78% of business leaders agree that employee retention is urgent and crucial. One reason is cost saving. Losing an employee means you have to replace, recruit, onboard, and adopt new ones to full speed, which cost about one-half an employee’s annual salary.
Unfortunately, retaining the best employees is challenging in the modern-day workplace, given the rapidly changing environment and job-hopping millennials. Read on and explore ways you can ensure your best employees stay.
Have Flexible Work Hours
Employees have a life besides work, and flexible work hours offer them an opportunity for a proper work-life balance. Extending work hours without appreciating the extra effort or offering additional time off is a recipe for employee turnover. Employees may start to look for other jobs if you consistently pressure them to check in early and work beyond office hours.
Being able to work virtually or remotely is one way to boost work flexibility. It makes it easier for employees to work without having to go to the office. Employees can work extra hours beyond the bare minimum and still be happy if given this option.
Give Them Learning and Advancing Opportunities
Employees value learning new things and growing, whether laterally or an upward move. Therefore, offer them learning and advancing opportunities like restaurant training.
Allow them to boost their skill and knowledge by offering them consistent training. Let them participate in presenting training if they know something and would like to share it with fellow employees. An employee will more likely resign if they have the capacity to take on greater responsibility, yet you confine and stagnate this opportunity. To ensure they keep their mind on the job, challenge them to advance their knowledge and take over more demanding opportunities.
Make Them Feel Valued
It’s essential to make your employees feel valued and recognized. Acknowledge and compliment their productivity or competency on a project with a simple ‘thank you” .than makes a huge impact. Boost employee morale by offering small perks like free parking, free meals, rotating shift schedules, etc. If an employee executes a job well, strive to recognize this effort. Offer them rewards like a voucher for a meal, bonus check, etc. A strategic recognition program tends to curb employee turnover.
Set Clear Expectations When Hiring
Employees tend to get frustrated and dissatisfied over not knowing their managers’ expectations on the job. Managers tend to neglect to address such expectations during the hiring process. During the interview session (or after hiring), let your employees know what they can expect from you and what you expect from them.
Offer Them Relaxation Time
Though the economy May be hard, give employees sufficient room for relaxation. Do so whenever they get a newborn, plan a family vacation, or an employee gets sick during working days. By pacing your job workflow, you set yourself up for an enduring work relationship. If you expect or demand a high-quality performance, break down the degree of working pressure. You can let them catch a breath from one task to another on a busy day by allowing them mini break periods or scheduling team-building activities.
A long-term job commitment calls for equal responsibility from the employer and the employee. To keep your best employees glued on the job, give them a compelling reason to stay.