While the pandemic made people realize the value of a stable job, it also gave rise to what was referred to as the great resignation. Employees left organizations in great numbers while leaving companies with countless questions.❓
Employers across the globe were coaxed to think about employee engagement and what goes behind employee retention. If you have been puzzled 🧩 with issues related to employee turnover and excessive absenteeism, we’ve rounded up some employee retention strategies that can help you.
🤔 Why Do Employees Frequently Quit Their Jobs?
Employees quit their jobs because of various factors. Some of the biggest reasons people leave their jobs are because they don’t like their managers/boss, don’t see opportunities for growth, 🪴 or they’re offered better pay somewhere else. 💴
Other factors include the lack of a work-life balance, absence of a supportive work environment, poor company culture, less or unchallenging work, feeling underappreciated at the job, and so on. 📉
It is when employers delve deeper into the reasons an employee stays or leaves they can act on it. Let’s go on to understand the reason employee retention strategies are actually important for your organization and how you can adopt them. ✅
Why Are Employee Retention Strategies Important?
Employee retention strategies can save organizations from losing out on top talent and the perils that come with it. This is especially true for small business owners who have limited resources. Retaining the best employees is crucial for them and the success of the organization. 📈
Regardless of the size of the company, it is essential to retain employees for several other reasons. One of them is cost saving. Each year, companies spend lakhs on hiring new talent.
Further, employers also lose out on revenue due to downtime that is induced by employee absences.
By arresting low retention rates, companies can save on costs and also increase revenues. We will walk you through some of the best strategies to reduce employee absenteeism and enhance retention here.
What Are The Best Employee Retention Strategies For 2022?
Now that you are aware of the benefits of employee retention. Let’s find out the best employee retention strategies that you can use to boost employee morale and keep your precious talent from leaving.
1. 🤑 Offer competitive salaries
While it isn’t all about the money, one of the most successful employee retention strategies is a good salary package. Do an analysis of the fair market standards and pay your best talent on par with that. You can also provide other monetary perks to employees to appreciate their performance.
2. 🏠 Provide remote work arrangements
As working styles have evolved over the years, more and more employees are looking for flexible arrangements at the workplace. Provide your team with opportunities for remote work as and when required. This will enable them to manage personal and professional commitments with ease and remain stress free.
3. ⏱️ Allow flexible hours and options for reduced work time
In continuation to remote working arrangements, employees also look for flexible hours due to several pressing needs on their personal or health front. Give them an option to work fewer hours a day if possible or even take sabbaticals from work to take care of their personal requirements.
4. 💪 Extend employee benefits
While great pay and improved professional dynamics are important, they may simply not cut it. If you wish for your employees to go above and beyond at work, you must also do the same for them.
5. 🙏 Use appreciation and gratitude
A simple ‘thank you’ can go a long way. Create a culture at work where everyone leads by kindness and openly appreciates one another. Instead of pushing the agenda of competition, ask for employees to work in congruence and as a team. Further, send appreciation notes and rewards to your best talent to help them feel noticed. 🎁
6. 🤝 Create a sense of purpose
A big reason employees go absent at work is the lack of purpose. The corporate routine can sometimes feel monotonous and one where there is no real sense of purpose. To avoid this, pay keen attention to improving the dynamics of your employee’s day-to-day life. Awaken a sense of purpose within your team to help them stay engaged.
7. 🪴 Provide opportunities for professional growth
Stagnancy is another red flag. It makes employees feel like quitting due to stagnancy. The routine tasks at work can feel boring after a point and not of any professional value-add.
To avoid your team members from feeling so, give them ample opportunities for professional development. This may be via additional responsibilities in their current role or via educational courses. 📚
8. 🔎 Focus on employee health
If the pandemic has taught us one thing, it is to take our health seriously. Employees are also aware of this and are thus looking for means to protect their health and wellbeing. Provide them with comprehensive group insurance and opportunities to look after themselves via subsidized or free gym memberships, etc. 🏋️
9. 👍 Create a positive work environment
Welcoming décor with ample natural light and bright colors can instantly lift one’s mood. 🌇 Create a positive office space to ensure that employees feel like coming to work every day.
Use ergonomic furniture and create several breakout areas where employees can take a breather. Also, focus on creating collaborative spaces to inspire creativity at work. 🪄
READ TO KNOW: How to create a positive employee experience?
10. 🎁 Recognize and reward employees
One of the prime employee retention strategies for small businesses, especially, is having a rewards and recognition program. To ensure that your best talent stays, shower them with praise and awards in line with their skills. Also, ask managers to use the program frequently. 🎗️
11. 🧠 Give impetus to mental wellbeing
While employers often focus on the physical aspect of employee health, they often tend to ignore the mental element. However, with the various stressors that surround us, it is important to give enough attention to mental well-being at work.
Loop’s comprehensive policies provide 24/7 access to mental health counselors and a range of complimentary wellness sessions to enhance employee mental health. Click here to know more.
12. 🍕 Host team lunches and outings
One of the many crucial objectives of employee retention strategies is creating a sense of community. Team members should have a sense of belonging at the workplace to evoke their loyalty. To make this happen, arrange frequent team lunches and offsites where employees can collaborate, network, and rejuvenate as well. 🍧
13. 🛋️ Provide other perks
Perks at the office go beyond the monetary aspect. Sure, fat paychecks and bonuses are great, but employees are often left wanting more on the psychological and mental levels.
To this effect, provide perks such as wellbeing subsidies, hybrid productivity allowances, reimbursements for internet expenses, and more to make employees feel taken care of holistically.
14. 👂 Listen to your employees and seek their feedback
Employees are often listening - may it be to the manager’s instructions, client feedback, and more. But do they have enough avenues to feel heard?
To ensure that your team members have a chance to speak and do so without any fear, arrange one-to-one meetings, anonymous polls, and more. The idea is to seek their feedback and do so effectively and regularly. 🗣️
15. ⬆️ Promote an open hierarchy
In continuation of the last point, it is essential for companies to maintain an open hierarchy. Ensure that managers as well as the organization’s top leaders are always accessible to employees – regardless of their designation at work. This will invoke a sense of trust within the team and help them feel heard and seen. 👀
➰ Enhance Employee Engagement With Loop’s Health And Insurance Benefits ➰
The 15 mentioned strategies above are just the tip of the iceberg. 🧊 You can choose 7 great employee retention strategies from the list of 15 listed ones and implement them at your company to see results right away.
There are many benefits of employee retention programs. They help companies enhance employee trust and engagement and even improve customer experience and revenues in the long run.
🟢 At Loop, we understand the importance of employee retention strategies and are here to help companies with them from the health perspective.
Our offerings include affordable group insurance with features such as complimentary wellness sessions, round-the-clock doctor support, and more. Let’s help you bring amazing benefits to your team. Contact us today.