Long-term employees are crucial to the success of your business, but keeping top talent in place isn’t easy. Right now, your retention rates are at a healthy level, and you want them to stay that way. To keep employees satisfied, your business needs to offer something your competitors can’t match.
Making your company a great place to work requires a constant effort on your part. It’s important to clearly assess the needs of your team and always be thinking about what you can do to make their work life even better.
Here are four tips sure to have a positive impact on your retention rates.
Provide Growth Opportunities
The best and brightest employees have a thirst for knowledge. These people truly enjoy their work and want to learn as much as possible in their position. Keep them engaged by sending them to conferences, seminars, and continuing education classes. If your budget is small, cut costs by hosting lunch and learns or bringing trainers into your office to teach group sessions.
Say ‘Thank You’
Feeling invisible at work isn’t fun. Your team works hard every day, so let them know how much they’re appreciated. The best employees don’t require constant praise, but when someone goes the extra mile, acknowledge their efforts. Saying ‘thank you’ is incredibly simple and requires almost no time, but you’d be surprised how many managers rarely utter those two little words.
In the past, most employees didn’t bat an eye at being in the office during standard work hours, but things have changed. In an effort to help people strike a solid work-life balance, many companies now offer remote work or flextime. Giving employees the freedom to make work fit their schedule is a very popular perk. It shouldn’t cost you much, but it will be a game-changer for your staff.
Pay Competitive Rates
Your team isn’t solely motivated by money, but it does matter. If you’re paying salaries that fall below average, employees are probably struggling to make ends meet. You can’t expect them to stick around for long if they’re unable to afford a comfortable standard of living.
Use the Bureau of Labor Statistics to conduct a salary assessment for each employee on an annual basis. If you discover you’re not paying at least the median average wage for their job title, in your region of the country, try your best to bump their pay up to the appropriate level.
Keeping retention rates high is no easy task, so get more time to focus on your team by joining forces with ECS. Our team handles back office management services, employee payroll services, and independent contractor compliance solutions for staffing and recruiting firms. Contact us today to find out what we can do for you!