When an employee leaves your company, and you need to hire and train a new person, it's costly both in time and money. A new employee needs extensive training. Your customers also feel this transition because they may experience a disruption in the level of service they’re accustomed to receiving.
This makes it essential that you retain top-level employees. If you're experiencing a high employee turnover rate, you're probably wondering how to boost employee retention. Let’s dig into why employees leave and ways to retain the outstanding staff you already have.
Create Honest Job Descriptions
It starts during the hiring process. You need a job description that describes the position accurately and in detail. Employees become frustrated when they accept a position only to find it only vaguely resembles the position that they accepted.
Additional duties and a limited amount of time spent on tasks they enjoy is one of the ways job descriptions can differ from the actual daily duties. Take the time necessary to outline the duties of any position that you're looking for a new employee. It'll help you find the right candidate for the position and limit turnover.
When you write an offer letter, use this opportunity to reiterate the job description and provide a detailed list of duties.
Understand the Reasons Employees Leave
Sometimes, you have an employee that seems to love their job, and they give notice without any warning. Why did this happen? If your business conducts exit interviews, you'll get a clearer picture of why the employee is leaving.
Define a clear set of questions to use in the exit interview and offer a layer of anonymity to get a more accurate picture of why the person is leaving. Some employees feel comfortable providing genuine information during an exit interview, while others might need to be persuaded to share more.
It could be that employees are looking for more inclusivity and equality in the workplace. A problem with an immediate supervisor might also be the true reason a person is leaving. While you can't use an exit interview to retain the person giving it, you can use the knowledge to address employee concerns overall.
Working Remotely and Work/Life Balance
In the wake of the Covid-19 pandemic, many employees began working remotely. According to Forbes, while workers aren't in a rush to return to the office, managers are looking towards a hybrid solution. However, each company will have its own unique approach.
Employees tend to equate working remotely with a more healthy work/life balance. If one of your staff members feels like their job is so demanding that it's creeping into their personal life, they might look for a better position with another company.
Most managers have indicated that working remotely hasn't decreased productivity. According to Bloomberg, working remotely can actually increase productivity up to five percent. This is a win-win for the company and employees.
Working remotely and a healthy work/life balance seems to go hand-in-hand for most employees. A hybrid remote working situation might be the key to boosting employee retention.
Offer Great Benefits at Low Costs to the Employee
Even the most loyal employee will take a new position with another company if they offer better benefits. The right benefits package at a lower price for the employee can be the key to boosting employee retention and ensuring that you have high morale and productivity.
There are many benefits that you can offer to your employees. Here's a look at a few that should top your list to include in your package:
- Health insurance
- Dental and vision coverage
- A pre-tax Flexible Spending Account (FSA) for medical care
- Group life insurance
- Disability insurance both long and short-term
- Retirement plans
- Paid holidays
- Paid vacation days
- Paid leave for new parents
Boost Employee Retention Now
Following these best practices can help you retain the employees you already have with a comprehensive selection of benefits and services. Working with an experienced human resources professional can help you identify where you’re losing employees and develop an effective retention strategy.