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Business Tips

5 Tips for Keeping High Employee Retention Rates

The Great Resignation has really turned the tables, just like employers have expectations, it’s proven that employees have the same. Employees will no longer be pushed around by their bosses, and deal with being underpaid and overworked. Instead, they now know that they have options out there and this is happening all around the world.

There are even forums popping up about previous employees talking about their experiences and how they’re standing up for themselves. This has been eye-opening for many. It shows that employees have their limits, but it also shows that companies need to change up their acts or else they’ll only continue losing more team members.

Employees are so important to a company, many organisations tend to neglect the fact that it’s their employees who make the business so successful. Happy employees mean a happy and thriving business. A happy environment is going to lead to a whole array of things such as positive work culture, high productivity, and even company loyalty.

Treating employees right will also lessen the chance of an employee suing their employer or a bad reputation for the business in general. Treating employees wrong is bad for business, and the last two years have definitely proved that. These are some helpful tips that any organisation, regardless of size can do to keep retention rates high.

Begin by paying your employees more

group work

This is one of the key reasons why employees are quitting their jobs. Pricing is going up, inflation is happening, the cost of living is rising at faster rates than ever before. Employees are people, they need to live, and they need to be paid a livable wage. If they’re not being paid a living wage, they are going to find a company that will. Sometimes, all it takes to keep retention rates high is to offer a good salary.

Offer perks

A fridge full of beer, or taking your employees out to the pub for happy hour isn’t going to cut it as a perk. Employees don’t want a foosball table, beer, or a salad bar at work. They want benefits that can help them and their family survive.

A living wage matters most, but other perks that could be offered could include better health insurance, including vision insurance, and access to good and reliable software such as the use of Compliant Wrap Documents, but other perks can include discounts or memberships to local things such as a gym.

Allow room for growth

Another reason why so many people are quitting their jobs in the pursuit of something better is the fact that people want to grow in their careers. Some companies are not allowing their employees to grow, as if they feel threatened that their employees want to improve themselves.

This is a red flag and it’s a surefire way to get an employee to find a better opportunity somewhere else. Allow for your employees to grow, challenge them, and maybe even offer educational credit whether it be for online courses or even from the local college.

Valuable and long-term employee growth is dependent on robust learning and development opportunities. For instance, offering certification opportunities like the Master Black Belt adds great value to your employees. And it is advisable to center such opportunities around your business’s short and long-term goals, employee motivation, and satisfying individual needs and interests as much as possible. Most people value training and development opportunities that boost their expertise and skill sets.

working on project

While professional growth benefits both your company and the employee, it’s also crucial that you develop a vested interest in your employee’s emotional growth and well-being if you want to improve your retention rates. In fact, a disregard for their emotional wellbeing is often one of the key reasons an employee will leave their job – as we are no longer willing to be treated as nothing more than cogs in the machine.

Thankfully, there are various ways in which you can promote mental wellbeing and emotional growth in your company. For example, you could factor mental health solutions for employees into your business plan. This could include signposting them towards the appropriate support networks, aiding them financially when paying for therapy, or simply making sure your work is a safe space where they’re able to open up and talk.

Encouraging your employees to take care of their overall health and wellbeing is also a great preventative measure, meaning the aforementioned gym membership discount is another excellent solution.

Allow for flexibility

Remote work shouldn’t have to be a luxury. Remote work allows for employees to cut down on commute and it gives them more time in their day. If work can be done on a computer at home, then why even go to work? This is another reason why the Great Resignation is happening. Some work doesn’t have to be done in person and they can be done virtually. So allow your employees to have more flexibility in their schedules.

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