According to Thinkopolis, job-hopping has become the new norm and people generally don’t tend to stay in jobs for very long. In fact, according to their survey, only 51% of people have been in their job for less than two years.
Employee retention should be a metric that your business keeps a keen eye on. While often overlooked, staff retention leads to increased productivity and lower costs associated with recruitment and training.
But exactly how do you go about retaining employees?
In this article, we’ll take a deep dive into how to retain employees.
What Is Employee Retention?
Employee retention is a metric that looks at the churn rate of employees. It is a widely regarded view that the longer you can retain your team, the more experienced they’ll be. This leads to improvements in productivity, and work getting carried out to a higher standard.
Retaining your staff is about motivating them and providing them with a workplace in which they feel happy and can thrive.
Onboarding and Training
From the day that an employee starts working for you, you should start to fight to retain them. Keeping employees begins with the onboarding process. By investing time and effort into the process of introducing an employee to your organization will ensure they feel welcomed and valued from the get-go.
Provide Honest and Constructive Feedback
If you want your employees to stick around, you need to invest some time and energy in providing constructive and honest feedback. Make sure that when you provide any feedback, that it’s delivered positively.
Provide Scope for Growth
Many employees are motivated by their career progression. If there is room for them to grow in their current role, you should do everything you can to help them take the next step on the ladder.
If career progression isn’t an option, you can still look for ways to make their role feel more meaningful to them.
Pay Your Employees on Time
One of the most important and basic ways to keep your employees is to pay them on time.
There are several ways you can quickly and easily pay your staff members. You could use bank transfers, PayPal, or even take a more novel approach.
Payactiv.com offers a debit card that your employees can use. You just put their pay onto the card for them.
Companies that are relaxed when it comes to paying their employees tend to struggle to retain talent.
Motivating Your Employees
By motivating your employees within their role, you’ll make the working experience happier for them. There are many ways to motivate your team; from offering bonuses for hitting targets to creating competitions.
How to Hold Onto Your Best Employees
Employee retention is essential to the success of your business. Keep your best employees by training them, praising them, and motivating them with financial incentives.
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