Yesterday we looked at five tips from Miranda Nicholson, the director of HR at Formstack concerning employee retention. Today we’ll learn about two more .
by Miranda Nicholson, director of HR, Formstack
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6. Offer Rewards and Incentives
If you don’t want your employees to check out early, offer them reasons to stay. This may sound obvious, but it’s important not to overlook the basic human need to feel valued.
A simple way to reward your employees and show you care is to offer rewards and incentives, such as strong healthcare or retirement savings benefits plans. Additionally, you can motivate your employees by giving regular promotions or pay raises based on performance. Nearly 35% of employees say they will begin looking for a new job if they don’t receive a pay raise within 12 months, so these types of rewards can be an important part of your employee retention plan.
7. Give Room for Growth
Dedicated employees want to know that any long-term tenure with an employer will include opportunities for growth or advancement, and good employers know that their employee retention strategies should include leadership development and continued education.
As an HR department, you can encourage growth by implementing programs for tuition reimbursement or training as well as creating leadership roles for existing employees to fill. Likewise, your company can provide opportunities for employees to attend conferences or complete professional development courses and certifications. Offering steps for continued growth prevents employees from feeling as though their development has been stymied and instead keeps them engaged and striving.
Conclusion
Most Human Resources teams have their work cut out for them when it comes to employee retention, as 50% to 60% of employees regularly search for a new job. That means it’s a high priority to develop new strategies for keeping employees around long-term. These seven tips are proven tactics for reducing employee turnover. Put them in action at your organization and start building a satisfied, seasoned workforce.
Miranda Nicholson is the director of HR at Formstack, overseeing the acquisition, onboarding, and retention of current and to-be Formstackers.