Employee retention programs look different for each company. Ideally, they are the result of a thorough examination of your company’s needs and your employees’ feedback. However, there are a few consistently popular approaches to employee retention programs. Can one of these methods be implemented into your company’s employee retention program?
Competitive Compensation
While money and benefits are not everything, they can certainly be large factors when employees are considering leaving a company or position. When you consider the high costs of recruiting and training new employees, it is worthwhile to reevaluate your company’s benefits and compensation to ensure that you are offering your employees the most competitive option.
Workplace Flexibility
This seems to be a factor that is more important to younger professionals. If your company has the capability to offer your employees flexible scheduling, telecommuting or an adjusted summer schedule option, it may be time to consider capitalizing on this approach. Companies looking to increase overall workplace flexibility should focus on creating explicitly defined guidelines and then allowing employees to work within those bounds.
Professional Development
Education isn’t over when you receive your high school or college diploma. Whether it’s pursuing a higher degree or simply additional training or certification opportunities within the company, employees are interested in growing and advancing in their careers. Dedication to professional development allows employees to continue to learn and also helps your company to change and improve as employees put to work the training and education they’ve gained.
Recognizing Achievements
Most employees like to be recognized and rewarded for exceptional performance. Strive to implement a system that rewards employees for superior work and also recognizes occasions like work anniversaries and promotions.
Each company is unique, and because of that, it is up to you to decide on an employee retention program that works best for your organization’s needs. Sometimes, it’s not so clear cut—your perfect program may include bits and pieces of many of these popular approaches. To find the program that works best for you, it may take some experimenting and modifying, but the perfect program is out there.
To learn more about resources that can help you better motivate your employees, call us today at 877-439-9315 or contact us online to talk with one of our expert team members. HSD Metrics provides tools designed to increase retention, engagement and organizational effectiveness.