Last year, the average employee retention rate was 52%. You may see that number and initially think… well, at least it’s over half! But really think about it. This means, essentially, that half of the employees that you hire, train and mentor will actually leave your company — even when you’ve done what you may think is your very best to retain them.
However, retaining a talented team isn't always as simple as it may seem. Complacency, boredom, and a lack of career development opportunities can all lead to a talented person seeking employment elsewhere.
But what can you do to ensure that your employees are happy at your company, and will not be swayed by opportunities from your competitors?
Let’s look at some actionable tips from top executives in a variety of diverse niches.
Look for the Signs
There are a few tell-tale signs that an employee may be unhappy at their job:
- They are regularly taking extended lunches or breaks
- They are coming in late or leaving early
- They are taking more sick days than usual
- They are less engaged in their work
- They are less productive than they used to be
- They are constantly complaining
If you notice any of these situations, it may be time to intercede. Victor Mathieux of Miracle Brand adds, “Remember that sometimes, the less formal the situation is, the better. Connect with an employee on a quick Zoom call just to check in. Without being too invasive, the problem may even present itself right away. Just be sure to listen, and provide an atmosphere of understanding and support.”
Be Sure the Right Person Is in the Right Role
When a person isn’t selected for the role that suits their particular skill sets the best, it can create situations where the employee may even begin looking for other opportunities.
The first step is to communicate with your employees to see what their specific concerns are. It may be that they feel like they are not being utilized to their full potential, or that they are not being given enough challenges in their role. Once you know what the issue is, you can work with your employees to try to find a solution that will work for both of you.
Alice Rowen Hall from Rowen Homes takes it a step further by suggesting, “Create a system where your employees feel like they have a voice in the company, and that their concerns are being heard. Additionally, offering opportunities for employees to grow and develop in their careers will show them that you are invested in their development. They won’t need to experience the stress that often accompanies uncertainties that swirl around where they’ll be in a year.”
Engage Your Team in Unique Ways
To be honest, a lot of people are unhappy at work because they're bored. If you can find a way to engage your team with unique ideas, they'll be much more likely to stick around.
One way to do this is to ask for their input on company decisions. Not only will this make them feel more invested in the company, but it will also give them a chance to share their unique perspectives.
And according to Lilian Chen of Bar None Games, “It’s absolutely crucial to ensure that your employees actually bond together as a team. Sure, there are plenty of team-building activities out there, but search for unique ideas that will not only enable your team to interact, but may even expose skill sets that you never knew existed. With so many people working remotely these days, taking some time out for an interactive event can help breed such a beautiful, engaging company culture.”
Offer Unparalleled Flexibility
The ultimate truth is that the pandemic changed the business climate forever. Many people working 9-to-5 office schedules are now being more productive than ever from their kitchen tables. Therefore, there’s no good reason not to work with your team to help provide them with flexible scheduling.
Alex Armstrong-Paling of Toolfit mentions, “Even if your team isn’t fully remote, you can still consider offering certain days for working from home, or ensuring that’s an option when someone is feeling under the weather. Many companies are now embracing a hybrid platform, meaning they work both in-office and remotely. Simply take a good hard look at your environment, and see where you may be able to offer more to your team.”
Be Creative With Your Company Perks
Again, since so many people are now working from home, the regular employee benefits may not be applicable. It’s important that you keep in mind what your company offers and how you can keep your employees happy. Some companies are now offering additional benefits, such as more vacation time or mental health days. These benefits can help to keep your employees happy and engaged in their work.
Additionally, offering regular opportunities for development, such as training programs, mentorship programs, and tuition reimbursement, will show your employees that you are invested in their future.
“Or if you’re really concerned about the health of your employees,” begins David Hatfield of Body and Soul Personal Training, “Then show them that you mean it. You can set up group classes or fun bootcamps to make sure your employees are releasing stress and challenging their bodies. Plus, you’ll quickly see how this can positively affect your team’s productivity and energy levels.”
In the End
To sum things up, retaining your employees is crucial to your company for a myriad of reasons.
The cost to replace an employee is high, and the impact of turnover can be even higher. In fact, replacing an employee can cost up to 150% of their salary. Not to mention, losing an employee can cause a domino effect of negative consequences, like decreased morale and productivity among the remaining team members.
The good news is, there are a number of things you can do to improve employee retention. Simply select several options that apply to your team’s specific needs, and take the first step to an engaging company culture today!
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