4 Employee Retention Strategies to Implement Today

blog author
by viperk's , last updated on

Employee Retention StrategiesCustomer loyalty and satisfaction starts with employee retention. Your employees are who provide customer service, which is often every company’s pain point. While all businesses strive to provide excellent customer service, it’s easier said than done.

To provide excellent customer service, you must hire excellent employees, which is also easier said than done.

 

Here are 4 tips to ensure you retain quality employees far after their hire date:

  1. Offer growth opportunities

The potential for growth is a huge motivational factor for retaining quality employees. And I’m not just talking about financial growth. It’s imperative that you offer your employees the tools they need to grow professionally and personally, too, such as continuing education and wellness reward programs that promote a healthy lifestyle.

Providing these types of opportunities will also make a difference during the hiring process. If your company pays for training or perks such as gym memberships or cell phone stipends, you should bring it up during the interview process. Investing in these types of benefits for your employees shows that you value their hard work, and you want to reward them. Feeling undervalued is one of the number one reasons employees leave a company. According to the Society for Human Resource Management’s “2016 Employee Job Satisfaction and Engagement Survey,” 48% of employees feel that management’s recognition of employee job performance (feedback, incentives, rewards) was an important contributor to job satisfaction.

  1. Share employee “wins”

It’s OK to brag about your employees. I promise it won’t go to their heads. In fact, it will do quite the opposite. Recognizing employees for stellar work is crucial for maintaining morale and boosting productivity within your company. As our CEO Eric Golubitsky explained in this blog from last July, that’s especially true with millennials, which account for 1 in 3 American workers. In his blog, Eric shares some tips for understanding what motivates them, such as extra paid-time off, cash bonuses for goals met or employee-only discount-shopping platforms.

Another way to recognize your employees is by publicizing their accomplishments during meetings or in company-wide emails. Or you can show your employees you appreciate a job well done by investing in their professional development. For example, offer to fund entry into an event or professional development course. This shows that the company supports and cares enough about its employees to increase their value and help boost their standard of living. That’s a win-win for all!

  1. Allow employees to have more control

Here’s some food for thought: The attrition rate of disengaged employees is 12x higher than highly engaged employees over the period of a year, according to Glint.

One way companies are placing more control in employees’ hands is by offering them more flexibility regarding when and where they work. When you give your employees the freedom to create their own schedule and environment, it leads to greater productivity and overall happiness.

Another way employers can hand over more control is by allowing employees to pick what they would like to become an expert in. Traditionally, management teams will train employees to take on the next position along the company career path. However, this can sometimes backfire by pigeonholing employees. Instead of pushing your employees toward the career path that benefits the company most, give your employees the opportunities to develop their strengths and use them in a meaningful way. By building on their strengths, employees will perform better and are more engaged in their work, according to a 2015 survey from Michelle McQuaid and the Via Institute on Character.

  1. Promote your company’s culture

This is perhaps the most important of all with today’s generation. Millennials especially want to feel as though they’re part of something bigger and contribute to the company’s larger goals. According to a recent ReportLinker study, 87% of employees who are more involved in decision-making are also more likely to say they are committed to their employer.

Many young career people are also looking to work for a company whose values align with their own. As Gallup CEO Jim Clifton explained in this Forbes article, millennials don’t just work for a paycheckーthey want a purpose. Companies should not be afraid to be loud and proud of who they are and where they came from. The more honest and transparent you are about the company’s mission and values during the interview process, the more likely you’ll find the perfect fit.

At viperks we believe one of the best ways to retain employees is by creating a culture that is always employee-centric. By offerings perks and benefits, allowing for a flexible working environment, presenting growth opportunities and giving your employees more control, you’ll lower your turnover rate in no time.

Share your employee retention strategies in the comments below or start a conversation with us on Facebook and Twitter at @getviperks.

Topics: employee engagement

blog author

Eric Golubitsky

Eric brings 18+ years of entrepreneurial experience. Eric founded S.M.I.L.E. Inc. in 1998, which was a Consumer Electronic Pro Top 100 home automation provider and was recognized as the #1 fastest growing company in NE Ohio by CWRU Weatherhead School of Management in 2003. As an Ernst & Young "Entrepreneur of the Year" finalist in 2005, Eric's accomplishments have been recognized multiple times including the Consumer Electronics Association's national "Mark of Excellence Award." Eric is also a 5 year member of EO (Entrepreneurs Organization).