As most HR managers will tell you, being able to find skilled employees is not enough. To run a successful business, you also need to be able to convince your employees that your company is worth staying with and that they will gain benefits from doing so. Unfortunately, this is easier said than done, especially in the modern business climate. So, to help you out, we will go over some of the best employee retention strategies for 2021.
Why having a good employee retention rating is important
Besides helping you retain your workers, the following strategies will also serve to improve your retention ratings. It is essential to keep this in mind, as retention ratings are some of the best tell-tale signs of how good a company is. Having good ratings implies that your workers are happy to work with you and that the competing companies can’t lure them easily. On the other hand, having bad ratings implies that your company is on a downslope and that, at best, it is a stepping stone for inexperienced workers. Therefore, having a good rating will not only help with current workers but will also help you draw in new talent, as they will see your company as well-organized and properly situated.
Employee retention strategies
Before we get into our retention strategies, it is important to mention that there is no one-size-fits-all strategy. Every company is different, and each needs to find strategies that work for them. So, while going through our advice, try to keep your company in mind and see which ones are more suited for you.
Start from recruitment
If you were to attend an employee retention seminar, one of the first things you would hear is that retention starts from recruitment. If you have training programs available, we would even encourage you to start from there. This particular strategy includes explaining to your potential employees what your company is like and that they should feel welcomed and appreciated. First impressions matter a lot, and your employee can’t help but build one based on the recruitment process. So, do your best to let them know that you are a company worth investing time and effort in.
Organize a good team
When you ask modern entrepreneurs what they value most in their everyday work, most of them will pick good team members as number one. Of course, the type of work and the money involved do play a significant role. But, the surprising finding is that coworkers can easily be the deciding factor in whether or not a person wants to stay. Therefore, if you wish to retain skilled, driven workers, you need to ensure that your current workforce is welcoming to them. This is usually done through team buildings and after-work drinks.
But, keep in mind that this alone may not be enough. Your job as the manager is to ensure that you have a healthy work environment. If you employ people who resent hardworking newcomers for trying too hard, you will easily lose valuable workers.
Properly reward hard work is crucial in employee retention
One of the hardest things to tackle as a manager is how to motivate your workers. Money is an obvious solution, as it presents a universal way to reward someone. But, often, it alone isn’t enough if you truly want your employees to feel motivated. Unfortunately, the only way to retain your workers is to motivate them to come to work and do their best. If you fail to do so, your most motivated, hardworking employees will soon start looking for better options. So you need to make them feel that their work will pay off. Be it through:
- More free time.
- Better advancement options.
- Access to better training content and materials.
- Freedom to choose projects.
Yes, money is and always will be a great way to motivate people, but don’t shy away from coming up with different rewards to go along with the monetary benefit. Especially if your workers already have a decent pay.
Keep up with modern trends
Keeping your business practices and technology up to date is practically a must for any serious company. By doing so, you ensure that your workers are productive, but you also make it possible for them to learn about new technologies. If your programming staff needs new software, get it. If you need a new call management solution for your sales team, get the newest one. Know that your workers are aware of current trends in their line of work. And that, if they want to advance, they need to learn from those trends. So, if you want them to stay, keep up.
Provide education and advancement options
In the modern business climate, you cannot expect your employees to stay with you simply because of fair pay. True, some have other troubles in mind, like their family, and a stable, secure payment will be more than enough. But, if you plan on employing young, driven professionals, you need to give them the opportunity to learn and advance. The fact that they come to you means that they want more from life and are willing to put in the effort necessary to achieve their goals. Therefore, your job is to create a work environment where their effort and hard work pays off. The more they feel like you are helping them grow and develop, the longer they will stay with you.
Adapt to the person, not the idea of retention The final piece of advice we have for you regarding employee retention strategies is to always adapt them to the person in question. While your workers may have similarities, know that they are all different. So, if you want to keep them, try to see what suits them and what they value in your company. This is usually the most effective way to keep them around.