Retention Strategies

RETENTION STRATEGIES

The following strategies describe some of the many ways that company leadership can help to promote employee retention.  Read further to see which strategies are right for your company.

#1 EMPLOYEE ENGAGEMENT

Disengaged employees can cause a variety of problems for a company including discouraging other employees from performing at their best and decreasing morale.  Additionally, disengaged employees are more likely to leave an organization than engaged employees.  However, there are various ways to increase employee engagement which in turn can result in positive retention trends.  For example, putting out surveys to get employee feedback and acting on that feedback can make employees feel more engaged in the company and can benefit the company with new ideas or quick communication of problems.

#2 INCENTIVES

Incentives are also a good way to encourage employees to do their best at work and motivate them to continue working at their organization.  There are various ways to provide incentives to employees, such as ensuring that employees are compensated appropriately for their work.  Compensation is an especially important issue, because matters surrounding compensation are a top contributing factor for negatively affecting employee retention.  Providing paid time off of work and offering wellness rewards are also effective ways to incentivize employees.

#3 REWARDS

Employees whose hard work received praise and rewards are far more likely to stay at a company than employees who feel as though their efforts at work are overlooked.  This makes it important to not only recognize but reward employees for their valuable contributions to companies.  Giving employees frequent and specific acknowledgement for the work that they do can be done in various ways such as through point systems, a recognition platform, etc.  It is also important to ensure that employee rewards and praise are both specific and relevant to employees to prevent it from losing value over time.

#4 LEARNING AND DEVELOPMENT

According to the American Upskill Study by Gallup “57% of U.S. workers want to update their skills” and “ 61% say upskilling opportunities are an important reason to stay at their job.”  Providing employees with opportunities to develop their skill sets is important for long-term employee retention and also attracts new hires.  When putting together a training program it is important to assess the needs of your current employees to ensure that you can provide them with a valuable skill set while also motivating them to continue working with your company.

#5 MENTAL HEALTH

According to the Future of Industry Report, 87% of employees want employers who care about their mental health. It is especially important to incorporate mental health in the workplace because of how it can affect stress and burnout at work.  There are various ways to promote mental health at your workplace including mental health training, checking in with employees, and allowing more frequent breaks during the work day.

#6 WORK-LIFE BALANCE

A good work life balance is important because it allows employees to take on a reasonable workload and still have time for their personal lives.  Flexible schedules and the ability to work remotely help with establishing a good work-life balance. However, employers can take it a step further by checking with employees to ensure that they are not burdened with more work than they reasonably can complete. A simple check-in can prevent stress and burnout, effectively decreasing turnover.

Updated on October 30, 2023

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