Employee retention is one of the biggest challenges that employers will face in 2022; due to the fact that many people are no longer willing to stay in a job where they are unhappy, unappreciated or undervalued. This movement, known as the great resignation, means that employee retention rates are plummeting across pretty much every industry – as discussed here by entrepreneur Dee Agarwal.
While there will always be some movement of employees within your company if you have noticed a distinct decline in your employee retention rates then it’s time you start taking employee retention seriously. After all, the hiring process can be particularly expensive, with companies spending an average of 42 days to fill a position and spending $4,129 per hire. With that in mind, here are some simple ways in which you can go about improving your employee retention rates.
- Find as many ways as possible to show your employees you care about them, and not just what they bring to your company. This is because it shows your employees that you value them on a more human level, allowing you to forge a stronger workplace relationship.
- Understand the truth about employee burnout, and how debilitating it can be in both their professional and personal lives. With burnout often being cited as a key reason why an employee quits their job, being aware of the dangers of this (and implementing them) will help you to improve employee retention rates. Furthermore, when you eradicate burnout you’ll notice that workplace productivity and efficiency rates will soar.
- Be aware of some of the key issues that today’s workforce face, such as the current mental health crisis and offer support where possible. Make it clear that your employees are always able to approach you should they require any support – even if they are requesting some time off to support their mental health. Taking good care of your employees will also make your company more attractive to new hires, meaning you’ll have fewer issues when it comes to employee attrition moving forward.
- As employee wants and needs are constantly changing, ask for regular feedback from your employees to ensure you are providing them with exactly what they need. For example, they might want to upgrade the training offered on-site, or simply replace your choice of teabags in the break room. Being receptive to feedback is a great way to improve employee retention rates.
- Invest in your employees’ future by giving them plenty of opportunities to develop their skills and knowledge and progress further within your company (and beyond). Challenging your employees and facilitating their growth is the easiest way to improve your retention rates as it gives them plenty of reasons to stick around. Even better, there are numerous ways in which you can facilitate this – such as implementing workspace shadowing or mentorships schemes or paying for external training. For example, you could cover the cost of industry-specific training to help your employees learn something new. This training is mutually beneficial because it also means they’ll get better at their jobs!
