The employee retention rate of an organization is a great tool to identify its strengths and weaknesses. Usually, organizations that have better employee retention rates are successful in attracting valuable employees. Employees, who enjoy their jobs, can work even harder to become more useful to their organizations and tell others about their job as well.
1. Offer competitive and fair salaries
Many organizations pay their employees fair compensation, but do not work alone. If you offer below-market wages, then an employee is more likely to look for work elsewhere. According to research, if salaries lag behind by more than 10 percent with comparable jobs, employees are more likely to run off.
2. Benefits are productive
Although benefits are not the only reason why an employee would continue with an organization for long, but benefits offered by competitors and others can tick you off very easily. You must review benefit plans regularly ranging from reimbursements to health insurance to pension plans.
3. Train the managers, front line supervisors and administrators
A good employee/ manager relationship is critical to employee retention and satisfaction. Ensure that your managers do not drive the employees away. Give them enough training to build up supervisory and people management skills.
4. Define roles clearly
You must define a formal job description for every title or position in the department. This will help your employees know what is expected of them every day and to whom they should report.
5. Advancement opportunities
You must implement a career ladder and define the requisites to earn a promotion. Also conduct performance reviews regularly to identify the strengths and weaknesses of the employees.
6. Communicate openly
Employees are more committed to the organization if their employers keep them aware of the key issues regarding the goals of the organization.
Create more opportunities for employees to learn. Reimburse them for courses, professional meetings and seminars. Also encourage every employee to learn one new thing every week.
Employees have many commitments as well, such as looking after children, aging parents and other conditions. Allow them to work flexible hours, or provide job sharing services or similar practices.
9. Give the best supplies and equipment
Old and depreciated equipment is a big turn off for employees. So update computers, software and machinery regularly. Also give the highest quality of supplies that the business can afford.
10. Value your employees
Recognize all the outstanding achievements immediately and publicly. Give comments on the small contributions that your staff makes each day towards the mission of the organization.