One of the keys to business prosperity is holding on to your top talent. It’s not only expensive when you have high employee turnover, but it’s also bad for morale. Here are some strategies for employee retention that can help you hold your team together and optimize the success of your company.
Employ the Right People
Employee retention starts by hiring people who are a good fit for your company. Be selective when taking on new personnel. While interviewing them, besides looking at their skill sets and experience, consider how well they will integrate into your company culture.
Paying your employees competitively is a prerequisite to employee retention, but it’s also important that you offer them a reasonable benefits package. This usually includes health insurance, a retirement plan, and life insurance. It may also be beneficial to offer those whose talents you need the options of telecommuting or flexible schedules. Another perk that many employees find attractive is the opportunity for continuing education. Consider providing a mentoring program, computerized training, or outside classes and seminars.
Create an Engaging Environment
A safe and comfortable office environment is important for employee retention. Be sure that workspaces are properly lit, well ventilated, and at a pleasant temperature. Ergonomic furniture provides healthful support during long work sessions. Another vital aspect of an engaging environment is an atmosphere of open communication. Let your employees know that they are always welcome to express their questions, insights, and even complaints. Get to know them individually, and show concern about their personal lives.
Acknowledge Their Achievements
When your employees perform well, be sure to let them know. Write them a thank you note, award prizes, or have an impromptu celebration when performance goals are reached. Sincere praise when employees excel is one of the best ways to ensure loyalty and long-term dedication.
For more advice on employee retention, get in touch with Bear River Financial.