Give Your Retention Rate a Drastic Makeover: 5 Ways to Retain Top Talent

Give Your Retention Rate a Drastic Makeover: 5 Ways to Retain Top Talent

As a business owner/manager, your job is to keep an eye on the company’s bottom line. If you don’t make strides towards optimal profitability, unfortunately, your business won’t succeed. To trim unnecessary expenses and reduce wasted company time, you’ll need to maintain a team of self-motivated and success-oriented employees.

Sadly, it’s easy to forget that talented, hardworking employees are the most valuable asset a company has. Without a passionate group of working professionals running operations, things don’t get done. To give your company’s revenue a much-needed facelift, you’ll need to take a second glance at your current retention rate.

 

Have you noticed that your business currently serves as a revolving door for recently on boarded employees? Unfortunately, devising a successful employee retention strategy is a challenge that all companies face, especially in these unprecedented times.

 

When employees unexpectedly leave, it interrupts the company’s workflow while affecting its bottom line due to rising hiring and training costs. When confronted with a less-than-glowing employee retention rate, handpicking customized holiday gifts can steer your retention rate in the right direction. By purchasing gift certificates from PFR Corporate Gifts, you can reiterate that your employees are indispensable assets with a cost-effective gesture.

 

Once the holiday season winds to a close, you can keep the season of giving alive by rewarding your employees with additional sick/vacation days, tuition reimbursement, stock programs, and even yearly bonuses.

 

Besides showering your team with extravagant gifts, business owners can also consider these tried-and-true tips and tricks to keep their employees from pursuing other opportunities. After all, well-paid and satisfied employees won’t entertain other offers from your competitors. Similarly, this group of top talent will demonstrate loyalty to upper management staff when treated fairly.

Hire the right employees

One of the most rookie mistakes a manager can make is over or under hiring when filling a position. If you overhire based on experience and qualifications, there’s a risk the new employee will get bored due to the lack of work challenges and professional development opportunities. If you were to under-hire, the new employee might get overwhelmed and leave due to excessive overtime.

 

Remember, hiring the right amount of employees for any given department is an art form. You should focus on hiring employees that have solid credentials but may need a little more experience. Hiring this niche of candidates will set them up to grow into their position over time without getting bored or feeling overwhelmed. If you’re lucky, they will become promotable at the same time higher-level positions open up.

Create a dynamic work environment

In this day and age, companies are allowing more employees to work remotely. While that is the right move for some companies, it may set other companies back a few steps.

 

If you plan on your employees working in an office environment, you must assume responsibility for creating a dynamic atmosphere. There are a couple of ways you can bridge the gaps between higher-ups and entry-level associates.

 

Firstly, you can encourage the open exchange of ideas. If employees feel they have a stake in what the business is doing, they’re more likely to embrace being part of the team.

 

Secondly, you should note that the physical work environment matters. Employees feel more comfortable when their office/work area is clean, well-lit, spacious, and furnished with high-quality window treatments and comfortable furniture. Though most would expect employers to focus on their reputation amongst their target customers, these business owners and executives shouldn’t forget to focus on their reputation as an employer.

 

Given the fluctuating nature of job market trends, we should expect to drift towards an employee’s market in the next few years. Once this transition occurs, employers will need to appeal to potential applicants by investing in their employee rewards programs and increasing their starting wages.

Provide good training

You’ve surely heard the phrase “garbage in, garbage out.” Believe it or not, that concept could apply to the workplace, as well. If you don’t train employees to do their jobs properly, they will likely respond with minimal productivity and a half-hearted interest in the company’s goals. In the long run, this disinterest in management’s success and the frustration with poorly-crafted training programs could cost the company money.

 

It’s the company’s responsibility to ensure all employees receive the tools and training they need to succeed. Don’t ever throw an employee headfirst into their job responsibilities without setting high standards and showing them how to meet those standards. Otherwise, these disgruntled employees might choose to abandon the sinking ship that is your business.

Plan regular performance reviews

A manager can nurture a sturdy employer-employee relationship by prioritizing open and honest communication between both parties. The one thing employees appreciate the most is input from their manager regarding progress and performance.

 

While these words of affirmation may seem ineffectual, nothing’s wrong with the occasional pat on the back. Unsurprisingly, an employee that feels unnoticed will seek appreciation and validation from other employers. Therefore, these higher-ups must schedule times for employees to sit down with their managers for a performance update.

 

Even if the meeting includes negative feedback, most employees describe these meetings as positive experiences. Generally speaking, these performance reviews empower employees to feel good about their accomplishments while simultaneously drawing attention to areas that need improvement. Remember, there’s a reason why schools provide report cards. Don’t make the mistake of leaving your employees in the dark about their progress. By the way, you can conduct salary reviews and performance reviews in separate meetings.

Reward accomplishments

If you’re smart enough to offer regular performance reviews, you should take the initiative to reward employee accomplishments. Don’t overlook these employees’ hard work and dedication to your company objectives. Take action and allocate ample room in your budget for an employee reward program.

 

If you’re willing to reward quarterly or even monthly accomplishments, providing extra perks might be the right way to go. For instance, you might want to store restaurant or grocery store gift cards inside your desk. Then, when an employee does well or exceeds expectations, offer a gift card as a reward. These additional company perks can be very motivating to employees who don’t expect these kind gestures.

In conclusion

Don’t let hard-working team players slip through the cracks. Boost your company retention rate by taking the five steps mentioned above. While you may initially incur additional expenses, the payoff is well worth the investment.

 

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CATEGORIES : Human Resources

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