Four Steps to Increasing Employee Retention
From a business owner to a human resource manager to any other leadership role that communicates with prospects, you’ve probably honed your speech about the benefits of working at your organization.
Unfortunately, most companies tend to forget about the individuals within their walls.
How often do you remind your current workforce of the benefits of your organization?
Do you ever ask for their input and make changes accordingly?
Employee retention and satisfaction should be on the top of your priority list. Studies have shown that 25% of employees are at a high-risk for turnover. While this challenge is loudly heard with middle-skilled employees, this turnover affects low and high-skilled employees as well. It is much easier to keep an employee then to constantly replace them.
Employee benefits can come in all shapes and sizes. From health insurance and 401K options to health and wellness programs, continuing education and the environment in which they work, it’s important to know what your employees value most to increase employee retention and decrease turnover.
You might be asking yourself, “How do I go about making sure my employees are happy?” Below are four steps that will help you.
Step 1: Share with your employees all the current benefits they have available to them (there may be some they aren’t aware of!)
Step 2: Survey your workforce. Ask them what they like and don’t like. What they wish they had and why. Consider using a third-party for this survey and both online and in-person to get accurate results. You’d be surprised at what information your employees will share with a third party that they wouldn’t feel comfortable sharing with you.
Step 3: Review the data.
Step 4: Make appropriate changes.
Some changes may be more than your organization can take on right now. See what changes you can make in the short-term and long-term and appropriately communicate the changes and timeline with your team.
Some changes are easier to make than you may think. Perhaps your employees want more health and wellness opportunities with discounts to local gyms or reimbursement. Or perhaps they want more common areas for a change of scenery (especially for those that work at desks all day). Maybe they want more potlucks to interact with other team members.
Lastly, and most importantly, communicate this with your workforce. This shows you value them, their opinions and their needs.
Check out a recent case study on how Measured Intentions helped an organization with just this challenge.