Retention Series: 4 Tips to Get Started on a Retention Strategy
Every month, millions of Americans quit their jobs in search of a better or different opportunity. While some turnover is normal and healthy, if you’ve got a lot at your company, it’s going to take a toll eventually. Productivity, morale, profits, and more will be impacted negatively. That’s where a retention strategy comes in and why it’s so important.
What is a Retention Strategy?
It’s merely a policy or plan that you have in place to cut down on turnover at your company by ensuring that employees are engaged and satisfied with their jobs. What you choose to focus on in yours is dependent on your culture and what appeals to employees.
For instance, if you have a younger workforce, offering a perk like scheduling flexibility or telecommuting options can be highly attractive and an essential part of your retention strategy, as a result.
Tips for Creating a Retention Strategy
If you don’t have a retention strategy in place, you might be wondering where to begin. Here are four simple ways to get started:
- Tying individual work to company performance. Employers often think that retaining employees is all about offering them competitive compensation and benefits. That’s part of it. But more than that, employees want to know their work is making an impact and that it’s meaningful. That’s why relating company performance metrics to your team – and explaining the role they play individually as well as department-wide – is so important. This will help them stay engaged and feel like they’re succeeding.
- They are keeping employees in the loop. Often, employees are out of the loop when it comes to company decisions and changes. Instead, make them a part of the process, so they’re more vested in it all. Ask for feedback and opinions and encourage an open-door communication policy. This will make them feel more valued and respected, improving retention in the process.
- You are demonstrating loyalty to your employees. When your people know that you’re loyal to them, they’ll reciprocate. That’s why it’s essential to be transparent, be respectful, offer praise and recognition, and create a strong sense of trust among your team members. They’ll be more loyal to you and your business.
- It is knowing what’s important to them. Your company needs to try to keep your employees engaged and happy by knowing what’s important to them. This is on both a personal level and team wide. By understanding what motivates each individual, beyond pay and benefits, you’ll be able to drive more productivity and create a stronger team overall.
Ready to hire new employees and retain your existing team, as well?
Gill Staffing is here for you. As one of Grand Rapids’ top employment agencies, we can help you source, screen, and hire your next great employees, as well as onboard and retain them. All you have to do to get started is call us today!
