Improving areas such as key processes, communications, benefits and conditions to create happier, loyal employees that actively want to remain with the company.
Finding meaningful work or helping others too could support staff retention.
Contrary to some expectations, it isn’t only money we want from work. We also need our work to feel ‘meaningful’. But what exactly is meaningful work, and where can we find more of it? Find out more by reading the book by The School of Life “How to find fulfilling work“:
Credit: The School of Life
5 ways you can proactively work to improve your employee retention
The Bureau of Labor Statistics reports that 2.8 million people quit their jobs in March 2015, putting it back to pre-recession levels.
This is expected to accelerate as employees grow more confident in the economy amid a rising number of job openings.
That’s why employee retention should really worry companies, from a talent drain perspective and from a competitive standpoint.
Why retention is so critical
For employees, this is now “their time” to make a move. They’ve worked in poor work environments, received a small or no raise at all, and have put up with pressure on productivity and high levels of stress in the workplace during the recession. Now the tables have turned and it’s fast becoming an employee-driven marketplace.
An increase in voluntary turnover is disruptive to the business, causes the organization to lose focus and increases recruiting time and costs. It also makes it far more difficult to meet your revenue target and other goals if the employees delivering on those goals are constantly churning.
Smart companies are looking at this trend and putting resources and programs in place to reduce their voluntary turnover levels. It is far more cost-effective to retain a good employee than search for a replacement.
Here are five (5) suggestions to help improve your employee retention (read them in more detail in the full article):
- A compensation bump can increase your retention
- Offer additional benefits as a retention strategy
- Referral program
- Training and learning programs
- Review (and fix) internal procedures
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