July 3, 2022

Thrive Insider

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How To Keep Employee Retention Numbers High

Running a business is going to be stressful regardless of the size of the organization. Employee retention is so important when it comes to any business. The money that it costs to constantly train new employees can diminish a company’s cash flow. The last thing any business wants is to hemorrhage money due to top employees constantly leaving for other opportunities. There can also be cases where a great employee outgrows a business. A lack of professional challenge can lead to a person losing their passion for their role. The following are tips to keep employee retention numbers high. 

Reward Top Performers

Top performers in a department like sales can thrive in most professional settings. A salesperson is going to be targeted constantly by recruiters. You do not want a top sales professional to leave the company due to a less than stellar commission program. Additional vacation time rather than bonuses could be something some professionals want. Top performers shouldn’t be approaching management for raises as they should already be given a raise they deserve. 

Offer Remote Job Opportunities

Remote work is so convenient for professionals that have remote roles. Most people do not want to return to the traditional work environment. Retaining employees might require giving remote work to employees that have been with the company for years. You do not want to lose employees to competitors that are willing to allow part or all of the staff to work remotely. The ability to build a great team across the country is now as easy as ever before. 

Perks Truly Make A Difference

Perks do matter to certain employees that have worked for other companies that didn’t have perks. Of course, the best perk is working remotely which is mentioned above but this is not possible in all job roles. Small things matter like that of providing lunch weekly or having snacks in a room used for breaks. Looking into large companies that have a great corporate culture for employees can be important. Generating ideas can be done this way or by asking existing employees about which perks they would like to see going forward. 

Be Realistic About Department Goals 

Goals for production need to be realistic as pushing employees too hard can lead to burnout over the course of time. You should also make sure that production does not come at the cost of safety. Investing in things like fall protection equipment can allow employees to push themselves without risk of injury. There might be an overall goal but these need to have goals on the path to the ultimate goal to target. Bonus programs for increased productivity are always important to start. Employees want to be rewarded when they are making the company more money. 

Employee retention takes a proactive approach as there are plenty of job opportunities out there. The employee finally has regained power in the professional world after years of companies holding all of the power. Create a work environment that employees enjoy and don’t mind being in 5 days per week.