An effective employee retention strategy requires you to think about things from the employee’s point of view. No two employees are the same, and everyone has their own goals, ambitions, and desires. All of them want to feel appreciated, though. Employees want to be challenged and excited by their work and feel like they are doing something of value, either to the company or the world. Most of all, they want to be paid at or above market value. Use these top ways to retain great employees and stop the revolving door at your company.
Onboarding and Orientation
Set all new hires up for success with a top-notch orientation program. The very first hour of the first day of the onboarding process should both teach new people about their job and the company’s unique culture. Tell them how they can adapt and thrive in the company, so they feel energized and ready to go.
Young professionals in their first job need some guidance from senior staff. Pair each new hire up with a mentor who can offer guidance on thriving in the business world as well as the company. Provide them a resource beyond their lead or manager who they can rely on to ask questions.
Ask anyone and their most important concern is money. It’s no secret that most people are always looking for another job to chase more money and benefits. Take money off the table—don’t make it a reason to leave. Top talent will stay for the right price. Give employees a full understanding of the benefits and the added value those give to their salary.
Training and Development
Invest in your workers by giving them all the training they need and want. Give them the obvious training they need to do their job but offer more. Provide seminars and outside professional training that will expand their knowledge base and make them a better employee.
Recognition and Rewards
Retain great employees with the smallest of gestures—simply say thanks. Everyone wants to feel appreciated and valued for the work they do. Make it a habit to directly thank your direct reports when they go the extra mile. Create quarterly awards to recognize those who truly deserve an extra bit of praise. When showing appreciation to employees, make sure they know how their hard work is benefitting the company.
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