HOW TO RETAIN EMPLOYEES
Read more to learn how to retain employees
As a business owner, you already know how crucial it is to have an excellent team. Your employees are the ones who help your business thrive. Attracting and retaining employees are critical success factors in growing your company and it is important to provide them with an environment that meets their professional and personal needs. Retention strategy can help in keeping your business grow more efficiently and effectively. We have listed essential ways to keep your top talents and allow them to feel more valued in your company.
5 WAYS HOW TO RETAIN EMPLOYEES
1. ENCOURAGE WORK-LIFE BALANCE
A healthy work-life balance is important to most employees. If your company culture encourages long hours and burnout, you'll have a tough time retaining talent. Instead, focus on promoting a healthy work-life balance for your team.
"The mental and physical health impacts of workplace burnout and stress are estimated to cost as much as $190 billion per year ($6,025 per second) in healthcare spending in the U.S."
2. INVEST IN EMPLOYEE DEVELOPMENT
Employees want to feel like they are growing in their careers. Invest in their development by offering training and development opportunities. This could include sending them to conferences, providing mentorship opportunities, or offering online courses.
Business owners who don’t have time and resources to mentor or pay for trainings opt to hire skilled professionals instead. This is because they want to onboard someone who already has technical knowledge to fast track completing projects or tasks especially for projects that are time bound.
3. OFFER COMPETITIVE PAY AND BENEFITS
Attracting and retaining quality employees starts with offering competitive pay and benefits.
"In the context of the 2023 talent market, embracing pay transparency is key to any employee engagement strategy as transparent employers tend to experience higher employee retention and more investor interest."
It is also important to note that pay transparency is already considered as essential part of the hiring process. 27% of the companies share pay range during job postings whether it is required by law or not. Candidates wants to already know what they are getting into prior to committing themselves into the interview process.
4. BE FLEXIBLE WITH WORK SCHEDULE
Flexibility is key for employees, especially those with families. Allow employees to work from home when possible or have flexible schedules so that they can manage their commitments outside of work.
REMOTE WORK FINDINGS:
If you want to see a comprehensive review of remote work in 2021, Owl Labs is great. But I’ll be summarizing their findings for you. On average, those working from home in 2021:
Were 47% more productive
Spent 10 minutes less being unproductive
Worked one more day a week
WHY SUCH DRASTIC NUMBERS?
25% of office workers reported office politics distracted their workflow, compared to just 15% of remote workers
34% of office workers said that interruptions from colleagues affected their productivity, compared to only 16% of remote workers
28% of office workers said that their daily commute negatively impacted their productivity, compared to 18% of remote workers
5. BUILD A POSITIVE WORK CULTURE
A positive company culture goes a long way in attracting and retaining employees. Encourage open communication, collaboration, and fun at work to create a culture that employees will want to be part of.
THE HUMAN DEAL
The human deal increases employee satisfaction with the EVP(emotional value in employment) by 15%.
It's no secret that retaining employees is difficult when you're also busy running your business. It's just not easy to spend additional time and resources on training new employee and manage to keep them for the long haul. This the reason why companies choose to outsource so you don’t have to worry about keeping top talents.
365BOOKSPRO allows you to focus on running your business while we take care of providing you with global talents that are fit for your company requirements.
Let’s take out your operation woes of hiring and retaining employees, book a free consultation now and let’s discuss your labor challenges with our team.