Strategies for maximizing employee retention

BrookeFaulkner
Blogger
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Employees are valuable assets to any company. Employers find employees with the right qualifications, train them, and rely on them for the productivity of their company. Losing employees is costly and damaging in terms of morale and even reputation. In order to maximize employee retention, it’s important to have strategies in place to make employees feel stable, fulfilled, and happy. However, employee retention isn’t all about salary and benefits.

By focusing on a positive culture, prioritizing diversity, providing opportunities, and establishing trust, employees can prioritize their company long term instead of looking for a company to fill those gaps.

A focus on company culture

Many employees will sacrifice salary for a culture that makes them happy. Remember that your employees are people and make it a priority to help them feel that way. Your company is made up of parents, sisters, children, and uncles. They may love to travel, paint, work on cars, or spend time with family. Like most people, they want to be friends with the coworkers they spend so much time around — which is one of the secrets to keeping your star performers. Make them feel connected and cared for. Provide them with opportunities to connect to each other.  

 

Company culture means so many things. It’s not only providing opportunities to become friends with their co-workers, it’s also allowing balance between the employee they are at work and the parent, sister, painter they are at home. Focusing on the person as well as the employee will help to create a culture that sticks. Giving your company an inviting and enjoyable environment will help your employees enjoy coming to work, which can give you the edge over the competition.

Prioritizing diversity in hiring

Working for a company you believe in is something that employees can feel connected to. This means doing the right thing, running a business with morals, and giving back. One way to promote an inclusive and ethical culture is to be diverse in your hiring policies. It’s important for your company to take note of the unbalanced workforce and how that is mirrored within your company. Being honest about your own shortcomings will only allow you to take inventory and rise above them.

According to the Ohio University Master of Business Administration, “the financial benefits that stem from a racially diverse workforce should be relevant in terms of financial well-being as well. Ethnically diverse companies are 35 percent more likely to outperform non-ethnically-diverse companies, and gender-diverse companies are 15 percent more likely to outperform their non-gender-diverse counterparts. Studies also indicate that a company’s earnings rise 0.8 percent for every 10 percent increase in racial and ethnic diversity they deploy.”

Offering consistent coaching and opportunities

The nuts and bolts of teaching, managing, and challenging employees are different for every company. However, the basic idea is there for everyone: provide the opportunity for your employees to grow. This means letting them understand their value, providing them with the tools to learn, challenging them, holding them accountable, and rewarding them. Giving employees advancement opportunities within your company will make sure they aren’t feeling stagnant. Giving them regular reviews will help them to understand their strengths as well as their weaknesses.

Treat each employee as their own person with individual strengths and weaknesses — not as a carbon copy of every other employee. This will help them to feel connected and cared for as a person, and not as a machine. By offering promotions, coaching opportunities, and challenging assignments, you’re giving your employees new skills and possibilities. Help them succeed and they will help your company grow in return.

 

 

Establishing trust with all employees

Establishing trust involves a focus on transparency. It’s following through, providing tools, accepting suggestions, admitting when you’re wrong, telling the truth, and always building others up instead of tearing them down. Employees will leave an employer they don’t trust regardless of the salary options after a while. Working for a trustworthy employer will help employees feel safe and engaged — which is tied to retention in a significant way. Help your employees do their best work by making them feel safe. That safety comes with trust.

The key here is to establish trust in all levels — not just with upper management teams. There should be trust across all employee spectrums and transparency throughout. When there is an “us versus them” mentality, you’ve lost some trust. You’re all in it together, so it’s important to communicate that sentiment and follow through with it.

 

There are many different strategies in maximizing employee retention. Each strategy can differ depending on the pain points, but the best companies can cover all of their bases and keep their retention rates high. There are many different reasons that people decide to leave their jobs, and it’s not always salary or benefits. Keep your employees happy and valued by committing to a positive culture, prioritizing diversity, providing them with the tools to succeed, and earning their trust. High salaries are great, but you can’t put a price on feeling happy and fulfilled at your job.

