It is a common knowledge that top talents are in high demands these days in the business world. However, when your business is facing high turnover rate as one big problem, you might want to increase the employee retention. The purpose of this employee retention is to keep your top employees happy and stay with you for many years. Therefore, no other companies may come and steal them away from you. Here are several ways to improve employee retention in your business which you can try.
Make the Right Culture
In order to find the right employees for your business type, the environment of the work should look attractive to them. You can choose to establish a strict, by the book culture or a more laid back one. It all depends on what kind of employees you want to hire and retain. Pick wisely.
Provide Training and Guidance
Good employers will certainly invest in providing their top employees with training. This training can be a good investment for your employees as well because they feel important enough for their employer. Guidance is also important. You need to guide and give feedback constantly to your employees regarding work. If there are employees who feel confused about their role, they will likely to look for something else to do. You certainly want to avoid that.
Pay the Employees Well
Money always matters in the business world. Job hopping can provide employees with ten to twenty percent salary increase which makes this a very attractive option. However, replacing employees is not cheap process from the employer side. By replacing employees, you also need to invest in training them from the very beginning once again. Therefore, pay your valuable employees well to retain them.
Become a Positive Role Model
Employees often quit their job, not because of the work, but their bosses. Improving employee retention rate is not a really difficult task. As the employer, you can just set a good example and be a good role model for your employees. Sometimes, it is as simple as that.
Offer Flexibility at Work
Business is a give and take activity. There has to be balance and understanding from both employer and employee. When you expect your employee to be able to finish more work on weekends, for example, you have to understand when that employee needs to leave work early one day.
Give Employee Unique Perks
Small business often struggles to compete with bigger ones in terms of benefits they can give. However, smart way to cover this is by providing the employees with creative perks they can never get somewhere else.