American businesses have an employee retention problem. In 2021, 47 million U.S. workers quit their existing jobs. This year, one in five workers will quit their jobs. All this job jumping is hugely costly to U.S. businesses because each time they lose an employee, it costs the company six to nine months of salary. With these numbers, you need a better retention strategy. Here are seven tips that will help.
Employee Retention Strategy Tips
- Improve onboarding to improve retention. Understanding what matters to a candidate, then translating that into action is critical to retaining your workforce. Onboarding should include assigning a mentor and setting up socialization activities so the new employee can connect to the rest of the team. Managers should train to career-track new employees and put them on the path to long-term growth.
- Pay employees their worth. More than 60% of the workers who quit last year cited low pay as their top reason for leaving. Employers must make an effort to pay even their entry-level workers a living wage. But while you’re doing that, make sure to revisit the salaries of your current employees to help retain them longer.
- Invest in training and teaching your employees new skills. Most employees want to be engaged in your organization, and upskilling them allows this to happen. Providing training and advancement opportunities helps your workforce understand their value within your organization. It’s a great incentive for them to stick around.
- Lead and inspire your workforce. Poor management is still a key reason many workers leave. Train managers to lead a positive workforce by engaging in open communications. Make employee feedback valuable and reward workers for the big and small wins. Leaders in your workplace should inspire everyone to collaborate and work as a team.
- Work on employee engagement. Engagement increases when you communicate and reward, challenge and recognize great effort. You can manage this by conducting employee surveys to gauge how much your teams feel connected to their job.
- Encourage work/life balance. Did you know Americans are terrible at using their vacation time? In 2018, 768 million U.S. vacation days (paid vacation days!) went unused. Routinely 55% of the workforce leaves vacation time on the table. You can promote work/life balance and retain your existing workforce longer by creating a culture where no one feels guilty for taking time off. Work/life balance helps with employee satisfaction and creates a culture of health and well-being. It can alleviate burnout and keep your workers happier.
- Give your employees the support they need. Give them the right tools to get the job done. Hire additional staff when the workload is too high. That’s where ADD STAFF can help. We work with employers to help them find talent faster and more efficiently than they can do themselves. Talk with our team today and help retain your staff for the long haul.
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ADD STAFF works closely with its clients to make sure that their values are understood so we can find them the employees that they are looking for. It’s important to hire candidates that will help your company grow. Contact ADD STAFF today to find out how we can help you build your team!