Did your employee turnover rates spike this month? If so, you’re not alone. In March, many businesses’ turnover rates climb as savvy employees look to maximize their benefits before moving on to their next opportunity.
While you can’t stop them from leaving, there are steps you can take to encourage employees to stay. Follow these top retention strategies and get ahead of employee turnover during bonus time and year round.
Improve Your Company Culture
Better retention rates begin with company culture — the shared values, goals, and behaviors that define your organization. If you have a poor culture, you’re more likely to attract the wrong employees (and push away the ones you have). For example, if you value collaboration but don’t provide opportunities for social interaction, your employees are bound to get frustrated.
To improve the “personality” of your company, start by defining your values and comparing them to your current culture. Are your managers promoting your core values? Are your employees more competitive than collaborative? Do you see signs of burnout? One of the best ways to gauge your company culture is by getting feedback directly from your employees through surveys and interviews.
Conduct “Stay” Interviews
Exit interviews ask departing employees what could’ve been done differently, what they thought of the work environment, and whether they had the tools they needed to succeed. But why wait until you’ve lost a team member to ask these questions? Stay interviews attempt to stop turnover before it happens. They give you insight into the employee experience and, at the same time, show your employees that you value their voices and opinions.
Some questions you might ask include: What keeps you working here? What motivates you every day? What would cause you to leave? What skills are you not using in your role? Which aspect of your role do you dislike the most? Whatever you ask, ensure each conversation is held one-on-one within a safe, confidential space.
Prioritize Engagement Initiatives
It’s not enough to gather feedback from employees. You need to act on it, too. Specifically, you want to implement initiatives that reflect the information you’ve collected through stay interviews. Your strategy could include anything from employee benefits to fun bonding experiences and revamping your office space. Everyone loves a cash bonus, but these less tangible rewards are often the best at keeping employees engaged and motivated.
Create Development Opportunities
No matter how many perks you offer, employees who don’t see a career path at your company will look for one elsewhere. Even when promotions aren’t an option, there are ways you can show that you’re invested in your employee’s growth, such as hosting regular online webinars, providing manager coaching, and offering cross-training. You’ll help your employees feel valued while equipping them with the tools they need to excel in the long term.
Focus on Flexibility
Now more than ever, individuals prioritize flexible schedules and work-life balance when considering their career options. In fact, about half of employees care more about flexibility than salary. This means it’s time to start giving your employees more freedom to choose the mode of work that best fits their needs, be it remote, in-office, or a hybrid option.
While introducing flexible work is no easy undertaking, it’s a win-win in the long run. Your employees will be happier and healthier, and your business will benefit from more productivity and improved retention rates.
Take the Guesswork Out of Increasing Employee Retention
Your employee retention initiatives need to be strategic to be effective. That’s where Empower Partnerships comes in. We’re here to find top talent for your business and then provide the tailored talent management strategies you need to retain it. Reach out today to get started.