Employee retention can be an issue for an organization of any size. A small business with issues with retention might witness cash flow drying up quickly. Most employees take a few weeks to train before becoming profitable. Retaining quality employees is also very important in a professional environment where remote work is the ultimate perk. The exodus from certain cities has led some companies to offer remote work or have to replace the bulk of the staff. Employees are empowered in today’s world where there are even some working multiple jobs at once or are “overplayed”.
Continual Leadership Training
The transition to remote work took quite a bit of adjustment but seemed to happen quickly. Management techniques have changed immensely as constantly badgering employees for work via instant message or email can get old. There are seminars that can be done online that will help managers learn new motivation tactics that align with remote work. You do not want managers running off valuable employees that need little to no direction in the first place to thrive. Talent Keepers has a calculator that computes the true cost of high employee turnover. The results will shock you but are based on real data from a number of industries.
Remote Work Is An Obvious Choice
Employees that can do their job remotely should do so if you want to retain them. Other jobs offering less money might be taken by current employees as it is worth it to work from home. Some might move to a far more affordable city or move abroad while still working domestic hours. The ability to rely on remote work while living in a city that is extremely cheap is so convenient. You can improve your quality of lifestyle while simultaneously saving more monthly. Performance-based remote work is one option as productivity is the baseline that most jobs are judged on.
Exit Interviews Are So Important
Exit interviews are where a number of people will give an honest opinion of a company. Scheduling this before the notice is over for an employee is a common courtesy. The data gathered can be so important as you might find a manager is driving multiple employees away. Performance at the cost of decimating morale is a recipe for disaster if it occurs over a long period. Surveys might not generate the same detailed responses as a physical or digital interview. Use recommendations from employees leaving for various reasons. Useful input can be gathered from all employees as each individual has a different perspective.
Perks Can Matter Immensely
Remote work is one perk while maternity and paternity leave can be invaluable. Taking perks into consideration can be so essential when attracting top talent. Giving employees options can be another great thing to do as some might value vacation time while others value commission structure. Companies around the country also allow for sabbaticals after a period of time. Keeping an employee that might need a few months after years of loyal work is worth it. Investing in people is what employees notice and will go the extra mile for.
Working in a large city is still attractive to some so details like parking matter. A designated parking spot could be worth thousands in a certain city. The ability to park for free in a large city is a perk that truly pays off. Restaurants that are free in the building are another great perk but can be immensely expensive to maintain. Lifestyle spending accounts or LSAs are also another great choice that’s becoming more and more popular since it contributes to the employee’s wellness process without having an impact on their budget. If you’re looking to learn more about these options, Benepass helps you understand lifestyle spending accounts.
Competitive Pay Matters
Competitive pay is what matters to most professionals regardless of the perks offered. A large salary can be enough for a person to move their family around the world for the opportunity. Transparent pay is so important as tension in the office increases with vast differences in salaries among people with the same titles. 401k match programs are important as most want to maximize their contribution so they can retire early.
Hiring Those That Match Company Culture
The hires that are being made that are not great culture fits could lead to various issues. These individuals might make others uncomfortable or might feel awkward in the office daily. Remote roles require far less of a culture fit as personal interaction is significantly reduced. Searching social media profiles or seeing interests on LinkedIn are options. Referrals from current employees can be invaluable as they understand how personalities might mesh. These can be former colleagues as most professionals won’t vouch for a person, they are not confident will succeed.
Employee retention needs to be a focus of any company that wants to grow with its people. The employees a company has are often the most valuable resource the business has. A talented team can even create alternate revenue streams to make the business grow in so many areas.
