Every time an employee decides to move on from a company it comes at a price. The Society of Human Resource Management (SHRM), estimates the average replacement cost for an employee is six to nine months of their salary.
What’s more, high turnover rates can affect your other employees in terms of morale and engagement. Cut the costs by retaining the employees you currently have, instead of hiring and training new ones. It’s been shown that employers can retain 77 percent of employees who quit by simply implementing strategies that address their needs and keep them engaged.
With more jobs available than employees, today’s employers must give their employees a reason to stay. Essential employee offerings in 2019 often include:
- Competitive Wages
- Paid Time Off
- Health Benefits
- Retirement Plans
Make sure your employees know just how to take advantages of all the benefits and perks your company offers.
Career development is one of the top reasons an employee stays with a company, according to SHRM. Invest in developing employees through apprenticeships, on-the-job training and ongoing learning throughout their careers.
Show them you care about them by creating a career path that allows them to grow within your company. Not only will your employees be loyal, but they’ll be better trained for their position.
Flexible Work Time
Not every employee works best from 8 a.m. to 5 p.m. Offering flexible scheduling and remote work options can make employees happier and even more productive. According to HubSpot, in 2018 four times more employees believed working from home to be the most productive option.
Don’t wait until the exit interview to find out the reasons why your employee is leaving. Conducting Stay Interviews helps managers develop engagement and retention strategies for each of their employees so they’re less likely to leave.
SHRM suggests asking your employees at least five questions during a stay interview: what your employees look forward to each day, what they want to learn, why they stay, when they’ve thought about leaving and why and how you can make their job better.
Whether the news is good or bad, when whispers are happening behind closed doors, your employees start to get anxious. Be upfront and direct about how the company is doing. Open and honest communication about how the company is doing and how your employees are making an impact on the bottom line fosters a culture of transparency and trust. Share the great news about how it is changing the lives of customers and the community to instill pride in your employees and promote longevity.
Feedback should be positive and given often. There should be a consistent loop of check-ins, coaching sessions and updates about how your employee is doing. Feedback not only helps gauge your employee’s job satisfaction – it also helps you determine how to best support them.
Retaining employees starts with recruiting the right candidate for the job. A thorough applicant screening process, an efficient onboarding process and regular feedback from management puts your employees on the path to go the distance with your company. An integrated talent management solution can streamline the entire hiring process, boosting productivity.
BirdDogHR Talent Management Solutions was built to help HR managers simplify their HR processes so it’s easy to find, hire and onboarding the right candidates for the job. Contact us for a demo to see just how efficient and flexible our cloud-based software can make you and your team.