10 Steps to Increase Employee Retention

calendar October 31, 2018

As business becomes more and more competitive, simply filling open positions isn’t enough.

  • You need serious talent.
  • And you want serious talent that will stick around.

Unfortunately, increasing employee retention is becoming more and more difficult. Research from MetLife revealed that only 66% of employees are looking to be in their same job in 12 months. So how do you bring in coveted, quality candidates— and get them to stay?

Here are 10 steps to building and maintaining a winning team:

Understand what motivates employees

Engaged employees are inspired employees. Uncover what drives your team and help keep that inner fire burning. In doing so, you’ll create a situation that is fulfilling, rewarding, and hard to walk away from.

Challenge your employees

Smart, creative people love solving problems and trying new things. Without such opportunities, even your best employees can quickly become bored. Provide a healthy dose of challenge to keep your team interested and involved.

Give employees ownership

Hardworking employees love making an impact, and being empowered to make things happen. Staff will get way more excited about something they actually helped create than something that was simply dropped on their desks.

Develop their talent

Motivated employees crave career development. One study showed that 46% of employees said limited opportunities to learn new skills was the top reason they were bored in their current roles. Keep growing your staff so they can keep growing your business.

Let them be heard

Strong performers may also have strong opinions. It takes a confident leader be comfortable giving employees a legitimate voice. Allow this to happen in your company and you will have the admiration of everyone in it. This doesn’t mean you have to make every decision by consensus. It just means you need to listen before you decide.

See employees as individuals

Take a genuine interest in your employees. Get to know them. Learn what they like and what makes them unhappy. Viewing your staff members as people first and employees second will earn you their respect, appreciation, and loyalty.

Reward employees' efforts

This means more than just not taking employees for granted. It means taking time to actively acknowledge the hard work and effort your team puts in every day. It also means accepting that not all recognition is created equal. What works well for one person may not mean much to another. (See numbers 1 and 6 above)

Treat your employee fairly 

Nothing destroys loyalty faster than favoritism. Employees want to know that everyone is being treated equally. Create a culture of fairness and consistency. Whether you’re talking about company rules or rewards, make sure your policies are applied evenly to all.

Follow Through

Trust is critical to your ability to cultivate talent and build loyalty. To earn it, you’ve got to have integrity. Do what you say and say what you mean. Be honest. If you make a promise, keep it. If you make a mistake, take responsibility.

Be a leader

A great leader doesn’t just tell people what to do. A great leader gives people vision, inspires them to action, and provides the tools they need to be successful. If you have the courage to allow your employees to take ownership of the vision and the leadership to take your organization to new heights, your team will happily follow you there.

Hanging onto employees isn’t rocket science. But with a bit of effort, you can hang onto all of your stars. Create an environment that builds people up instead of dragging them down, and watch your business soar!

Recruiting and retaining employees is easier when you can offer a comprehensive benefits plan that makes your team members feel as valuable as they are. At Combined, we build cost effective, long-lasting employee benefits strategies to keep your business and your employees in optimum health. TO SCHEDULE CONSULTATIONS, A FREE DEMO, FREE COMPLIANCE REVIEW, AND TO KNOW MORE ABOUT OUR SPECIAL SERVICES AND PROGRAMS. CONTACT US NOW