No manager wants to see their top performing employee leave the company for somewhere else. Even so, employee turnover rates continue to rise.
According to data by the Work Institute, the voluntary employee turnover rate was 27% – a number that continues to rise and reached a record high in March 2020, due to COVID-19.
So how can companies retain their employees and enjoy higher productivity levels and less of a hit to their bottom line? Below are 5 employee retention strategies to not only help you keep your best employees at your company but keep them happy and engaged as well.
Offer your employees more flexibility
Too many companies still enforce the 9-to-5 work model. Yet technology has made the 9-to-5 model somewhere between questionable and outdated. Your employees have personal obligations as well as work ones, and a flexible schedule can help them balance those obligations as they see fit. A flexible schedule allows your employees to enjoy their personal life, resulting in lower levels of absenteeism and burnout, as well as higher levels of productivity and retention rates.
Recognize and reward a job well done
Did you know that, according to a Gallup study, people who feel their hard work is ignored are twice as likely to quit their jobs in the next year? As a manager, reward your employees for their good work – whether it's through verbal praise during a meeting or with a Starbucks gift card.
Note: It’s important not to recognize just any quality of work. This can actually backfire and lower employee morale. For example, by giving a standard end of year bonus to every employee rather than an earned bonus based on performance, your top performers may begin to feel resentful, increasing the odds of their going to another organization where they feel valued.
Help your employees with professional development
The one thing most top performers have in common? They want to continue to learn and grow. Develop a professional development program, such as a mentoring program, for your company. With these types of programs, employees will see their company is investing in them. They'll feel valued, making them more likely to happily stay at your organization while also being more engaged.
Promote from within
Promoting from within your organization will show your employees that there is a clear path for career growth. If employees feel they’ve done all they can at an organization, they are likely to leave to another company that can offer them more opportunities. What’s more, by having a professional development program in place, you’ll make it easier for employees to succeed and grow into leadership positions.
Actively listen to feedback
A great company culture retains employees. To improve your company culture, listening to employee feedback is crucial. For one, listening to and acting on feedback shows employees they are heard. It also gives you the chance to improve problems of your organization that you, as a leader, may miss.
Start working on your employee retention rates
As a company culture consultant, I can help you transform your culture so employees engage and are more likely to stay with your organization. If you've got a need, a budget and a timeline, let's talk. I invite you to reach out to me today!