Most successful organizations continually strive to find ways to improve their productivity and bottom lines. What’s often overlooked in this process is the role of employee retention in sustaining a high-performing workplace. Understanding the connection between your employees’ job satisfaction and your organizational success is the first step to creating a workplace that allows your company to function at its optimal level. This creates a setting where organizational goals are achieved and employees are fulfilled personally and professionally.
One of the first steps to positive change is rethinking how you attract and treat your workforce. Often, employers are laser-focused on how to prevent good employees from quitting as a temporary solution for turnover issues. A stronger approach is to focus attention on increasing employee retention as a whole.
Here are some impactful and cost-effective ways you can make employee retention part of your overarching organizational strategy.
Offer Regular Praise and Recognition
Most employees – regardless of age or experience level – seek praise and recognition in the workplace. When it comes to keeping your employees for the long haul, you should consistently provide recognition for their accomplishments. According to a recent survey by Glassdoor.com, more than 80 percent of employees said they were motivated to work harder and stay at their jobs longer when they received appreciation for their work.
Implementing a rewards program can be instrumental in increasing recognition and employee motivation, as it will demonstrate to employees they are valued for their contributions. Examples of a rewards program may include offering financial incentives, bonus days off or opportunities to attend industry events (such as a professional conference).
The more you reward your employees’ accomplishments, the more connected they’ll be to their individual roles and your company’s mission at large.
Provide a Path for Advancement
Your most driven and ambitious employees will have plans to grow their careers, whether internally or elsewhere. To prevent employees from becoming stagnant in their roles, you must educate them about the path to advancement within your organization. Providing a projected career path can give your employees a sense of purpose and direction, in which they will strive to advance into positions with greater responsibility.
Offering mentorship or training programs are a couple of options for helping employees advance themselves and reach their professional goals.
Re-Evaluate Your Hiring Process
Sometimes, the most effective way to reverse poor retention is to improve at hiring the right people. This involves taking a closer look at your screening and interviewing process, specifically how you evaluate candidates. For example, how well do your new hires fit within your company culture? During interviews, you may need to ask candidates more behavioral-based questions focused on how they work within a team or how they approach challenges on the job. Narrowing in on these points can help you identify the most important candidate attributes needed for your organization.
What Can Increased Retention Do for Your Business?
Implementing the practices above can significantly improve employee retention over time, as well as enhance your workplace culture. If you’re in need of new talent, learn how a strategic partnership with Durham Staffing, a temporary employment agency based in Buffalo, NY, can bring your workforce to a new level. Contact us today to request an employee.