5 Ways to Increase Employee Retention

Employee turnover rate can be a huge concern for a business. Recruiting, hiring, training, and retaining employees takes a lot of time, money, and effort, and when employees leave as quickly as they onboarded, it can leave employers feeling helpless.

How can you prevent high turnover rates?

1. Opportunity for growth, incentives, and perks

While compensation is important, so is opportunity for growth. Raises don’t need to be given after x amount of months or after reaching milestones. Need to boost sales? Offer incentives to sell x amount of product within x months to receive a $500 bonus. If employees know there is opportunity to make more money in a way that feels attainable, they will feel more motivated on a daily basis.

Some highly-valued perks:

• Work from home

• Flexible schedules

• Parental Leave

Perks will make your employees want to stay and will encourage new hires to join you.

2. Recognition

Let’s face it, not being recognized for a job well done is extremely frustrating. Not being recognized can lead to resentment, negative energy in the workplace, and lack of communication internally. Hold consistent official performance reviews and take the time to provide recognition for your hard-working employees in the moment. Even better if you can do this in front of other coworkers to serve as encouragement for the employee and motivation for other employees.

Bring in breakfast treats or a company-paid lunch, write a handwritten thank you note, compliment their performance during company meetings, and give promotions when well-deserved.

Recognizing your employees will create a positive environment where employees will strive to do their best and act as a team.

3. HR Software

Your onboarding process should be simple, smooth, and effective. It should teach the employees exactly what the job entails, what the company policies & culture are, and how they can thrive. Benefit enrollment and time off requests and policies should be equally as effortless. The best way to do this? An HR software system. You can have employees onboard online by filling out pertinent employee information including W4 and I9, reviewing and signing the company handbook, enroll or waive company-offered benefits

Click here to learn more about what a personalized company portal could do for you.

4. Offer Benefits

Whether it’s medical, dental, vision, life, or disability insurance, retirement or wellness programs, or college tuition reimbursement, your employees will feel appreciated thus more likely to stay at your company.

Employees may not know those programs exist, or may feel as though they were unaffordable. By offering programs and policies that support their health and their family’s health, and secure their financial future, they’re more likely to feel valued in the workplace.

Offering benefits is not a financial burden for the employer in the long run. For example, wellness programs are proven to increase employee engagement and productivity, thus contributing more financially to the company.

5. Exit Interviews

Finally, take out the guesswork and find out exactly why employees are leaving. Holding an exit interview can give you invaluable insight from someone that has worked at your company. They may help you determine which employee retention strategies you should be looking into, and where else there is room for improvement. Employees can provide you with feedback and suggestions you may not have thought of otherwise.

Need more HR tips? Contact Apex Benefit Group.

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