Retaining employees is a genuinely challenging task for most employers. It is observed that on average, employers spend approximately six to nine months of an employee’s salary in finding a suitable candidate as a replacement.
When hiring a new employee, there are several expenses that are included, such as their training and onboarding costs. Apart from these expenses, there are interview expenses and recruitment services.
Instead of going through the trouble of an exhausting hiring process, employers should make efforts towards retaining their existing employees.
But what could make the top talents stick to their existing company?
It’s actually very simple. Here are five effective ways that could help employers retain their top talent and save a lot of money in the long run.
1: Provide Excellent Management Services
Over 50 percent of all employees look for a job change or quit their position due to their bosses. Even if your employees are earning above industry standards wages and have excellent work benefits, if they don’t like or respect you as their boss, they may look for another job or quit the company. In fact, employees that are satisfied with their jobs are the ones who felt that they could approach their seniors/bosses whenever they encounter any problems.
If you want to retain your employees, then it is wise to keep an open-door policy. This means that as an employer you need to encourage and respect the feedback and opinions of your employees. It will lead to a positive change and a happier workplace environment.
Since you are instilling an open communication policy at your workplace, your employees will start feeling appreciated and valued, and are more likely to stick with the company for a long time.
2: Offer a Work-Life Balance
It is well-observed that most of the millennials are open to taking up jobs that offer a lower salary as long as they get better work-life balance, significant project exposure, and a positive company environment in return.
Small businesses need to pay attention to their company’s culture and make sure that their employees are comfortable and valued. To maintain a work-life balance, we suggest you include flexible working hours and provide your employees with the option of ‘working from home’.
Moreover, you can also organize corporate events and celebrations. There are several team-building corporate events, such as baseball games or f1 corporate entertainment, that you could sign up to so that you can build a sense of camaraderie between your employees.
You can allow your employees to take unpaid time off for life-altering events such as emergencies, weddings, and other family needs.
3: Create an Uplifting Work Environment
Making minor changes to your office space such as structural alterations that allow for more natural sunlight inside, free snacks, and ergonomic workstations help boost employee productivity. Most Millenials would prefer to work in a strong working environment over jobs that offer high compensation.
Incorporating more natural sunlight in your workspace through some artificial lighting can help reduce eye strain, headaches, and improve the sleep quality of your employees. Installing ergonomic workstations also aid in stress reduction. Adding some soothing music while your employee’s work can actually increase productivity. This is also a great way of conveying to your employees that you care about their happiness and wellness.
4: Set Clear Expectations
As an employer, it is your responsibility to let your employees know what is expected from them, especially when it comes to productivity and achievements of personal and company goals. Apart from this, they should also be provided with all the required tools and guidance to achieve the given task.
Make sure that you are setting some realistic and achievable goals which your employees can complete. Also, ensure that they are not burdened with responsibilities that they cannot handle or miserably fail at.
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5: Allow Space for Growth
Every employee looks for professional growth while working for a company. Lack of growth opportunities will lead to many of your employees leaving. Always inform your employees when there is a new job opportunity available in the company itself and allow them to apply for it.
Remember, professional growth is not only about financial increment, but it is also inclusive of career growth such as a higher designation, access to training opportunities that lead to skill enhancement and the ability to pursue personal growth while having a more flexible work schedule.
Once your company’s focus is more about retaining its existing staff, you can then focus more on achieving your business objectives instead of always having to hire new employees.