8 Powerful Employee Retention Ideas
Posted on December 7, 2018 by Danny Leffel
Employee turnover is an expensive and time-consuming problem that many businesses face. With onboarding expenses, dedicated training time, and energy spent searching for new hires, it’s best for companies to create strategies to retain current employees. If your employee retention rate is dropping, consider implementing the following ideas to keep your team happy.
1. Show Appreciation
Appreciation is a key component in boosting morale and increasing employee job satisfaction. A simple “thank you” can go a long way toward making your employees feel valued. People spend a large portion of their life at their job, and it can be disheartening to never be shown that your work matters to your managers. Take the time to express appreciation to the people who help run your establishment. Employees will leave companies that underappreciate and undervalue them.
2. Be Understanding of Mistakes
Even the best employees will make mistakes sometimes. Don’t hold your employees to impossible standards and then penalize them when they fail. If you discipline them for every mistake they make, they’ll begin to hide the little ones, which can turn into big problems later on. Fostering a safe environment in which employees can admit to messing up and get help with fixing the problem will help you earn the trust of your staff.
3. Offer Benefits
Benefits packages need to actually be useful to employees. Healthcare coverage with a huge deductible, high monthly payments, and little coverage is impractical. Try to schedule optional benefit training sessions where your employees will have the opportunity to ask questions about the packages and make sure they are taking advantage of everything the company has to offer.
Vacation and sick time allow employees the chance to recharge and come to work ready to do a great job. A tired or sick employee won’t be as efficient or effective as one who gets some time off to rest. By offering days off, you’re investing in your employees’ mental well-being, which is invaluable when it comes to employee retention.
4. Provide Growth Opportunities
Holding someone stagnant in their position will only breed resentment. Some people are content with one role their entire lives, but most of us want to feel like we’re making progress. Give your employees chances to take on more responsibilities, transition to new roles within the company, and get promotions. Make sure to give them pay raises or other adequate compensation with new titles and job duties. No one wants to do more work for the same amount of money.
5. Prioritize Work-Life Balance
Everyone has a life outside of work, so strive to not keep employees past their quitting time, especially if they aren’t being paid overtime. If an employee is consistently staying late to get their work done, investigate why that is. If they have too many side tasks or get too many tables, redistribute the load or bring on more staff before your current ones burn out. If you have employees who regularly volunteer to stay late, don’t take advantage of them without compensating their efforts.
6. Communicate With Your Team
Sometimes it can be difficult for management to be gathered in the same area as employees to make announcements, so why not try using an online app like Crew to keep your employees connected? The Crew app allows managers to communicate directly to their teams, so important messages will never be missed. Because everyone carries their phone with them, sending group messages is an effective way to make sure people know what’s going on. Clear and honest team communication, whether electronic or in person, is a valuable step in building trust.
7. Reward Employees
If an employee accomplishes a difficult task or goes beyond what is expected, recognize and reward that person. Rewards can come in multiple forms: monetary bonuses, gift cards for local businesses, or even baked goods. Employees who feel appreciated when they are recognized for good work will be less likely to search for a new job.
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8. Listen to Feedback
Institute a way to gather feedback anonymously from employees at all levels of your company, whether they stock shelves, bus tables, or serve drinks behind the bar, and listen to what they have to say. A suggestion box gives you the best chance of getting honest feedback because named employees may be hesitant to criticize the company for fear of retaliation. Address employee concerns in a timely manner and be transparent about any new processes the company is launching.
High employee turnover is a sign that you need to re-evaluate company policies. Other businesses are constantly looking to expand their pool of experienced and hard-working people. If your company isn’t willing to develop its retention strategies, your employees will seek employment elsewhere.