People work best when their involved in something they’re passionate about. Therefore, in order to retain employees, companies need to work on engagement. Presenting opportunities for employees to learn and grow are essential for a company’s maximum retention rates. Believe it or not, increasing employee retention rates naturally benefits new ideas and increases profits. Either way, you want to create work place where talented workers want to stay. Here are five tips for keeping your employees.
1. Be selective on who you choose to interview and hire. Picking the right talent to work for you is essential to company stability. It will also motivate you to keep them around as long as possible. By hiring individuals with the best chance of being happy performing their duties on the job, you increase the chances of employee retention and cultivating a positive work environment.
2. Set aside one day every month where employees can work on anything that makes them better at their job. This time could be spent reading a book, exploring a new technology, taking an online course, etc. Employees who are engaged and thriving in ways that matter to them personally, are more likely to maintain a strong work performance.
A good example of a company who does this is Google. Google engineers are encouraged to use 20% of their time, to work on something company-related that interests them personally. Google’s strategy keeps great ideas flowing throughout the company, and allows for engaged and inspired employees.
3. Paying employees to attend conferences, seminars, courses, and so on. Also, Offer to pay for employee learning and advancement materials such as online courses, books, workshops, etc.
Did you know that 70% of American workers are “not engaged” at their jobs, costing U.S. companies $450 billion to $550 billion per year? As a leader, your job is to shift this number.
4. Establish a collaborative culture involving employee feedback and two-way communication. Everyone wants to feel that they a part of the bigger picture and not cogs in a machine. A policy focused on personal growth breaks down in implementation if the focus strays from the desire to improve your employees and your relationship with them.
5. Be flexible with employee work schedules! Breaking out of the 9-5 grind and allowing employees to telecommute has been shown to lead to better health outcomes, increased happiness and higher productivity.