Gone are the days when employees were afraid to lose their jobs. With so many opportunities out there, with business leaders of all kinds using strategies to acquire top talent from other companies, you need to be on your guard if you’re an employer.
If you don’t take steps to keep your employees on your side, you could lose some of them to other firms. For you, this means a reduction in productivity, the loss of key skills, and the need to go through the hiring process all over again.
Millennials are the most likely generation to switch jobs, according to this Gallup report, and as they make up the bulk of today’s workforce, you can understand how serious the consequences could be for you.
So, how can you increase employee retention within your business? Well, there are a number of things you can do.
#1: Provide opportunities for career development
Not many people want to remain in a dead-end job with no career opportunities. Most employees want to learn new skills, take on new challenges, and receive bigger salaries. If you don’t provide opportunities for training and promotion, your employees could look towards other companies that do.
So, do what you can to help your employees grow within your business. Make it easy for them to study and give them more responsibilities, with a salary that reflects how far they have risen. You will improve their job satisfaction, increase productivity, and see more success in your business if you take these steps.
#2: Provide a safe working environment
How safe is your workplace? If it’s not compliant with health and safety laws, you could find yourself in trouble. Not only will you run the risk of an accident and the legal actions that follow but you could lose your employees too. After all, not many people want to work in a place that poses risks to their physical and mental health.
To learn more about your responsibilities, check out this guide to Compliance in Facilities Management and then take the steps needed to comply with building rules. When your employees come into premises that have been well-maintained and that have been legally declared safe, they are less likely to leave through the nearest emergency exit.
#3: Provide employee benefits
If another company is offering employee benefits and yours isn’t, it’s no surprise to suggest your employees might jump ship. As such, you should think about the types of benefits that you could offer to your employees. Not only will you keep them on board if you do offer something but you might also attract new hires to your business.
You might want to offer a healthcare package to your employees, for example, with regular health screenings and counselling support. You could offer them a gym membership too, as this is another way to benefit their health and give them an incentive to stay with you. Or you could offer financial benefits, such as a retirement plan, life insurance, and stock options.
Give it some thought and perhaps speak to your employees to find out the types of benefits that they would appreciate.
There is much more you can do to improve employee retention, from being a fair boss to ensuring a better work-life balance. Do as much as you can, as by doing so, you will face less disruption to your business due to falling retention rates.