Boost Your Employee Retention & Minimize Your Turnover

One of the biggest and most costly problems of business owners is employee retention. Even before the pandemic, maintaining good employees was an issue for business owners. There may be many reasons why an employee terminates their employment but how does a business maintain the “choice” employees against the other competitors?  Let’s first look at why it matters that your business may have a high turnover rate.

Why Does Employee Retention Matter?

Nothing influences organizational success quite like employee knowledge and expertise. Retaining employees is vital, as losing them can have a far-reaching effect on employers, including the following impacts:

  • Cost
  • Interruption of company goal achievements
  • Loss of time and resources
  • Company branding/culture doesn’t attract employees

 

If employers don’t prioritize retention, they’ll constantly be focused on attraction and hiring. Employee retention requires continual attention, care, and consideration. It’s an ongoing relationship that takes work and effort but is well worth it in the long haul.

Why Do Employees Leave?

An employee’s exit may be voluntary (the employee chooses to leave) to transition to better employment with better offerings, or involuntary (the employee is terminated) due to poor performance, policy violations, or layoffs.

Common Factors for Voluntary Terminations

  • Burnout and personal well-being
  • Insufficient total rewards, including compensation and benefits
  • Lack of appreciation or recognition
  • Lack of professional development opportunities
  • Lack of workplace flexibility
  • Unhealthy or poor relationship with management
  • Weak or toxic company culture
  • Work-related mental health issues

 

These factors may cause employees to feel uninspired or underappreciated in the workplace, and seeking a new job may be one way to feel passionate about work again. Understanding the primary cause(s) of employee turnover can help organizations make the necessary change(s) to engage and maintain their workforce.

Why Do Employees Stay?

Several factors play into employee retention; however, satisfaction with the workplace, management, and overall organization are general reasons employees may choose to stay, as happy employees are less likely to quit.

Success factors for employee retention include the following:

Success Factors that Increase Employee Retention

  • Competitive total rewards, including compensation and benefits – (consider bonus incentives, on-demand pay offerings, and non-cash awards for performance achievement)
  • Employee engagement and motivation – (create teamwork agendas to achieve company goals)
  • Meaningful work – (set corporate volunteer work or group community efforts)
  • Professional development opportunities – (set levels of achievement within each workgroup)
  • Recognition and respect – (utilize customer base praise to recognize exceptional performance)
  • Trust in leadership and organization – (don’t micro-manage but trust team members to lead)
  • Workplace camaraderie – (provide out-of-office gatherings to refuel team connections)
  • Strong company culture – (promote company culture examples displayed by employees)
  • Safe workplaces – (Protect, lead, and guide employees as part of the whole unit that brings company success)

 

If you need to transition your employment revolving door to a “Home Sweet Home” sign, you will need to evaluate your current employee benefits resources, and your company culture to ensure that your business atmosphere attracts a long-term employee who represents your company well.

Want to know more about how to maintain a workforce with longevity?  View our Employee Retention Toolkit. CLICK HERE

 

Stephanie Brantley has been Senior Account Manager at ConceptHR for 17 years with sales administration being her top priority. She works in many capacities, including launching new clients, establishing partners, and undertaking marketing outreach – all accomplished within what she considers the BEST work-family and business environment.

Stephanie enjoys meeting with local clients in person, listening to their specific needs, and sharing company core values through relationships and service. Her work history is rich in accounting, payroll tax preparation, office administration, and client relations. 

She has a supportive husband, two children, and will soon be “GiGi” to her first grandchild. Knowing that God gave her the compassion to help others for a reason, her career choice is also a personal mission to be kind to others, serve with humility, and nurture the ConceptHR client community.

As the ConceptHR saying goes, “Your Vision, Our Passion,” Stephanie is determined to see clients achieve their desired success with the support of the ConceptHR team of experts while building long-lasting relationships.

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