How to Increase Employee Retention

No one wants an employee to feel like they aren’t doing the job they were hired to do. Setting expectations starts when you write a job description, continues during the rounds of interviews, the first week of employment, and beyond.

Some employers plan out the first couple of weeks for new hires (with reasonable times for breaks and remaining onboarding responsibilities), while others present plans for the hire’s first 30, 60 and 90 days. The more organized and transparent, the better.

What an employee earns is the most measurable, apples-to-apples–comparable factor of the work experience. A little extra money won’t always keep your employees from leaving, but you want them to feel that they’re earning what they deserve based on the role, industry, location and experience level.

Furthermore, merit or performance raises can help reduce turnover. If you’re unable to offer raises during a certain year — especially if you’ve increased salaries in the past — be candid about that with your employees and find non-monetary ways to keep them motivated. Some small business owners find flexibility by awarding one-time bonuses throughout the year instead of an annual raise which permanently increases payroll.

Among the most common benefits full-time employees expect are medical, dental and vision plans. In addition, businesses can promote healthy lifestyles at the workplace with discounted gym memberships, an office pantry stocked with healthy snacks, free or discounted mental health resources and on-site health screenings and wellness fairs.

If you’re looking for benefits that cost less than a wellness program, consider these suggestions: a day where pets are allowed at the office, team-building exercises, monthly happy hours or a catered lunch once a week.

If formerly work-at-home employees are chafing at returning to the office, consider a hybrid schedule.

You can help employees save for retirement, and not just with a 401(k). The IRS has information on nearly two dozen retirement plans.

Just as you nurture prospects throughout a buying cycle, employees also require nurturing in order to grow into their careers and deliver more value to your business. Most organizations schedule annual reviews, but managers should keep a more frequent cadence with their direct reports, in a safe environment that encourages constructive feedback.

Likewise, many employers use a “pulse survey” to measure employee engagement. Keep it anonymous if you want authentic feedback, then find ways to address any constructive or sincere concerns raised.

You can invest in a robust employee recognition program, but employee appreciation starts with a simple “thank you.” Always acknowledge a job well done.

“Growth” doesn’t have to mean moving from entry level to management overnight. In fact, at very small businesses, that kind of promotion is neither practical nor possible. But engaged employees welcome ways to take on more responsibilities in order to learn and find fulfillment in their jobs.

Not everyone can be promoted, but you should consider promoting from within whenever possible. This will boost morale, strengthen retention because workers see there are advancement opportunities, and will save the time and money of recruiting, interviewing and onboarding someone who was successful during the hiring process but are still an unknown in terms of how they’ll fit in with your organization.