You’ve done a great job with your hiring. Good! Now, what’s next is to make sure that your hire stays in your company. Employee retention is as important as employee hiring. See the list below for some great strategies for employee retention!
Great Strategies for Employee Retention
Although salary is important for an employee, that’s not all that they seek. Aside from the salary, they’re also looking for an employer who could provide them a competitive benefits package. Health insurance, paid time off from work, and life insurance are some examples.
One of the reasons why you need to invest in employee development is because of employee retention. It is one of the top three non-financial motivators, and 76 percent of employees want opportunities for career growth, according to a blog post by Corbett. Employee development is a benefit that promotes loyalty, good reputation, and enables the company to have good people.
Encourage open communication between the management and the employees. Regular meetings where employees could speak their ideas are good, as well as allowing the employees to communicate with their managers anytime.
Who doesn’t love rewards? It’s a good way to express your gratitude to your employees for their good work and it can also be something for them to look forward to. Financial rewards are the most common, but you could also show your appreciation to their work through creative ways.
Communicate with your employee what it is that you expect from them, what responsibilities and duties do they hold. An underworked or overworked employee tends to not stay in the company too long, seeking for better opportunities.
Great hires and top talents would be useless when you can’t make them stay. Don’t lose your memory by losing your employees and make sure that they stay!