According to a 2015 PayScale Report, employee retention is one of the main concerns for 57% of employers. It makes sense that this would be a top priority – hiring and training new employees takes time and money, and a high turnover rate means your productivity is going to lag behind your competitors. It’s wiser to invest your dollars in employee retention strategies than hiring and training new employees.
4 Helpful Employee Retention Tips
Here are some great tips that can help you improve your employee retention rate so you can focus on moving your business forward.
Update Your Screening Process
One of the best employee retention strategies is to make sure you are hiring the right people to begin with. Take a look at your hiring process and make sure that you are properly screening them to weed out prospects that might not be in it for the long haul. There’s nothing wrong with people switching jobs from time to time but if you have a candidate that tends to jump ship after a few months or isn’t invested in a career in your industry they might not be the right hire.
Make Sure Your Salaries are Competitive
You might be tempted to tighten up the purse strings when it comes to bringing new hires on board but it will actually serve you better to offer a higher salary to begin with. It can cost up to 50 percent of an entry-level employee’s salary to replace them! You can avoid that cost by bumping up the initial salary offer by 10 or 15% and making the job more attractive to prospective hires who will then hopefully stay on longer.
Boost Your Benefits
These days, companies are getting really creative with the benefits they offer. Even small companies can find ways of offering little perks when budgets are tight. Pairing up with city bike share programs, offering discounted gym memberships, getting VIP tickets to special events or discounts with local retailers can be great ways to ensure your employees stay happy and loyal.
Offer Flexible Work Hours
More and more people are getting comfortable with working remotely these days, and if you are able to allow your employers to work from home, even one or two days a week, (particularly during the summer season) chances are they will be happier with the job. It doesn’t mean they’ll be working less often or that their productivity will drop – in fact, the opposite is probably true. According to Unify, up to 43% of workers today would switch jobs if it meant great flexibility in their schedule. Be the one to offer it and you’ll have employees that will stick around.
Improving retention rates is important for the success of your business. To keep a handle on your talent, make sure you’re paying fairly and offering your employees some attractive perks that make working for your company worthwhile for everyone.
With help implementing benefits that keep your employees happy, or to ensure a happy office environment, get in touch with Vesper. Our expert office managers can make sure everything at your office runs smoothly and without any hiccups.