can reward them for their performance with prominent rewards. You can even hold monthly ‘appreciation parties’ to celebrate your teams’ accomplishments.

In addition, you should also balance the equation by having constructive feedback sessions.

By displaying this sort of rewarding leadership, and by pushing your employees in the right way, you can do wonders in terms of workforce retention.

Increase Employee Retention through Training

Ne great way to show that you care about your employees, and their career goals, is by training and developing them on the job.

Here is a win-win situation for everyone. You, as an employer, can slowly upskill your workforce, whereas your employees get to jump ahead in their careers while increasing their competency overall. Depending on your company requirements, and your employees’ personal goals, you can provide training in the following ways:

  • Online learning management system, with the option to create your own training courses.
  • Have workshops, host seminars, and implement on-site training sessions with employees.
  • Buy training courses on platforms such as Coursera and edX.
  • Provide them access to services such as Credit Karma, to teach them better financial and credit management, on the personal front.

Through proper implementation, a training program can potentially turn any team into a well-oiled machine.

Focus on Employee Retention from the Get-Go

Non-smart business owners and managers often emotionally detach themselves from new hires, just because they haven’t ‘earned’ their trust and communication. Each employer should realize that in order to build trust, they need to make the first move towards opening a line of communication.

By retaining your employees from day one, you’ll begin to earn their trust directly, establish a positive workplace culture, and decrease your employee turnover rate. Create a natural and comprehensive onboarding process. Provide new hires with all the required tools and resources. Lastly, create a buddy program to better lead the employees into their job positions. Creating a positive first impression is necessary, so ensure that your employee retention strategies cover new recruits.

Provide Competitive Benefits to Attract & Retain Top Talent

More than anything, offering attractive benefits, on top of competitive salaries, can do wonders towards employee retention. To motivate employees to go the extra mile, show them that you care about their wellbeing. Doing this will not only help retain current employees, but it will also ensure that you attract the most competent candidates.

Here are some of the best employee retention-related in business today:

  • Tuition assistance/Student loan repayments
  • Employee discounts
  • Free gym memberships
  • Employee assistance programs
  • Profit-sharing

Work with your finance department to create perks that make you stand out in the overall job market.

Demonstrate Care for Employee Wellness

Nothing says that you care about your workforce quite the same as having an effective employee wellness program, seeing as a healthy workforce is a more productive one. However, most companies consider ‘employee wellness’ to be a combination of in-office yoga classes, gym memberships, and a handful of similar perks.

While the aforementioned perks are clearly important, and make up a usual employee wellness program, employers should also invest in the emotional wellbeing of their workforce via direct communication and engagement.

Ensure Employee Retention by Avoiding Micromanagement

It’s very important for employers to not micromanage employees, as it is one of the biggest killers of workplace morale and productivity.

There’s a thin line between offering constructive feedback and telling your employees how they should be doing their jobs.

Final Word

Remember that employee engagement isn’t a sprint. It is in fact, a long and consistent marathon. By being consistent in your employee retention efforts, your company will soon begin to reap the benefits. Disengaged employees can cost your company a lot of money, so you can make an employee engagement survey to make sure that doesn’t happen.