In the business world, employees come and go. Sometimes turnover rates are less than desirable and employees find themselves frantically searching to fill an empty position. Why do some companies experience high turnover rates? Because many do not implement practices related to employee retention.
The main reasons employees leave their current position or company include:
- Do not like the working environment
- Feel like they would not be missed
- Do not feel like they get the support needed to complete their job effectively
- No room for growth or advancement
- Poor employee compensation program
Organizational management needs to sit down and develop a strategy to help reduce the amount of turn over. Here are the top five strategies to improving employee retention:
Improve the working environment. Create a culture and environment that keeps employees wanting to return to work the following day. Make employees feel like they are part of a family.
Build a relationship with your employees. Discuss why they like working for you and ask what areas can be improved upon.
Support your employees in every aspect of their job. Give them productive tasks and provide regular challenges to help make the employee feel like they are accomplishing something.
Help your employees grow. Consider offering a tuition reimbursement plan for those wishing to take classes that will not only help them on-the-job, but personally.
Offer a competitive compensation package. This can include a health and life insurance.