Employers are having increasing difficulty securing and retaining good employees. It is estimated the employee turnover rates and the cost of retention will cost businesses $430 billion dollars annually by 2030. In order to help keep good workers, employers should implement these six key practices.
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Focus on Career Growth
No one wants to be in a dead end job. Human nature is to keep progressing, improving, and feeling like you are making a change or impact on the world around you. 94% of employees say they would have stayed with their job if their company offered career development options. This include mentorship programs or paying for additional certifications and degrees.
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Have Good Managers
Good leadership is key to the success of a business. Over 80% of individuals have considered quitting their job due to a bad boss. By fostering a healthy boss/employee relationship role where managers listen to their employees, don’t micromanage their tasks, and find solutions to problems, a company is more likely to retain a higher number of employees. A poor work environment leads to employee turnover.
In fact, firing a bad manager is more productive and cost-effective than continuing to lose employees. A bad manager can set the tone for the office, making it more difficult to implement the practices that incentivize and encourage the good employees to stay.
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Prioritize Work-Life Balance
Studies show that nearly 83% of millennials would change jobs for better family benefits. You can nurture a better balance by planning family days with your employees and respecting boundaries.
There are many benefits for employee retention that a company can offer; this is especially important for lactating mothers after the birth of a child. 43% of employees leave the workforce within 3 months of the birth of their child. By utilizing The Lactation Network’s (TLN) Newborn Families program, which seamlessly integrates into existing benefits and covers lactation care through self-insured health plans, your company can boost post-maternity leave retention from 59% to 92%.
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Be Flexible
Being flexible involves many aspects of the business, from having an open mind to being more flexible with work hours. Employees appreciate an understanding work environment that helps them create success.
When polled, employees said that flexible work hours are the number one benefit that they prefer at a job. Allowing individuals to work from home and in the office allows them to maximize their productive hours. Through this more varied approach, productivity and morale will improve greatly. Another added bonus of flexible work hours is the ability for employees to better balance their work and home life.
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Praise Employees for Contributions
A key component in retaining good employees is to praise them for what they do. People like to feel appreciated, and by highlighting their good efforts, they are more likely to continue to be productive in their work. Positive reinforcement and incentivization is a key tool to motivate most individuals.
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Have Good Benefits
Incentivizing employees to stay at your company includes offering an array of benefits. These benefits can range from dental care to stock options, depending on the size and profitability of your business.
Some of the most well regarded and important benefits for employees include wellness packages, annual leave, life insurance, and professional subscriptions. These preferred benefits are in addition to the previously mentioned practices.
Conclusion
Today’s job market is unique. There are an abundance of job openings and not enough individuals to fill them. This puts a lot of the power in the hands of employees. To win over and retain the best workers, employers need to up their game and provide competitive compensation and benefits.
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