 

Employees are valuable assets to any company. Employers find employees with the right qualifications, train them, and rely on them for the productivity of their company. Losing employees is costly and damaging in terms of morale and even reputation. In order to maximize employee retention, it’s important to have strategies in place to make employees feel stable, fulfilled, and happy. However, employee retention isn’t all about salary and benefits.

 

By focusing on a positive culture, prioritizing diversity, providing opportunities, and establishing trust, employees can prioritize their company long term instead of looking for a company to fill those gaps.

A focus on company culture

Many employees will sacrifice salary for a culture that makes them happy. Remember that your employees are people and make it a priority to help them feel that way. Your company is made up of parents, sisters, children, and uncles. They may love to travel, paint, work on cars, or spend time with family. Like most people, they want to be friends with the coworkers they spend so much time around — which is one of the secrets to keeping your star performers. Make them feel connected and cared for. Provide them with opportunities to connect to each other.  

 

Company culture means so many things. It’s not only providing opportunities to become friends with their co-workers, it’s also allowing balance between the employee they are at work and the parent, sister, painter they are at home. Focusing on the person as well as the employee will help to create a culture that sticks. Giving your company an inviting and enjoyable environment will help your employees enjoy coming to work, which can give you the edge over the competition.

Prioritizing diversity in hiring

Working for a company you believe in is something that employees can feel connected to. This means doing the right thing, running a business with morals, and giving back. One way to promote an inclusive and ethical culture is to be diverse in your hiring policies. It’s important for your company to take note of the unbalanced workforce and how that is mirrored within your company. Being honest about your own shortcomings will only allow you to take inventory and rise above them.

 

According to the Ohio University Master of Business Administration, “the financial benefits that stem from a racially diverse workforce should be relevant in terms of financial well-being as well. Ethnically diverse companies are 35 percent more likely to outperform non-ethnically-diverse companies, and gender-diverse companies are 15 percent more likely to outperform their non-gender-diverse counterparts. Studies also indicate that a company’s earnings rise 0.8 percent for every 10 percent increase in racial and ethnic diversity they deploy.”

Offering consistent coaching and opportunities

The nuts and bolts of teaching, managing, and challenging employees are different for every company. However, the basic idea is there for everyone: provide the opportunity for your employees to grow. This means letting them understand their value, providing them with the tools to learn, challenging them, holding them accountable, and rewarding them. Giving employees advancement opportunities within your company will make sure they aren’t feeling stagnant. Giving them regular reviews will help them to understand their strengths as well as their weaknesses.

 

Treat each employee as their own person with individual strengths and weaknesses — not as a carbon copy of every other employee. This will help them to feel connected and cared for as a person, and not as a machine. By offering promotions, coaching opportunities, and challenging assignments, you’re giving your employees new skills and possibilities. Help them succeed and they will help your company grow in return.

 

 

Establishing trust with all employees

Establishing trust involves a focus on transparency. It’s following through, providing tools, accepting suggestions, admitting when you’re wrong, telling the truth, and always building others up instead of tearing them down. Employees will leave an employer they don’t trust regardless of the salary options after a while. Working for a trustworthy employer will help employees feel safe and engaged — which is tied to retention in a significant way. Help your employees do their best work by making them feel safe. That safety comes with trust.

 

The key here is to establish trust in all levels — not just with upper management teams. There should be trust across all employee spectrums and transparency throughout. When there is an “us versus them” mentality, you’ve lost some trust. You’re all in it together, so it’s important to communicate that sentiment and follow through with it.

 

There are many different strategies in maximizing employee retention. Each strategy can differ depending on the pain points, but the best companies can cover all of their bases and keep their retention rates high. There are many different reasons that people decide to leave their jobs, and it’s not always salary or benefits. Keep your employees happy and valued by committing to a positive culture, prioritizing diversity, providing them with the tools to succeed, and earning their trust. High salaries are great, but you can’t put a price on feeling happy and fulfilled at your job.

 

 

About BrookeFaulkner

brooke-faulkner-bio

I'm a people-person through and through. When I'm not elbows-deep in the inner workings of small business retail, I'm negotiating the mesmerizing world of online community-building and dreaming of new, creative ways to help people connect through the written word. 

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