6 Ways to Improve Employee Retention

Employee retention refers to the organisation’s goal of keeping talented employees and reducing the turnover of staff. Retention is achieved by creating a positive work environment and demonstrating your appreciation to employees.

Employee retention strategies not only make your staff feel valued, but it also hugely benefits your company. Achieving a high retention rate indicates you are retaining staff for a long period of time, resulting in less time and resources needed for training new staff members.

In an employee-driven market, retaining exceptional employees is of utmost priority. Make sure you are honest with employees and treating them right to avoid losing them to your competition.

6 Ways to Improve Employee Retention

Here are 6 ways to improve employee retention:

1) Offer competitive compensation

Talented employees should be well compensated. It gives a level of satisfaction and a feeling of being valued. Providing employees with a salary equivalent to the work they are doing will pay off. It will increase productivity, as employees will recognise that their hard work is being noticed. Do your research and keep up to date with industry averages to maintain the happiness of your employees.

2) Prioritise employee wellbeing 

Constant work overload can negatively impact the mental health as well as physical health of an employee. An extensive workload can bring on stress and make employees feel overwhelmed. Before the job has the chance to negatively affect an employee’s mental health, consider offering mental health days.

A mental health day is when employees have the day off to relax and shut off work completely. Providing your employees with relaxation days separate from annual leave allows them time to refresh their minds, enabling them to be more productive when they return to work. Be open to mental health days and demonstrate you’re invested in your team’s wellbeing.

3) Offer flexibility

In the wake of the global pandemic Covid-19, flexibility has become more desired by employees. A recent study shows many employees are changing roles due to the lack of flexibility offered by their current employers. A hybrid working environment is the future. It’s time to evolve and adapt existing practices to ensure employee satisfaction. With the changing work trends, this is key to success.

4) Involve employees in decisions

Talk to your employees! Discuss their performance, consider their ideas and involve them in the decision-making process. Making employees feel part of the team and demonstrating that their opinions are respected will help develop a healthier culture and a more enjoyable workplace. Not only will this increase productivity, but it will also make them feel valued.

5) Incentives, rewards & bonuses

Incentivising exceptional service will dramatically increase the performance and productivity of an employee. A recent survey has concluded that companies with the best employee incentives programmes are more likely to retain staff and boost their morale. The extra encouragement motivates employees to perform their best in the role. Devise an employee incentives programme and discuss it with your team to have a better understanding of what they would be happy with.

6) Offer a good benefits package

Employees are always inclined to want better benefits. Besides salary and incentives, there is so much more you can offer. Health insurance, gym subsidiary and training programs are a few of the sort-after benefits employees want in a role. Employers who remain interactive with their employees, understanding what will keep them happy, tend to attract more employees and retain their existing talented staff.

Final thoughts

Your organisation’s success relies on your ability to hire and retain the best employees. Use some of these strategies to maintain the happiness of your staff and improve employee retention.

6 Ways to Improve Employee Retention

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MRK Associates is a recruitment and career advisory company specialising in finance and revenue management jobs.

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