Do you know why most businesses suffer losses? Because their employees are leaving them and they are losing an experienced employee. But why is it happening? There are several reasons behind it; some employees leave because of monetary terms, toxic work culture, lack of employee appreciation, and more. And all these things are leading to just one thing, which is zero long-term employee retention. If you are facing similar issues, you are at the right place. Here we are going to discuss 6 tips for long-term employee retention.
Tips For Long-term Employee Retention
No matter how we use it, it becomes straightforward if we can work on our employee retention, business processes, and growth. Hence to take advantage of such benefits, let us look at a few practical tips for long-term employee retention.
Appreciate Your Employees
If we look at businesses, no matter what kind of growth a business has noticed, its seniors or founders are most appreciated. Although we completely understand that they have a comparatively bigger role in running their business, they should be appreciated, but in this chaos, they forget to value their employees.
Several ways to appreciate your employees will offer you long-term employee retention. You can send them thank you cards for their great contributions to work or directly chat with them to appreciate them. Although these things look so small, these small changes will offer you amazing results. Not just that, by appreciating your employees, you would be able to build better relations with them. Hence in the future, if you tend to make a mistake, your employees will be able to tell you everything about where you are wrong.
Enhance Your Onboarding Process
“The employee onboarding experience is critical to employee retention and can drive significant long-term cultural benefits to the business, get your onboarding process in check today” John Elder – The Business Blocks.
In some cases, businesses cannot get long-term employee retention because of not onboarding the right person for their business. If you want to eliminate such issues, you need to enhance your onboarding process. Make sure to talk about your company culture and find candidates who resonate with your thought process. If an employee can see your vision and how you want to move forward, they will treat your company as their company.
And it is a fact that when people consider your company as their company, they work hard and try to get in every opportunity they can. Once you have the best candidate using your enhanced onboarding process, now is the time to teach them. Teach them more about your work culture more about your work strategies. Let’s assume you have a marketing agency and hired an SEO expert. Although the person is an SEO expert and you don’t need to teach them anything, to build a better bond with them and make them feel that they are getting better in their skill after joining your company, you should arrange workshops and other such activities.
Don’t Build A Relation Of Just Work
90% of businesses are making this mistake; they are keeping a relationship of just working with their employees. This means when it comes to work, you call them or get in touch with them, but when it comes to fun or additional enjoyment activities, you forget them. You could work on better employee retention only when your employees feel that you are keeping no differences between them. Hence make sure to offer them complete respect. It has been noticed that employees will stay with you with less pay also, but they will never keep in touch with a company that offers less respect.
Hence every time you work or involve yourself in a fun activity, make sure to add your employees. Nowadays, most businesses are going on trips with their employees to eliminate such barriers. Hence, you can also plan a trip with your employees if you face similar issues.
Just assume that you hired an employee at some pay, and it has been three years the person has been working with you, and you have never increased their compensation. There are high chances that the person will leave your company for better compensation opportunities. Also, if you do the math, increasing an older employee’s compensation is way more beneficial than hiring a new person with the same compensation.
Hence make sure that you are enhancing their compensation from time to time. If you cannot enhance their salary, then you should use the commission tactics with them. Being in a business, we give 2-3 clients to each employee to handle. If the employee is handling and retaining a client for six months, you should set a commission to give them, while if the employee can retain a client for one year, then you should set a specific commission to give them. In this way, firstly, you would be able to retain your clients for a longer time and work on longer employee retention.
Alternatively, you could offer benefits instead of compensation so long as those benefits are worth the pay cut. For example, if you’re opening up a new office in another state and you want to relocate an employee, you should do so free of charge. You should also handle all of the research involved, including finding reliable cross-country relocation specialists and a realtor that could sell their old home.
Nowadays, we all are talking about work-life balance, and as we talk about it or hear about it, we want more of it in our life. Hence if we as business owners are not working towards adding a touch of work-life balance to our work culture, then we will not be able to run our business for a long time. Your employees should feel that you are giving them a certain amount of work and free time both. Hence if you can make a balance between these two things, then you are going to retain employees for the long term.
Make sure that you are not adding any extra burden on the head of your employees. Also, do consider giving access to a skin care app to your employees. And a monthly or quarterly health checkup can also show that you care about your employees’ health.
You can create strict guidelines around work time. We have noticed a lot of employees whose shifts end at 5 pm, but they keep working in their offices till 6-7 pm to complete their work because of which they are giving more hours of their life to the company. Such issues lead to several problems, one of which is lower employee retention.
In many organizations, only the star performers of a company or business are appreciated, and the rest of the employees are not. We need to change this thing for long-term employee retention. We must ensure that almost everyone from the team is appreciated for their excellent work, no matter how big or small. Employee retention becomes extremely easy if you are working hard around it with your whole heart.
Employee Retention – Conclusion
Are you a kind of business where most of your employees are leaving you within six months of time? If yes, then you are facing employee retention issues, and here in this post, we have discussed how to eliminate such problems.