7 Employee Retention Strategies You Should Start Using

Ever noticed how every smart entrepreneur refers to their employees as a team? That’s because they know the value the right people bring to their companies. A business cannot be successful without the right people.

That might sound obvious, but many small businesses ignore the importance of their human resources. According to a recent survey, more than 50% of companies said that they don’t have a strategy for retaining employees.

The problem is that most managers see retention as a compensation issue – incentives, salaries, benefits, etc. In reality, what drives employees goes deeper than merely physical possessions.

With that in mind, let’s look at seven employee retention strategies every business should use.

1. Hire the Best

Most job interviews focus on skills and personality: whether the candidate matches the job’s requirements and company’s culture. But, you should focus on other qualities, as well. Look for individuals that are committed and have demonstrated loyalty during their careers.

2. Train First-Level Supervisors

You might not like this, but here it goes: most employees don’t quit jobs; they quit managers. Professional supervisors are vital to retention. Make sure managers have regular meeting with their subordinates where they talk about performance and expectations.

3. Ensure a Healthy Work-Life Balance

You can’t expect your employees to function like computers. If you want to maintain performance at peak levels, you need to help them achieve work-life balance. Sure, time and attendance software, such as Advance Systems are a crucial component to keeping track of hours, but sometimes you need to encourage your employees to take a break.

4. Offer a Clear Growth Path

Not every employee in your organization can rise to CEO or CFO, but every team member can build skills. If you care about your employees’ well-being, look for ways to challenge and help them grow. Your company is bound to succeed when its human resources feel empowered and accomplished.

5. Know That God Decisions Can Come from Anywhere

One of the problems I noticed with small businesses is that, as they grow, they tend to limit employee involvement in critical decisions. The roles change from “every opinion matters” to “come to work and do what you’re told to.” When people feel like they’ve become “just another employee,” they are more likely to look for opportunities somewhere else.

6. Give Your Employees the Metrics They Need

Savvy business owners understand the importance of having measurable objectives for employees. Numerous studies have shown that people want to feel they are succeeding and contributing to the growth of the business. When people know that their actions have a direct impact, they begin to develop a sense of belonging.

7. Track Retention

Last but not least, you need to be able to tell if your strategies are successful. If you don’t measure the results of your actions, how can you know if you are making any improvement? If you don’t know in which divisions employees are doing well and in which are not, then you won’t know who needs your attention. So, measure, analyze the data and tweak your strategy accordingly.

You can’t afford to ignore employee retention anymore. If you want your business to succeed, you need a comprehensive approach – and that includes the human component too.

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