To effectively compete in today’s business environment, you need high-quality, loyal employees. However, building employee loyalty can be a challenge, especially for those with specialized skills or extensive experience. Therefore, these are a few employee retention strategies you may consider.
Compensation and Benefits
Many professionals state that they felt under compensated or that their benefits packages were not competitive when they left their previous jobs. Therefore, these are foundational to building employee loyalty.
First, your compensation levels must be competitive with the rest of the market. Also, they need to be adjusted regularly for inflation, experience and increased responsibilities. Bonuses may be options for companies that cannot consistently increase wages for individuals doing the same work.
However, you should also evaluate the benefits and other perks you offer. Your healthcare and retirement plans should be competitive or better than your competition. You can also add perks that boost morale, such as flexible schedules, paid parental leave or remote work, even if it is limited.
Encourage a Work-Life Balance
One of the main complaints former employees had was the lack of work-life balance. They felt that they spent so much time at work that they had little to pursue their personal goals, spend time with their families and rest.
Therefore, evaluate the amount of time your employees spend at work. Encourage them to leave their work in the office and not take any home with them. You provide vacation time and personal leave to give your employees a break from their work, so make sure they take it. Teach them to set boundaries so that they maintain their balance. If they have to spend long hours in the office to finish a project, give them extra time off at the end as compensation.
Pursue Open Communication
Some employees have expressed concerns about communication within their workplaces. They don’t feel as if they can share their concerns or celebrate their victories with the management of the organization.
Therefore, consider pursuing an open communication strategy. This is especially vital if any of your employees work remotely. Encourage your staff to share their ideas, challenges, concerns and questions with you at any time. Then, provide timely responses. Also, discuss their short- and long-term professional goals.
You should also provide regular, continuous feedback to your team members. Your employees like to know that they are meeting or exceeding your expectations. When they do something above and beyond, recognize their efforts and celebrate their victories and milestones.
Although you cannot completely eliminate turnover, you can reduce it significantly by pursuing strategies that encourage employee retention.