Keep your best team members with tricks for employee retention.
Employee retention is a top concern for many employers. Hiring and training processes cost time and money, and as a result, turnover costs time and money. Because of this, companies would rather spend money on ways to improve employee retention than hire and train new ones. To improve the employee retention within your company, read on.
Promote your business’ culture. Employees who feel a strong attachment to their company’s culture and values tend to be more loyal and engaged. Ask yourself if your values are clearly communicated to your employees not only at the time of hire, but throughout their employment.
Create an attractive compensation package. In the words of great mafia movies, you want to give them an offer they can’t refuse. Even as a small business, you can offer indirect compensation (health insurance, paid time off, retirement plans, etc.) instead of direct compensation. Develop a total compensation plan that balances attracting and retaining top talent with keeping labor costs under control.
Provide flexibility. Work flexibility is attractive for many employees of all ages. It can also help to reduce the number of unscheduled absences. You may decide to offer the option to work from home, alternative start and end times, or compressed work weeks.
Communicate effectively. Poor communication can lead to misunderstanding, distrust, reduced performance, and other negative consequences that can increase turnover. Communicate openly with employees about the company’s goals and business results, and invite employees to give feedback and suggestions.
Find out why employees leave. Sometimes all it takes it finding out what attracted your employee to a different company, position, or offer. Conduct exit interviews with departing employees to understand where your business needs to improve.
While you’re taking care of your business, be sure to review your business insurance policies. Contact Bell Black Insurance – your trusted insurance professionals. We serve those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.