Promoting employee loyalty can be a challenging task as the employment market becomes increasingly more competitive. In order to encourage stronger employee retention, business leaders must actively work to provide growth opportunities, a healthy culture, competitive pay and benefits, and more. It may be difficult for one employer to accomplish all that is described below, but taking everything into account, adopting applicable changes, and making a decisive effort to focus on retention may be enough.
Competitive Pay and Benefits
Economic needs must be met, so pay is naturally a prime consideration for employees when it comes to staying in their role or accepting another opportunity. While money may not be the sole factor employees consider, it will inevitably be on their minds; because of this truth, employers should try to ensure that their employees are compensated well by assessing the average rate of pay for similar positions as well as the general value of the work employees do. If increasing pay is not an option for a business, considering alternatives like more paid time off (PTO), flexible work schedules, or other innovative alternatives can suffice.
A key factor that can cause employees to seek and accept an external job offer involves opportunities for growth. If an employee feels they have stagnated in their position or in the business, they may not feel motivated or passionate enough to stay with the company. Offering continued training to keep employees in the know as well as external opportunities for education with local organizations, schools, or even other businesses can help your employees keep their minds fresh and active. Additionally, if there are no existing growth options for certain employees, speaking to them about their developmental or career goals and plotting out a development plan can keep them organized and give them a clearer sense of their future growth within the company.
Hiring for Retention
Though it may sound strange to some, retention begins during the hiring process. Because company culture is often a primary player in employee satisfaction, hiring employees who align with company goals and cultural aspirations will naturally influence their own professional trajectory as well as the experiences of their coworkers. Individuals who have similar attitudes, interests, and work habits to current successful employees will likely be a good fit.
When hiring, looking for examples of teamwork, engagement, perseverance, and longevity may also indicate individuals who will stay with the company for a longer period of time. Those who are involved in extracurricular activities such as team sports or volunteering, for example, may be good candidates.