Retaining employees should be a key goal for any organization. The cost of retraining a new employee can be from half of a year’s salary, up to two years’ worth of salary. That is very costly if you need to constantly retrain new employees.
Employee retention also allows an organization to move forward and meet its business goals.
Therefore, improving your organization’s culture is key to retention. Here are some ways to make that happen.
According to Userlane, you must motivate employees to prioritize training. Employees will feel more successful if they are knowledgeable and properly trained.
Training is a way to set up your employees for success.
Make it a priority to set up career development plans with your employees. This can be done twice a year or on a quarterly basis.
This allows the employee to feel that their skills are valued enough to be honed. Also, Userlane advises this for employee retention.
Moving people up in your organization can help improve the company culture. When employees see a future at your company, they will work harder and stay there in order to reap the benefits of promotion.
Creating a mission statement will help your employees bond to a set of standards and values. This bonds them to your company because they know what your organization stands for.
Don’t dismiss employees’ ideas. You should have systems set up so that employees can be heard. It is not unusual for an organization to have some bright employees who can help them save money, fix a repetitive problem, or create new systems to improve how things are done.
This sort of openness to employee ideas will also make you a desired place to work.
Find opportunities to recognize and celebrate your company’s achievements, or individual achievements. People will feel part of the company when their contributions are acknowledged.
Userlane recommends that keeping your technology up-to-date is part of the company culture. Keeping up with tech tells your employees that you are on the cutting edge. This also shows your employees that you will give them the latest tools to do their job to the highest potential.
Now that so many employees are working remotely, this tech becomes more important.
Strong leadership that refers to and adheres to the company manifesto is also a way to build your company culture.
A leader who is present is someone that employees want to work hard for.
Find ways to reward your employees. These small tokens can lead to company pride and healthy competition.
For many employees, flexibility is more important than salary or anything else. Family time and school activities should be accommodated. Employees who can have a healthy work-life balance will reward a company with their loyalty and hard work.
For a modern workplace to thrive, it needs employee loyalty and retention. By implementing some of these ideas, you can see your retention rate go up, and your company goals achieved.