It is important for an employer to attract and keep employees. Employee retention is focused on keeping those good employees. Employees can be lured away to another company with offers of better salary or benefits. It is important to stay connected with employees and to allow open communication and that they feel respected and valued not only from management but also from their fellow employees.
One thing we can start with is gathering feedback from employees to understand what they enjoy and what they would like to see changed. It is important to know what motivates employees to stay with the company rather than look for other work. This can be done through employee satisfaction surveys and exit interviews. Exit interviews is a way to find out the reasons an employee is leaving although in exit interviews leaving employees may not be so truthful.
Once the feedback is received, the company needs to identify issues and target solutions for them.
Why do employees leave?
Salary is not everything and employees can leave a company for many different reasons.
- Lack of clear company vision
- Poor supervisors
- Negative work environment
- Poor onboarding process
- Lack of training and support
- Low employee morale
- No clear career path
If employees run into these they will no longer be engaged and start looking for new opportunities. This causes a loss of talent and knowledge and increases training costs and recruitment costs.
How to prevent employees leaving
There are several things companies can do to help retain employees.
- Celebrate employee accomplishments
- Invest in your employees
- Flexible workplace
- Work life balance
- Flexible work schedules
- Health and wellness programs
- Different non-standard shifts
- Public transit discount
- Fair compensation
- Show that you value their opinions
- Work shifts do not need to be standard eight-hour workday they can be as low as four hours and as long as ten hours. The workweek can also be shorter.
Providing flexible benefits plans where employees are able to select from options that suit their life style.