7 Ways to Improve Retention in 2018
Today’s ongoing war for top talent and generation of job hoppers makes it challenging to improve employee retention. Though employees are a company’s most valuable asset, employee turnover is a huge problem for many employers these days. Keep your employees happy and improve your employee retention rate in 2018 with these seven strategies:
- Hire loyal employees. Pay attention to red flags that you may have a job-hopper during the interview process. Ask questions that determine if the individual is interested in growing with your company rather than getting experience to take somewhere else.
- Establish a culture that engages employees. An appealing employee culture is key. Whether it’s strict and by-the-book or more laid-back and casual, establish the right culture for your company and hire employees that are a good culture fit.
- Provide guidance. Give your employees a road map for success at your company. Not only is it important to implement an effective on-boarding program, but it is also important to offer regular feedback and direction based on an employee’s performance—whether it’s constructive criticism or praise for a job well done.
- Offer training opportunities. Invest in your employees’ learning, advancement and success by offering training and mentorship opportunities. Whether that’s establishing a company leadership program or paying for an employee to take an online course, providing employees the resources and tools for career growth shows that you value them and their careers.
- Compensate competitively. Obviously, paying your employees well is an effective way to improve retention. Be sure your employees receive the competitive salaries that they deserve to keep them from jumping ship.
- Offer flexibility. Workplace flexibility, whether that’s through telecommuting or flexible scheduling, is a popular perk these days. Not only does it improve employee work-life balance, but it also leads to increased employee performance and productivity. Be considerate of your employees’ schedules and personal lives or they may go looking for an employer that will.
- Provide perks and benefits. Many employees are more drawn to the less tangible perks and benefits a company offers than the actual compensation. For instance, generous vacation time, a social work environment, a fitness stipend, free meals, airline points or access to tickets to special events may keep your employees around.
Improving your employee retention rate doesn’t have to be a struggle. Connect with your employees to understand the things your company does that they value and the areas where the company could improve.
ITAC Solutions is a recruiting firm headquartered in Birmingham with additional offices in Atlanta, Huntsville, Mobile and Nashville. ITAC specializes in the temporary, contract, and direct placement of accounting, information technology, corporate and administrative professionals.