Do you know how to improve employee retention?
A recent study found about 80 % of companies reported issues with employee retention. Fact is talented employees are in demand. And with an employee’s average job stay at less than five years, people who are going to stick around are rare. Turnover means tangible costs that affect your bottom line and your company’s long-term outlook.
Here are a few ways to improve employee retention:
- Provide the perks your employees want: Survey employees to find out what the most-important perks are to them. You may not be able to provide everything they want, but you can show them that you’re listening. Quite surprising is while some might think that perks are just small extras, a Glassdoor study found that 80 percent of employees would actually prefer these perks over salary.
- It’s all about culture: Study after study has shown that “culture” is critical to retention. People want to work with people they like. Look for people who are a good fit for your culture and who work well together when hiring. Coworkers are the center of retention issues.
- Be flexible whenever possible: Nothing frustrates employees more than when reasonable requests are ignored. For example, many employees want to work from home when they have personal issues to attend to. With the tools of work often being as simple as a phone and a laptop, there’s no reason not to let them be more independent but still accountable.
- Recognize good work: Employers who consistently praise their teams are viewed more favorably by employees. Try not to make their annual performance review a list of things they’ve done wrong. Constructive feedback, absolutely a great way to show employees that you’re paying attention by praising good work is always a good idea.
- Communicate clearly: A major problem in the workplace is miscommunication. Encourage employees to communicate face to face whenever possible. It’s more difficult to miss the message when you can see the other person’s body language and facial expressions. When the company has a big decision to make, solicit feedback from everyone you can.
Looking to improve your employee retention and engagement? Talk to one of the advisors at Accounting 360 Solutions.
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