Retaining employees can be a challenge in today’s economy. Retention strategies give employers methods to keep valuable employees with their company and avoid high turnover. There are many retention strategies available to suit every type of workplace and team. In this article, we provide 17 successful retention strategies for your company.

What are retention strategies?

Retention strategies are tactics employers use to keep employees from leaving their jobs. Some employee turnover is inevitable but implementing retention strategies can keep turnover rates low and the company functioning at maximum efficiency.

Why are retention strategies important?

Retention strategies are important for several reasons. Companies that can keep their employees happy and productive will generally see lower turnover rates than those companies that do not. Here are some reasons why retention strategies are important:

• Cost: Hiring new employees is generally more expensive than maintaining existing employees. There is also a loss in productivity while the new employee learns about their job.
• Culture: If employees begin leaving the company, it can entice others to do the same. Additionally, potential employees may be reticent to take a job if they see employees leaving regularly.
• Morale: It can be a challenge to maintain high morale when there are constantly new employees or vacancies in a company. Vacant positions mean the remaining employees may have to do the work of several people, which can cause stress and tension.

17 retention strategies

Here are retention strategies you can use to retain employees for the long term:

1. Improve company culture.
2. Increase salary and benefits.
3. Assess the hiring process.
4. Alleviate frustrations.
5. Provide effective leadership.
6. Increase employee engagement.
7. Implement positive contributions.
8. Provide mentoring.
9. Offer perks.
10. Prioritize wellness.
11. Perform employee check-ins.
12. Develop employees.
13. Offer rewards.
14. Allow flexible work.
15. Recognize milestones.
16. Provide consistent feedback.
17. Challenge employees.

1. Improve company culture

Company culture directly impacts employee morale. If employees feel continuously tense or stressed at work, they will leave to find a more comfortable workplace. Improve company culture by managing conflicts and getting direct feedback from employees about any issues they feel could be improved at work.

2. Increase salary and benefits

Many employees choose to leave their jobs because they receive a better compensation package from a different company. An easy way to retain this employee is to increase their salary or benefits. Do this proactively by giving cost-of-living raises or annual performance-based salary increases.

3. Assess the hiring process

Improve employee retention by hiring the best employee initially. Hiring representatives should only hire those employees who they feel are the best fit for the company. Avoid hiring employees with a history of quitting or those who seem hesitant to take the job.

4. Alleviate frustrations

Some employees leave their positions due to on-the-job frustrations like complicated procedures or lack of managerial communication. Identify employee frustrations and alleviate them to retain employees.

5. Provide effective leadership

Excellent leadership can motivate employees to be more productive and remain loyal to their company. If you notice high turnover in a certain department, assess the leadership. The issue may be with the manager rather than with the actual position.

6. Increase employee engagement

People want to feel included. Give employees opportunities to contribute to company decision-making. Allow employees to make suggestions or implement changes. If employees feel needed and that their ideas are heard, they will more likely stay in their jobs.

7. Implement positive contributions

Demonstrate that your company cares about the community in which it operates by positively contributing to it. This could be through monthly community service events, providing money to a community organization or allowing employees to volunteer in the company’s name. Employees will feel good working for an organization that cares about their community.

8. Provide mentoring

Some employees feel neglected on the job. Provide employees with mentoring from senior employees. Junior employees will feel their work is appreciated, senior employees will have leadership opportunities and all employees will demonstrate improved work performance.

9. Offer perks

Not every company is in a position to increase salaries or provide other financial incentives to remain with the company. Perks are a great way to improve retention without spending much capital. Perks can include things like working from home one day a week as a reward for meeting a deadline, keeping snacks in the breakroom or providing a catered lunch once a month. Small perks demonstrate appreciation for employees.

10. Prioritize wellness

Healthy employees are happy employees. Give employees opportunities to exercise or to develop mental health practices at work. Demonstrating respect for employee wellness will lead to a higher employee retention rate.

11. Perform employee check-ins

Many companies formally review their employees annually. However, it can be beneficial to perform low-pressure check-ins more frequently. These check-ins allow employees to share ideas for company improvement and challenges they may be facing. Check-ins allow employers to address pain points that employees may have before they become out of control.

12. Develop employees

Stagnation can drive an employee to leave their position in search of something new. Develop employees through training and leadership, and challenge them to keep them invested in the company and growing as employees.

13. Offer rewards

Reward employees for excellent work. Rewards can be monetary bonuses, time off, a trip or any other prize that interests your employees. This retention strategy will also increase employee productivity as the reward is an incentive to complete great work.

14. Allow flexible work

In today’s connected world, working in an office is not as vital as it once was. Allow employees the option to work from home regularly. Flexibility can have a huge impact on an employee’s work/life balance and convince the employee to stay with the company.

15. Recognize milestones

Recognize employee milestones like years of service, completion of a major project or signing a new client. When employee work and loyalty are recognized, employees are more likely to stay with the company.

16. Provide consistent feedback

Provide regular feedback for employees on their work output. Often, employers or managers assume employees know what they need to do to improve. Explicitly stating areas in which the employee can improve and recognizing the good work they’re doing can incentivize the employee to remain with the company.

17. Challenge employees

Complacent employees may become bored and seek challenges elsewhere. Make sure employees are adequately challenged in their roles at your company. Provide new opportunities for them and assist in setting SMART goals (Specific, Measurable, Achievable, Relevant and Time-Based).

17 Successful Retention Strategies | Indeed.com

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