Has Your Employee Retention Rate Taken A Dip? Here’s What You Can Do
A poor retention rate can be a difficult thing for companies to rectify. A high turnover of employees – means more money needs to be spent on recruitment and training, which takes up a lot of time and resources. Therefore, companies must do everything possible to attract and retain top talent. This benefits the business and its employees as it will help create a more desirable workplace culture. Below – are six things all organisations can do to improve their retention rate. We cover it all, from employee perks to a mentoring platform.
Best Things to Improve Employee Retention Rate
Offer Flexible Working
The qualities candidates are looking for in their future job roles have changed from a few years ago. Now, employees understand the importance of a healthy work-life balance and want to work for organisations that accommodate this. Flexible working schedules have become very popular. It gives employees control over how they fulfil their contracted hours. So, they can fit work around their personal commitments like childcare. It is a trend that seems to have caught on as research shows in 2022, around 4.27 million employment contracts offer flexible working hours. If your company doesn’t provide this, now may be the time to start.
Prioritise Communication With Employees
If your employees don’t feel like they have a voice within your organisation, they are likely to look for work elsewhere. Your team wants to feel valued – and like they can express any concerns they may have. Unfortunately, this is not the case for most businesses, and many employees keep their worries to themselves. This is why communication is vital for the success of any company. Encourage your team to communicate with one another through team-building activities and make line managers more approachable by implementing an open-door policy in the office. This is a communication tactic that encourages employees to communicate with their managers if they have any queries.
Create A Mentoring Programme
Improving retention rates requires employers to invest time in their employees. Your team is more likely to stick around if they receive guidance on how they can improve in their job roles. This is where a mentoring platform can help. A mentoring platform helps companies develop their employees, helping them improve their skillset – to contribute to the overall success of their organisation. Take a look at PushFar as an example. They are the world’s leading mentoring and career connectivity platform. They can help businesses run successful mentoring programmes, so you don’t have to go through the time and hassle of setting one up for yourself. Hundreds of organisations have used their software, and the results truly speak for themselves.
Create A Desirable Workplace Culture
Workplace culture can have a positive impact on your retention rate. Too many business owners overlook the importance of this, which often leads to many of their employees leaving their organisations. Creating a desirable workplace culture is vital if you want to retain your employees – and attract top talent in the future, but how can business leaders achieve this? You need to establish and promote the values of your organisation. Being responsive to employee needs is also vital. Companies who prioritise the importance of their team’s wellbeing will not go unnoticed. We can’t also forget about the importance of clear communication, as previously discussed.
Offer Employee Perks
If companies want to avoid losing valuable employees, they must do everything they can to boost staff morale. When it comes to attracting top talent, they also need to do something to help them stand out among the rest. This is where employee perks can help. Offering employees perks like flexible working schedules or the option to work remotely are two popular examples that both employees and prospective candidates highly value. You can find plenty of examples of employee perks online. By offering perks to your team, your organisation shows others that you value your employees. Something that will help you retain your current workforce over the years.
Give Employees Progression Opportunities
One thing that a lot of employees and prospective candidates are looking for is career progression. If your team stays stagnant in their roles for the foreseeable future, they will likely look for a job elsewhere. Offering your team the opportunity to progress in their careers – shows them that their company is invested in watching them grow. It can also keep the job exciting, as they will learn how to improve their skillset – and take on more responsibility. It can help businesses foster trusting relationships with their employees, who will likely stay loyal to their company in the future.
A mentoring platform, employee perks, and flexible working are ways that business leaders can improve their retention rate. Companies must invest time into their current employees and offer them opportunities that will help keep them engaged in their roles. Improved retention rates can work wonders for your business, enhancing your reputation in the industry.