By Grayce Burns
Recent studies, conducted by the Society for Human Resources Management, found that the cost to replace a single employee can be about 50 to 60 percent of said employee’s annual salary.
Moreover, the U.S. Bureau of National Affairs has reported:
11 billion is lost every year by companies during employee turnover.
With these statistics in mind, you simply can’t afford to not keep your employees! We’ve put together a list of five retention strategies to help keep your costs low and your employee satisfaction high.
Stay interviews seek to find out why an employee chooses to stay with a company, rather than move on to another organization. In order to determine these reasons, employees are given the opportunity to share their likes and dislikes in an honest and open setting that encourages transparency.
For this reason, stay interviews are incredibly successful in engaging employees because they make workers on all levels feel that their input and opinions are valued and heard.
Plus, employees are much less likely to leave a company if they feel they have had some part in modifying it for the better.
The culture of your workplace (i.e. your company’s values, mission, mindset, beliefs and behaviors) is also important to the modern worker when considering where to work—and where to stay.
Employees will want to stay in an environment where they feel understood, accepted and validated. They want to feel they are part of a cohesive team with a shared goal and mindset.
Think Apple, Google, Facebook—these companies do not employ people who all think the same way or have the same skills, but they do employ those that share core values the company has emphasized as part of their mission.
It’s been revealed that millennials are particularly connected to social causes and want to change the world—both inside and outside of the workplace.
That said, all employees want to feel like the work they are doing matters, and will feel more inclined to stick around at a company that cares about more than just the bottom line.
Due to advanced technology in today’s workplace, employees have unlimited information at their fingertips —and the best employees know how to use it quickly and efficiently to solve problems.
As such, a workplace that will retain top talent is one that encourages employees to think outside of the box. Odds are, employees will be excited about this opportunity to explore new territory and will come up with the best way to get the job done—with extra motivation and initiative to boot.
Imagine this: you’re at a car dealership, speaking to the salesman about a car you think may be perfect for you. But as a smart consumer, you know that this purchase is a multi-year commitment to care for and finance the car. Realistically, you want to get your time and money’s worth, so you inquire about the car’s features.
The salesman replies, “Oh you know, standard features.”
Now, think about how an employee feels when they hear that their benefits package is “standard.” Not very exciting or rewarding, is it?
In order to make your employees feel like their benefits are anything but standard, take special care to work with your manager to create a benefits package that is unique to your company. Ideas for special types of benefits include: work-at-home Fridays, ample vacation days, an office-rec room, pet health insurance, a wellness stipend, or even something as simple as access to an online subscription service.