Retention rates are the gold standard of a successful business. Not only do they show that your business is a comfortable and fulfilling place to work but they have a range of more tangible benefits, too. They save you the effort of hiring and retraining new staff, and long-term employees will come to know your business inside out. Here are some ways in which you can increase your employee retention rates.
1. Offer benefits
Every business should offer its employees at least some benefits. Dental, health, life, and disability insurance are all common. The vast majority of businesses offer these, so if you don’t then you’re already at a disadvantage. There’s precious little to stop an employee from leaving if they can get better benefits elsewhere, and even less if you’re offering them nothing. Equally important is the ethical angle. Employees will feel more comfortable working for a company that cares and has their best interests at heart. Studies suggest that many would even choose benefits over a pay rise.
Employee benefits can be complex, and managing them is a task in itself. You can mix and match benefits or offer a blanket package to all. Employee benefits software makes the process much smoother, with many businesses choosing third-party platforms to manage their benefits for them, therefore taking the stress out of the process and ensuring that all staff are well covered.
2. Involve employees in the vision
Treating employees like cogs in a machine is a surefire way to alienate them. Remember that your staff want to feel fulfilled, as though they have an active stake in the business and are working towards a common, shared goal. The best way to foster this feeling of togetherness is to involve your staff in the overall vision of the business. Some of this can be done as new employees are onboarded, but it’s very much a continual process.
Don’t shut your staff out of meetings or conduct decisions behind closed doors amongst the upper echelons of management. Let staff have their say in the company’s direction and use regular open-floor sessions to let them voice their concerns and get creative with their ideas. Employees who are heavily invested in the ultimate fate of the business are far less likely to treat it as a disposable job.
3. Be flexible
The workplace is becoming more flexible. Some of this is down to the effects of the pandemic and the move towards home working, but the process was already underway. Long gone are the days of the traditional 9-5. Recent studies have found that employees rank flexibility high on the list of reasons to stay at a company. Your business needs to adapt to the “new normal” and be malleable.
Flexible working hours, hybrid at-home models, generous holidays, and an adaptable mindset to accommodate employee commitments are all important. The work/life balance has become more of a priority than ever. Remember, if you don’t offer some degree of flexibility to your employees it won’t be difficult for them to find someone who does.
