According to a 2018 report from the U.S. Bureau of Labor Statistics, employees are quitting their jobs in record numbers, reaching levels that we haven’t seen since 2001. This should make it clear that retaining talented and skilled employees should be one of your company’s TOP priorities.
Studies on the cost of employee turnover are all over the board. Some studies (such as SHRM) predict that every time a business replaces a salaried employee it costs six to nine months’ salary. For a manager making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses.
Another interesting statistic – One4all found that, “39% of workers would work harder if they were happy in their current role or organization.”
It is obvious that you NEED to be actively working to retain your top talent for the bottom line and workplace morale. You need to be proactive. Don’t wait until a top employee leaves and then ask them why he or she is moving on.
Here are some things that you can incorporate into your workplace to help with retention:
- Hire the right people. This seems fairly basic, but your retention issue starts with the hiring process. Make sure you bring on people who fit in with your company’s culture.
- Have a good onboarding platform. First impressions last a lifetime including an employee’s first day at a new job.
- Have a plan to shape growth and development – employees can feel lost without a plan.
- Have an ‘open door policy’ that allows employees to express their opinions. This can help create an engaged team feel like they belong at the company and have a shared purpose.
- Enhance your benefit offerings with more voluntary options to fit the different needs to the employees such as financial wellness programs, nutrition counseling or student loan assistance.
- Assign new employees a mentor and/or buddy. This helps the new employee make a friend right away and provides someone to learn from aside from the boss.
- Reward and recognize employees. Create a process that encourages not only the manager to recognize their employees, but for employees to recognize each other as well. Online platforms such as You Earned It allow employees to earn points that can be redeemed for prizes such as gift cards or coffee and donuts delivered by the boss.
- Emphasize work/life balance. Now, more than ever, employees are stressed and pushed to their limits. Being more adaptive and flexible to your employees’ needs can help them feel less stressed, and, in turn, be more productive and also more appreciative of their job.
These are just some ideas to help with your employee retention. The most important thing to think about when implementing any of these is: what do your employees need to feel appreciated, to do productive work and know they can have a career at your organization?
Your organization cannot succeed by always doing the same thing, year in and year out. Are you ready to implement some new employee retention tactics? The experts at Univest Insurance are here to help. Contact us at 800-220-3077 or firstname.lastname@example.org to have a conversation about what you can do to help keep top talent at your organization.