employee retention strategies you should implement right now.

Employee retention strategies have never been more important. With lower levels of unemployment today, top talent is in demand. The importance of staff retention should be high on companies' lists of concerns.

The recruiting process doesn’t stop once you hire an employee; it continues long-term. Employee retention is an extension of the hiring process. You must keep your turnover rates low by keeping employees engaged, challenged, and satisfied with their roles.

In this post, we discuss the importance of staff retention recruiting today and offer 8 employee retention strategies you should implement right now.

the importance of employee retention

The cost to continuously hire and replace employees is very expensive. It’s estimated it can cost a company twice an employee’s salary to replace them when they exit the organization.

Losing an employee can also hurt production when recruiting and ramping up new team members.

The constant cycle of replacing team members can place much stress on your team, lowering employee morale, and you could need help finding a suitable replacement.

Therefore, it’s vital to focus on employee retention strategies as an extension of your recruiting and onboarding process. Once you have an employee, it does not mean they will stay long-term. Focus on keeping your current employees happy, and you will need to hire less frequently.

8 employee retention strategies you should implement right now

As they say, a little can go a long way. Focusing a little more on the importance of staff retention and keeping your current employee morale up can keep them more engaged and satisfied with their jobs. 

Try these employee retention strategies if you are having trouble keeping your employees:

1. be picky when hiring

All companies make hiring mistakes. Recruiting and improving employee retention is an approximate science. But there is a lot you can do to ensure you make better hiring decisions. It’s okay to be picky. 

Be thorough. Have certain criteria you are looking for. Don’t rush into a hiring decision just to fill the spot. Think long-term when hiring. 

Each new team member who joins your organization can have a positive or negative impact. Putting more time into your hiring decision will help you hire better people improving employee retention.

2. relax your dress code

Relaxing your dress code can have a big impact on company culture and can be encouraging to employees. Today, there is a greater desire to be a little less formal and more flexible. 

Encourage employees to be comfortable at work. It’s just one of the many things employees desire when considering companies they want to work for.

3. communicate openly

Maintaining an open line of communication with all your employees from the top down is very important. People want to have their voices heard, their opinions to matter, and be recognized. 

To improve employee morale, be open to new ideas, listen to your employees when they have concerns, and be open and honest. Talking to your employees as often as possible will help improve employee retention.

4. focus on leadership rather than management

Lead, don’t manage. Collaborate with and support your team rather than give orders and directives. Guide your employees and provide them with direction. Leading helps to keep employee morale up and team members feeling valued. 

Trust them to do their jobs and step in only when required. People are more likely to follow when you build trust and lead by example.

5. focus on development

A top reason employees leave is due to a lack of development and advancement. Provide your employees with a clear plan for professional development and career advancement. Giving employees clear development plans will help improve employee retention.

Offer training and coaching to reduce turnover rates. Allow employees to add new skills and ensure they are always challenged and never bored. When people get bored, they start looking for new challenges and, possibly, a different job.

6. offer convenience perks

Employees appreciate flexibility, including flexible schedules. Life can be hectic, and balancing work and life is challenging. 

Providing convenience perks lets your employees feel more comfortable knowing they can book a doctor’s appointment on their lunch break, work from home, or occasionally leave because their child is sick without worrying about job security. Giving your employees a flexible schedule helps lower turnover rates and increase employee retention.

7. create opportunities to socialize

Work can’t always be all work and no play. Create opportunities for your employees to socialize and have some fun. Plan lunches, events, and celebrate your successes.

If you have a remote workforce, ensure you’re creating ample time for them to socialize and speak with other team members. This will allow them to create bonds with the people they work with and maintain employee morale. 

8. be an employer to be proud of

Establishing a strong employer brand is very important today to ensure staff retention. If you create a place where people are proud to work, you will easily improve on employee retention. You will also make your company a destination where people want to work, which will help your recruiting efforts.

The employee retention strategies above foster a strong and engaging work environment. It can help you create a place where people want to work and a place they are proud of. Work on implementing the above suggestions to help you improve your ability to retain your employees long-term.