So, you have a successful product or service and business is booming.
Your employees are what keeps it all together but how would they rate their satisfaction with their job?
Employee retention rate should be one of your number one concerns. If employees feel overworked and under respected, you have a recipe for disaster.
Read on to figure out how you can keep your team happy and hardworking!
Put time into interviewing
Let’s start at the very beginning of the employment timeline: the interview.
Have you updated your interview process to keep up with your organization’s changing needs? If not, you should spend some time on this.
Focus on your questioning. It’s important to proceed with caution and ask smart questions. Ask questions that are relevant to the position but are also going to demonstrate the candidate’s level of commitment to the organization.
Ask the candidates what they think are the main factors that attribute to a good employee retention rate. Does this describe your organization?
Practice behavioral interviewing to get the most out of the process. Behavioral interview questions describe a situation likely to occur in your company and are followed by asking the interviewee how they have responded to similar situations in the past.
Culture is Key
Identifying whether a candidate is a cultural fit should be a major component of the interview process.
Not only should you pay attention to how someone fits into the organization as a whole, but you should consider their fit within their particular team as well.
The culture within a team or organization can make or break an employees’ job satisfaction.
It is crucial to provide amenities for you employees to enjoy during their work day. An enjoyable day-to-day experience will certainly have a positive impact on employee retention rate.
Many progressive organizations have adopted some of the following additional benefits to ensure their employee’s happiness:
- Unlimited time off- implementing this policy shows that you trust your employees to work hard when they are in the office and also to take the time they need so they don’t feel burnt out.
- Free coffee and snacks- Everyone loves free! This is another perk that you can offer to employees that they can enjoy during the day.
- Office celebrations- Any excuse to have a gathering where employees can get up from their desks and mingle! Company outings and lunches are great as well!
- Work from home policies- Sometimes the commute can really wear on your employees and it may bring a sense of relief if they have the option to work at home from time to time.
- Employee recognition programs- It is nice to be recognized for going above and beyond in your position. Awarding employees that have been nominated for excellence is a huge boost to morale and a major motivator.
Communicate openly with employees
It is crucial that your employees feel valued.
Open-door policies will help establish a sense of trust within the communication process. Employees need to feel that they can discuss conflict with the upper level management.
Checking in with team members and having 1-on-1 meetings with direct reports will open the channels of communication even more. You should offer opportunities for issues to be ironed out.
Are your benefits what they should be? It is important to discuss this with your teams. Maybe it is time to reevaluate what you are offering.
Are employees leaving for better compensation? In addition to benefits, salary is something else that you may want to adjust to improve your employee retention rate. Properly compensated employees will feel valued and stay on board.
Reward your employees for their ongoing commitment to your company.
When your employees feel appreciated through things like unlimited time off and flexible hours they are more likely to put their trust in the company they work for.
The relationship between you and your employees should be transparent, for the most part. Trust should flow both ways and feeling appreciated will help this tremendously.
Employees who feel valued will feel a responsibility to stay committed to the company.
Track the employee retention rate
Are you tracking your employee retention rate?
If so, what elements of retention and turnover are you tracking?
You are probably tracking the overall retention rate but this is just the tip of the iceberg. You may also want to consider the following:
- Overall turnover rate– the turnover rate is the opposite of the retention rate. This metric can be used to gauge the overall health of your organization or a specific sector within.
- Voluntary turnover- this type of turnover is when the employee chooses to leave the company for whatever reason. Often this is due to the employee being unhappy.
- Involuntary turnover- this occurs when an employee is asked to leave the organization because they are under performing or not a good fit.
- Retention rate of high performers- if the best of the best are leaving, you need to be tracking why and how often. When key players decide to leave the team it can have a great effect on the organization
Provide the necessary training
Training should be consistent. Training should be thorough. Training should exist throughout the organization.
Establishing the appropriate level of training can be difficult because everyone has a variety of needs. However, this is something that you should spend on because employees who go without training will not feel useful in their position.
Training thoroughly will help the employee in learning their purpose and why their position is vital to the organization. This factor circles back to making the employee feel they are valuable.
If you hired this person, they must have displayed promise and skills to bring to the table. Training them further will hone the skills they already have and use them in their specific role.
Their core skills can be used as building blocks for their overall job performance.
Implementing development training is a great method to improve the employee retention rate within your organization.
Get in touch
Did you notice something missing that you think has a major impact on employee retention rate? Let us know what should have made our list! Comment below and get the conversation going!