65% of employees believe they can find a better position elsewhere. And losing an employee can cost the business as much as 33% of that employee’s annual salary. That means that not only is losing employees incredibly costly, but the majority of your current workforce might be actively exploring options for changing jobs.
And the only way to combat that is using engaging employee retention strategies that can get ahead of the reasons why they might want to leave your company. The good news is that there are many strategies you can implement, with some of them producing outstanding outcomes without the need for a big budget.
To help you get better at holding on to your top talent, let’s look at a few simple but highly effective strategies you could consider.
Celebrate Important Milestones
Employee retention is a complex process that usually can’t be fixed with a single step. However, sometimes a small gesture can go a long way in building a stronger relationship with your employees and getting them to become more loyal to your business and its goals.
A good starting point for making that happen is through the celebration of important milestones. For instance, you could develop work anniversary ideas for employees that show your appreciation and add a layer of meaning to their time within the company. By commemorating the anniversary with a gift, you can show that you value their time in the company and want them to feel appreciated.
You could also apply the same approach to company goals, putting together celebrations and giving out gifts or rewards for those who participated in making it happen. Celebrating these occasions will not just help the team feel happier but will also build a stronger sense of camaraderie within the office, which can translate to better cohesion and performance in the future.
Utilize Days Off
Days off are one of the biggest perks you can offer your employees. Even though bonuses and gifts have their place and will be appreciated, providing the employee with free time they can spend as they wish can ultimately bring them the most joy and meaning, which is something they will appreciate and be thankful for.
So, if you’re trying to think of ways to motivate and engage your employees, consider skipping the mandatory team-building activity and instead give the entire team a day or two off, telling them to unwind and recharge by doing what they love and with whomever they want.
When they come back, your team will not only be refreshed but will have an increased sense of appreciation for the type of company culture you are trying to nurture.
Create Growth Opportunities
One of the best ways to reduce turnover in your workplace is to provide your employees with a clear path forward in their careers. You want to take a proactive role in ensuring that each team member knows what they are striving for, has the resources to get there, and understands that the company is fully behind their goals and wants to help them achieve those goals.
But what are some of the best ways to provide your employees with the right growth opportunities in their situation? After all, you can’t expect everyone to have the same goals, so a single program or learning resource simply won’t suffice.
Instead, you should combine coaching, learning, and new responsibilities for an effective and all-encompassing process to keep your employees moving forward.
You can set up coaching within your company, encouraging superiors to take on mentees and guide them through the various challenges of a more prominent role within the company. You could also invite guest speakers who can provide insights and expertise on a range of topics that are relevant to your employees.
Finally, you should allocate time in the workday for them to focus on learning and embracing new challenges, which is the only way to eventually get them to a level where they can move on to a bigger role within the company.
As a leader, it’s natural to want to stay on top of how your employees spend their time, what projects they are working on, and even how they solve specific problems. But unfortunately, as you try to maintain control of every little aspect of your employees’ work schedule, you will create a work environment that’s stressful, lacking in creativity, and ultimately unproductive.
The only way to ensure that every team member is capable and independent in their role is to allow them to work through the challenges, even if that means they make an occasional mistake.
Instead of micro-managing every aspect of their work, consider providing autonomy while also having yourself (or someone else) be available for any questions, guidance, or feedback that an employee might have.
Retaining your best employees is one of the deciding factors that will determine where your company is in a few years. If you’re unable to hold on to your best workers, you will eventually lose the edge against the competition and have a tough time recruiting new candidates.
The good news is that with the steps listed above, you can stay ahead of most employee retention challenges and create an environment your employees will thrive and be happy in.