According to reports, it costs employers 33% of a worker’s annual salary to hire a replacement when that worker leaves. Retention strategies aim to improve overall employee satisfaction rates while also encouraging employees to focus on the success of the company.
💡Strategy 1: Put Emphasis on the Hiring Process
Be meticulous when writing job descriptions and when interviewing potential candidates to ensure your clear expectations will be met and exceeded by the right individual.
Effective hiring is especially important at the management level. Lower-level employees are more likely to leave an organization when they’re not satisfied with the leadership.
💡Strategy 2: Upgrade your Equipment
Outdated hardware and software can cause your employees to be inefficient and send a message that your company has no interest in keeping up with the latest tech and trends. Help boost your team's metrics with better tools to succeed.
💡Strategy 3: Recognize your Employees' Hard Work
When your team feels appreciated, they are more likely to be happier in their roles and stay with the company. According to one study, People who routinely feel that their best work is ignored are twice as likely to say they’ll quit in the next year.
💡Strategy 4: Give your Employees Flexibility with Their Schedules
By incorporating flexible work schedules and WFH options, employees are likely to be more productive and satisfied and experience less conflict between work time and their personal obligations.
💡Strategy 5: Promote from Within
By developing a solid internal advancement program, your top performing employees will see a career path for promotion. Advancement opportunities motivate individuals to stay with their companies and encourage more productivity.
💡Strategy 6: Encourage a Culture of Open Communication
When employees can openly communicate with management and discuss their problems or concerns, satisfaction rates tend to increase. Focus on one-on-one direct conversations when possible to avoid miscommunications or misinterpretations.
Here at OakTree, we want to be an employment resource for employers and team members alike. We know how integral retention is to a company's overall growth and success.