Do you often find yourself at the receiving end of resignation letters? Do you spend a lot of time training new hires, only for them to leave after a few months? You might have a problem with employee retention.
So, why is employee retention so important when you can always just hire new people? For one, high turnover may have an impact on your team’s morale. When people leave, the ones who remain will be left wondering whether they should be looking for better opportunities as well. In addition to that, hiring new people is not exactly an easy process. It goes without saying that having people who want to stick around and grow with the company is the ideal scenario.
Here are six factors you need to pay attention to in order to ensure better retention and improved morale.
Great onboarding
Onboarding is a lot more than merely giving a person access to your process and system. Instead, think of it as introducing the new hire to your values and culture. It’s also about acclimating them to their role in the company. It’s vital to make employees feel like they’re part of the team from the get-go and allow them to discover their unique contributions to the company.
Compensate well
As romantic as working for passion may sound, you also have to take practicality into account. After all, your employees need to earn – that’s why it’s called “making a living.” If your team members can’t make a decent living out of your rates, then you can’t expect them to stay.
Mentor program
Aside from money, employees also crave growth. By being mentored by someone they look up to, the team will be more inclined to learn more and hone their skills. As a result, their job will be more fulfilling – they’ll be excited to go to work every morning because they want to be better at what they do.
Natural company culture
The company’s mission, vision, and values should be more than just a copy written on your website’s About page. Instead, you should live and breathe your culture. What are your shared beliefs, goals, and attitudes? Take a pause now and then make sure everyone is on the same page.
Offer perks
Work perks don’t have to be over-the-top luxuries that break the bank. Sometimes, even the simplest perks can already make your team feel valued. For instance, things like recognition gifts can boost morale and inspire employees to perform at their best. Many employees also appreciate wellness programs such as free healthy snacks or gym membership.
Care
Here’s something much appreciated but doesn’t cost anything – genuine care. Remember employees’ birthdays or work anniversaries. Reach out to them when you know that they’re going through hard times.
When employees feel that the company truly cares for them, they, in turn, also care for the company. And when employees care for the company, not only do they stay, but they also exert every effort to lift the company to optimum growth.
