Every company has its own unique culture, product, mission and values. Yet, one shared priority connects them all: retaining their most valuable employees and keeping them engaged.
The Impact of investing in your people? PRICELESS!
Replacing employees is an expensive endeavor, from interviewing, training, and time to impact – it can take up to 8 months for a new employee to become proficient. It’s in every company’s best interest, to do everything it can to retain valuable employees.
Here are the top 5 retention strategies businesses can implement with ease.
Onboarding & Training:
Orientation sets the tone for the employee’s tenure – about 20% of employees decide
to leave within their first 45 days. Carefully evaluate your onboarding and orientation process by asking one crucial question: Who is engaging with new employees? This person (or team) becomes the face of your company.
The best trainers genuinely care about people, understand that not everyone learns the same way, and are committed to helping everyone succeed. Don’t skimp on this critical role.
Mentorship & Growth:
Mentors are a powerful way to provide ongoing support. Mentorship is win-win, fostering growth for both the mentor, who develops leadership and communication skills, and the mentee, who receives guidance and advice.
No matter the size of your business, success relies on having talented people ready to step into key roles as your business needs evolve. Learn what your employees’ strengths are, keep them out of silos—cross-train, help them grow in their roles, and ensure their careers are heading in the right direction. This prevents stagnation, which can lead employees to start looking for opportunities elsewhere.
Compensation & Benefits:
You can have the best orientation out there; but you will not retain employees effectively unless you pay them what their time is worth – if you don’t, someone else will. If your business can’t increase pay right now, consider other forms of compensation like a performance-based incentive.
Learn what your employees value most when it comes to benefits. Evaluate your benefits regularly – improved health care and retirement plans can raise employees’ overall job satisfaction. Another way to add to your employees’ benefit package is by offering a generous PTO/vacation policy. Whenever possible, encourage non-working PTO. Today’s work-life-integration can be a recipe for burnout if not managed correctly.
Flexible Work Arrangements & Work-Life Balance:
Foster a culture of high trust – offering hybrid work opportunities helps employees balance their personal and professional lives effectively, leading to reduced stress and better mental health. When an employee feels their company values their family and/or personal obligations, increased loyalty and improved morale typically occur.
Encourage a healthy work-life balance by equipping employees with the tools they need to work efficiently. This can include up-to-date technology, a comfortable office space, stress-reduction
resources, access to wellness programs and/or community engagement opportunities that foster both personal and professional growth.
Implementation & Success Strategies:
When implementing any of the above strategies, remember that a culture of respect, creativity, and collaboration is the foundation of employee retention. Every employee wants to feel valued and understand their role in the organization’s success. As you introduce new initiatives, prioritize clear, supportive communication to address any concerns and ensure alignment with your team. Retention is not a one-time effort but an ongoing commitment to creating an environment where employees thrive and feel inspired to contribute. Start small, stay consistent, and watch your organization reap the rewards of a more engaged, motivated, and loyal workforce.
