It doesn’t take a rocket scientist to realize that today’s hiring market climate is best described as candidate-driven and extremely competitive. Because there aren’t enough people looking for work to fill the number of open positions, it’s more important than ever that companies focus on retaining top performers.
With retention at the forefront, you may be wondering which strategies you should use to keep your employee turnover rates low. Keep reading for five of the top tips to keep your top talent as part of your workforce.
- Offer a Flexible Work Environment
During the pandemic, there has been a dramatic shift in the importance of job flexibility, especially remote work. A FlexJobs survey found that 96% of respondents desire some form of remote work, whether it’s working full time remotely or a hybrid remote environment.
What’s even more eye-opening is the fact that 27% of workers are willing to take a 10-20% pay cut to be able to work remotely.
Offering a flexible work environment along with work schedules reduces burnout and increases productivity. Employees often find that workplace flexibility makes them feel more empowered, happier, and less stressed.
- Provide Competitive Salaries and Benefits
Low rates and scarce benefits just won’t cut it these days. If you want to retain your existing employees while also attracting new talent, salaries and benefits must be competitive.
People work to improve their financial situation. You can’t expect employees to stay if they can do the same job at another company making 10k more with better benefits.
At a minimum, your benefits package should offer:
- Insurance coverage
- Health benefits
- Paid time off
- Retirement plan
- Money towards education
Unsure which benefits employees would most appreciate? Ask them! You can also get a good idea by looking at what competitors offer their staff.
- Invest in Your Employees
Salary isn’t everything. These days, employees are more likely to overlook lower pay for a position that gives them ample room to learn and grow. While this doesn’t mean that you should lower pay rates, it does mean that it’s of the utmost importance to create professional training opportunities for your workforce.
There’s no better way to show your staff that you have their career interest in mind than with a robust training program focused on career development. Both external opportunities and in-house programs can be extremely beneficial.
By being a champion for the career growth of your employees, they’re less likely to see you as a boss stuck behind a desk and more like a partner.
- Be Kind & Appreciative
No one likes to feel like a number or like they’re just someone sitting behind a desk. Companies that make their employees feel valued are less likely to lose them.
Show that you’re appreciative of the time and effort that your staff dedicates each day. A simple “thank you,” whether it’s in an email or face-to-face can go a long way in making employees feel appreciated and valued.
Ensure that praise always outweighs criticism. Promote your top achievers. When employees feel like they’re valued, morale remains high, as does productivity.
- Embrace Work-Life Balance
Amid the pandemic, workers have re-prioritized what’s most important to them. At the top of the list is work-life balance. Some are even willing to take a pay cut for a better work-life balance.
Work-life balance starts from the top. Lead by example and be living proof that it’s acceptable (and encouraged) to have a clean split from work life and home life.
Make it a habit to never email or call employees outside of work hours unless absolutely necessary. Offer the option for remote work. When you see an employee is stressed and burned out, encourage them to take time off.
Retain Top Talent with Our Services
Retention and hiring go hand-in-hand. With the help of the experts at The Remedy Group, we’ll help you hire top talent that aligns with your company culture and values.
Finding the right employees from the get-go makes it much more likely that they will stay for the long haul. Get started today by contacting our team today.