Employees are the fuel that drive a company toward success, so businesses need to be intently focused on retaining their top-performing talent. The cost of hiring and training a new employee is about $4,000, but it largely depends on the skills and knowledge base of the employee. Companies that retain excellent employees can increase the agility, efficiency, and innovation of their team, allowing them to flourish as a company.
1) Hire the Right Talent
Employee retention starts with the hiring process. You need to hire employees that are the right fit for the job role they’ll be filling. A behavioural assessment like the Predictive Index® can help determine what a good match is. By hiring the right talent, you can increase retention right from the start.
2) Emphasize Training
Employee training is critical to retention. Employees need to feel connected to their work, and with proper training, they’ll be more successful at their jobs and experience greater workplace satisfaction. Focus heavily on ensuring each employee is well-versed in each skill set before unleashing them in your business.
3) Create an Engaging Culture
The culture of a company largely influences the satisfaction of employees. Google offers ping pong tables to give workers a break. Many businesses have beer on tap, so employees can unwind at the end of a long day. Create a fun and engaging workplace culture that will make employees eager to show up each day. You should also focus on hiring talent that suits the culture of the company. If your company is based on sustainability, for instance, hiring employees with a passion for environmentalism will make them feel more connected to the company.
4) Focus Heavily on Interior Design
Studies have resoundingly indicated that people are deeply influenced by their surroundings. Blue has a calming effect on the human psyche while orange tends to be energizing. Design your office in a way that is bright, modern, sleek, and attractive, so you can improve the energy, focus, and creativity of employees.
5) Offer Competitive Salaries and Benefits
No matter how fun and engaging a workplace is, if another business is offering an employee better pay and benefits, they’ll leap at the opportunity. You need to be offering all employees competitive benefits and salaries, so you can source the best talent and keep them with your company.
6) Encourage Workplace Collaboration
Most people feel more engaged and energized when in the company of others. Encourage teamwork as much as possible, so people have the opportunity to interact with one another throughout the day. This will keep employees more alert and engaged, greatly improving their workplace satisfaction.
7) Diversify the Workday
If employees are given a select range of tasks that are similar day to day, they will soon grow tired of their workplace environment. It’s a good idea to spice up their workday by providing each employee with a diverse range of weekly tasks that coincide with their unique talents and skills.
8) Divide Up Tedious Labor
Every job comes with its share of tedious tasks. Yet, if the majority of mundane work is dumped on a single employee, that employee will likely burn out quickly. Divide up tedious work across all employees equally, so everybody can share the burden while spending more time devoted to the tasks they love.
9) Be Flexible About Workdays
Many offices are now offering flextime schedule to employees. Basically, employees will be expected to be in the office for at least a couple of hours at set times each day. The rest of the day, however, is up to them, and they can work whatever hours they like, as long as they get their work done.
The benefits of flextime schedules are twofold. Firstly, it provides greater trust and freedom to employees, making them feel more appreciated and valued at the company. It can also fuel productivity by allowing employees to choose the times of day they are the most focused and engaged. While some employees are early birds, others conduct their best work in the evening. Giving them the flexibility to choose can enhance workplace productivity and fuel employee satisfaction.
Employee retention is a critical aspect of operating a thriving business. Your company relies on your top performing employees to continually innovate and drive your company forward. With competitive salaries, an attractive company culture, and a diverse, social workday, employees will feel more appreciated and connected to your company.