Recent research conducted by iCIMS shows that workers stay with an employer for 2 to 3 years on average. Additionally, up to 70% of employees leave a company for better pay, and 53% claim that they leave because they don’t think that their employers care about them as individuals. In other words, retaining employees should be a concern for every employer right now.
Below are five things you can do right now to better retain employees.
1. Offer Bonus Opportunities or Raffles
Although you probably can’t increase every employee’s wage or salary right this second, you can distribute bonuses to your top-performing employees or those who win a contest you’re hosting.
And you can also enter names into a raffle for a cash prize. There are other ways to ensure your employees are gaining some type of extra monetary compensation while keeping them motivated and engaged.
2. Publicly Congratulate Employees
Some employees only hear from their bosses when they’re receiving criticism or feedback regarding how they can improve. But if you want them to stick around, you’ll also need to implement positive reinforcement. Right now, you could send out a mass e-mail publicly congratulating someone who improved a company process that was once tedious and lengthy or highlight those employees who have had high customer satisfaction ratings for the past month and those who are consistently meeting their project deadlines.
You could also schedule an awards event right now, at which you’ll publicly congratulate employees and hand them a plaque of achievement or a ribbon. Employees crave and love this sort of attention, especially because it’s an indication that you care about their efforts.
3. Send an E-Mail Asking for Feedback
If you want to retain employees, they need to know you care about what they think and their overall work experiences. Right now, you could send them an e-mail petitioning their feedback.
Ask specific questions relevant to their roles and departments, genuinely consider what they have to say, and try to act on what they have to say as soon as possible, especially if it’s a dire situation such as employees being harassed or taken advantage of at work.
4. Start Offering Regular and Helpful Performance Feedback
A lot of employees will leave a company because they’re not aware of how they’re performing and if their positions will lead them to better opportunities. So, tell them how they’re doing on a regular basis. And you can start right now.
Don’t wait until an annual review. And make sure you provide them with positive examples of what they’re doing well, as well as examples for where there is opportunity for growth and learning. (Read: Businesses Are Saying Goodbye to Performance Reviews and You Should, Too.)
5. Help Employees Set Up a Tangible L&D and Growth Path
The best way to retain employees is to offer them a clear path to growth with your organization. In most cases, this will probably lead to leadership positions and higher salaries, but some employees just want to continually hone their craft and what they love to do and just want to continue to be challenged in their everyday work.
Start each individual employee’s growth path today by reaching out to him or her and asking him or her what he or she is interested in learning more about and doing within the next few years at your organization. Then, actively work to make his or her goals and aspirations a reality.
If you’re seriously considering ways to retain your current employees, complete one or more of the actions listed above right now, and don’t wait.