When you run a business, one of the most important factors that will determine your success is the quality of your employees. Having a core team of talented, reliable and hardworking staff who are loyal to your organization can make all of the difference. So, we are going to discuss employee retention and its significance for your success. Then, we will look at three ways that you can retain employees: by creating a positive working environment, offering employees health insurance and providing incentives to stay, such as bonuses and work parties. With these strategies in mind, you should find that your staff turnover is significantly less.
Employee Retention
Let’s start by looking at what employee retention really means and why it is so important for your company. Employee retention is when a company creates conditions that encourage talented and reliable employees to stay in the organization. This is very important for honing an efficient workforce and saving money.
When you have loyal employees that stay with your company for years, you can avoid the effort and frustration of constantly hiring and training new staff to make up for a high turnover. This can save a lot of valuable company time and resources. Indeed, Workhuman notes that employee retention is a great way to cut costs of recruiting and onboarding new staff. When you have a core team of trusted, expert and loyal employees, your company can function at its most efficient and cost-saving level.
Create a Positive Working Environment
One of the best ways to keep employees committed to your company is by creating a positive working environment that promotes healthy and appropriate communication, security and collaboration. Try to create an environment that encourages people to express their thoughts and ideas and provide them with useful feedback. Make your staff feel seen and heard, valued and encouraged to progress in a safe environment.
Make it clear that any kind of bullying, gossiping or harassment is absolutely not tolerated in your company and that your employees’ health and well-being are a top priority.
Offer Employees Health Insurance
If you really want to show your employees that they are valued and can feel safe in your organization, you should provide them with health insurance. When you insure your employees, you improve the overall morale of the office. What’s more, you encourage your employees to be productive and give back to the company that is providing them with this valuable gift.
Offering comprehensive coverage to employees can make your company very appealing to job seekers as well. If you want to generate a positive reputation in your local community and online, encourage employee retention and make your organization a desirable place to work, offering insurance is a great way to do this.
You might think that this is a big expense, but the rewards of employee retention and increased productivity make it well worth it. Moreover, you can rest assured that you are a great employer and that you are running a reputable company when you offer health insurance to your workforce.
Provide Incentives to Stay at the Company
Once you have hired and trained employees, it is far more efficient and cost-effective for your company to retain them. So, you should offer incentives to keep your workforce loyal. These could be financial incentives, like bonuses or annual pay rises, or extra holiday days as rewards for hard work.
You might also want to consider organizing work nights out, at Christmas and any other time of the year that seems significant to the company or staff. You could even take a leaf out of The Office’s book and host an awards show for your employees! You want your employees to enjoy coming to work and have clear goals to work towards. It is much easier to turn up to work and do your best if you feel valued by your company and know that there will be rewards for your efforts.
As you can see, employee retention is a key concern for all businesses, large and small. With a great core team of well-trained, experienced, loyal and dedicated staff, your company can maintain a high level of work and efficiency. So, you need to prioritize your employees’ experiences at work to ensure they stay loyal to your company. To do this, you should create a positive and safe working environment. On top of that, it is recommended that you offer employees health insurance so they know they are valued and feel secure. Finally, provide financial and social incentives to keep staff loyal.