Retaining Employment: A Guide for Employers

An employee who stays with your company for a long time is an asset to the company. They have a deep understanding of your business’s practices and have grown in their role. In order to have longstanding employees, employers need to implement a plan to reduce their employee turnover rate. Learn what strategies your business should use to retain employment.

Related: How to Reduce Employee Turnover 

 

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Why is it important to retain employment?

It’s important to retain employment at your company because hiring new employees takes time, effort and resources. When an employee leaves, everyone else has to work harder to make up for their absence. You will have to use your time looking for new candidates, interviewing and training instead of doing other important things for your business. Likewise, if an employee leaves after only a short time, all the effort you put in training them is wasted. 

By keeping your employees happy and motivated, they are more likely to stay with your company for a while. The longer employees stay with your business, the more responsibilities they can take on. You can also invest more in your employees, which can help your business. 

 

How to increase employee retainment

When creating your employee retainment plan, consider the perspective of your employees. Imagine what you would want from a workplace if you were an employee. Implement a plan that treats employees fairly and helps them feel appreciated at work.

Here are a few ways to increase employee retainment: 

 

1. Create an efficient onboarding process

When a new employee starts at your company, their onboarding process should be as straightforward as possible. A manager should be responsible for the new employee’s training and orientation. During orientation, teach the new employee about your company’s culture, procedures and processes. Also, create an environment where they feel comfortable to ask questions. In your employee manual, include a frequently asked questions section that they can refer to. 

Read more: New Hire Onboarding Checklist

 

2. Offer competitive wages

Do some market research before deciding on what to pay your employees. After learning what other companies are paying employees in similar positions, see if your budget allows you to pay similar or higher wages. Sometimes, better benefits such as more paid time off and flexible work hours can outweigh higher salaries. Ultimately, employees want a fair wage that justifies the work they are doing. 

 

3. Provide additional office perks

In addition to traditional benefits such as healthcare, dental care and contributions to a retirement fund, offer other office perks. Some common office perks include a pantry full of snacks, free lunches, a corporate wellness program, reduced Friday hours and casual dress days. 

 

4. Have open channels of communication

If your employees have a question, comment or concern, they should feel comfortable going to you or management about it. Create a work culture where employees can be honest about their feelings. Use active listening skills and implement changes based on what employees are expressing. 

 

5. Give and receive feedback regularly

Hold performance reviews for your employees on a regular basis. During this conversation, tell them what they are doing well and what they can improve on. If budget allows, give employees who have proven themselves to be hard workers a raise during this meeting. At the end of the meeting, ask your employees if they have any feedback for you. Send out an anonymous survey as well so employees can be more honest with you about their feedback. 

 

6. Invest in your employees

Offer additional training, certifications and educational opportunities for your employees. By showing that you care about their career growth, they will be more likely to stay with the business longer. 

 

7. Establish a work-life balance

Show employees that you understand they have lives outside of work by offering them plenty of paid time off and flexible work hours. For example, give them the option to make up their work if they had to leave early for an appointment. Also, while they are off the clock, respect their time off by leaving work-related communications for business hours. 

 

8. Facilitate teamwork

Team building activities help your employees bond and feel like they are part of the team. Plan regular outings and events to give employees a chance to get to know one another. Also, during meetings, give everyone a chance to contribute to the team’s efforts so they feel like their ideas are heard. 

 

9. Acknowledge achievements

Acknowledge when an employee does a good job on a project or has been working extra hard. Also, post a company-wide announcement when someone has a birthday, work anniversary or another exciting milestone. 

 

Frequently asked questions about employee retainment

By creating a solid team of employees, everyone can get to know each other better which helps them collaborate more effectively. To get started, create an employee retainment plan with all of your employees in mind.

Here are some frequently asked questions about employee retainment: 

 

What are some team building activities my company can use?

Team building activities are a great way to retain talent. Here are a few ideas:

  • Company-sponsored happy hours
  • Company-wide retreat
  • Office parties
  • Team lunches
  • Volunteering days

 

What can I include in my corporate wellness program? 

Many employees appreciate an employer who values their health. One way to show you care is by creating a corporate wellness program. Here are a few things to include in your program:

  • Free gym memberships
  • Free yoga or meditation classes
  • Reimbursement for races/walks
  • A pantry stocked with healthy food 
  • On-site masseuse monthly
  • Educational courses on healthy living 

 

How often should I give employees raises?

One significant reason why people seek employment elsewhere is to get paid more. By offering your employees raises regularly, you are showing them that you continue to value their efforts and achievements. Typically, employers give raises on an annual basis. However, you can also give a raise when you feel like an employee is putting in extra effort at work or if they had a successful streak. Likewise, if your employee is accepting additional responsibilities, give them a raise to pay them for the extra work they will be doing.

 

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