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5 Best Employee Retention Strategies for a Better Workforce

Did you know that it costs an employer 33% of a worker’s annual salary
to hire a replacement when that worker leaves? If you want to avoid costly
turnover rates and the stress and headaches that come with hiring new
employees, we are here to help. We have put together this list of the top
employee retention strategies to help you keep the team of workers you want.



Keep reading to learn more and start applying our tips today.



1. Benefits



With more people freelancing and working for themselves you
want to attract employees with the best possible benefits package. The more
competitive you make the benefits available to them, the easier it will be to
not only attract employees but retain them. 



People want to make sure that they are getting the best
health and wellness benefits in case of an emergency. They also want to make
sure that they are getting retirement, and vacation benefits. You can visit this website to choose the best benefits
to offer your employees.



2. Flexible Schedules



Employees will appreciate having flexibility with their
schedules. Unless for some reason they have to be in the office from 9-5 give
them the option of setting their hours for the day. You can also give them the
flexibility of telecommuting if it will work with your business needs.



Employees are more productive when they are happy with their
schedules. It will also improve morale and decrease the number of people
calling out or being late. Make sure that if you choose to offer a flexible
schedule you are very clear with how many hours you expect your employee to
work.



If you are going to offer remote work for those that their
position allows it, you will also have to be clear on the expectations of their
work schedule. Positions that are computer or telephone-based will allow for
the location to be from anywhere not just the office.



What’s also great about offering flexible schedules is that
your company can also save money in the long run. Not only will you save money
thanks to less turn over but you will also save money because you might be able
to downsize your office if there won’t be as many employees there physically.
You will also notice utility bills go down along with equipment costs.



Read More: HOW DO YOU ATTRACT GOOD EMPLOYEES?



3. Invest in Your Managers



When you have your employees reporting to a manager, invest
in those managers. If an employee is having a difficult time with their manager
they might look for another job and leave. This is why you want to make sure
you are training and developing your managers to be the best they can be in
their position.



Your managers can help you reduce turnover when they are
empowered to make decisions and can also empower your employees to grow rather
than simply perform their duties with no chance of growth.



Try to send your managers to conferences throughout the year that will help them grow in their positions. There are plenty of leadership conferences as well that can help them improve their skills. The small investment of sending them to conferences will pay off in the long run because they will learn how to be better managers, in turn, helping your employee retention rate.



If your current employees see these perks being rolled out
for managers it will also incentivize them to not leave and instead work their
way to a manager position as well. They too will want the benefits that they
see the current managers receiving.



4. Recognize Hard Work



There is nothing worst than going above and beyond and no one
noticing. Thank your employees for their hard work and show them you appreciate
them. When employees feel that their hard work is going unnoticed or being
taken for granted they might quit and find somewhere that they feel their hard
work is being noticed.



You can be creative when recognizing hard work. You can give
bonuses at the end of the month, or a weekly lunch for achieving a certain
goal. A simple thank you also goes a long way because sometimes employers are
so busy dealing with finances, and behind the scenes situations that they
forget to just say thank you.



5. Promote From Within



If you have a loyal employee for years and hire new
management from outside they can become disheartened over time. They might feel
like they do not have the opportunity to move up the ladder, causing them to
search for another job where they feel they can move up the corporate ladder.



Those that have a strong performance want to know that there
is a possibility for a promotion in the future. You can help keep employees
excited to grow within the company by coming up with an internal advancement
program.



You want your employees to stay in your organization not leave when they feel they hit a ceiling. The goal is to not just fill roles but to plan out careers for people when you are conducting interviews and hiring someone.



Which Employee Retention Strategies
Will You Use Choose?



Now it is time to choose one, some or all of the above
employee retention strategies to help keep your turnover costs down. We hope
that you are able to lower your turnover rate and keep your current and future
new employees happy. Did you enjoy our article and find it helpful? Please
bookmark our business section to never miss our latest!

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