Retaining employees keeps companies more stable and saves money in the long run.
A high staff turnover rate can cost a company dearly and cause constant disruption in the workplace. Staff retention is important to maintain the company’s image and also to create a stable and familiar environment. There are many ways to increase staff retention, although it’s important to avoid short-term solutions that can really drive skilled employees away.
Suggestion boxes can help with team retention by providing employees with the opportunity to contribute company feedback.
According to some studies, one of the biggest factors that determine staff retention rates is the work environment. Employees need to feel respected and important to the company, rather than expendable. How managers and supervisors behave towards employees is of particular importance as many employees will have to deal with management on a daily basis and can rely on them for workplace assessments, raises and requests for vacation or sick leave. . Training managers to treat employees with respect and conduct business transparently can be an important factor in keeping good employees on the job.
A good workplace atmosphere can be key to staff retention.
Fair pay is an important part of any staff retention strategy. Workers will not be motivated to stay in a job where their skills are underestimated and underpaid. In times of economic hardship for a company, workers may also be more likely to continue working if it is clear that everyone in the company is getting a fair share of the cuts; if managers are buying new cars and bragging about bonuses, while lower-level employees are subject to furloughs and pay cuts, loyalty will quickly disappear.
Providing career growth opportunities can also help increase staff retention levels. Good employees often have high ambition and need the opportunity to learn and grow to stay motivated. Keeping a great employee in a lower-level role because of their superior work is a good way to lose them; someone else in the industry is likely to recognize the employee’s skill level and be only too happy to offer more money and a more responsible position. Hiring for higher-level positions within a company can be a good way to ensure people are motivated to stay in the position.
Some employee retention strategies suggest that employees can be motivated by things like employee suggestion boxes, employee of the month competitions, and other small concepts. While they can be useful as part of an overall workplace strategy, they can come across as insincere, cheap, and condescending if employees still don’t feel respected and important to the company. It’s important to avoid gimmicks that give the appearance of motivation while serious workplace conflicts go unresolved.