9 critical ways to improve worker retention

For any company in any industry, the ability to attract new employees is actually less important than the ability to retain them long-term. That's because – whether a relatively new hire goes awry or a long-tenured worker leaves for greener pastures – the loss of efficiency and the cost of the new hiring search can stretch into the tens of thousands of dollars.

For that reason alone, worker retention should be the paramount mission of all businesses as it relates to their employees, and that means implementing strategies that help ensure workers stick around for years or even decades to come. Below are nine ways to help make that happen:

1) Start a worker appreciation program

Everyone likes to feel appreciated, and that's doubly true for employees, according to HR Morning. Programs that incentivize good work – such as with valuable prizes and rewards, or even simple recognition – will not only give employees a goal to strive toward, but help them feel as though the effort they put in is seen and valued.

2) Help with student loans

Any company that has people from Generations X through Z on staff likely knows full well how much these workers' finances are ruled by their student loan obligations, HR Morning added. As a result, businesses that help younger employees pay off their student loans may find a lot of value in the effort, simply because people are less likely to leave jobs that are helping them cut into those massive debts.

In such an instance, however, there may be tax implications for all involved, so companies will have to do their due diligence before diving in.

3) Profit sharing

An increasingly attractive option many companies are going with to improve worker morale is to cut them in on a share of the profits, HR Morning cautioned. No one likes to see the boss driving a fancy car while they barely scrape by, and giving them a portion of whatever profits their labor generates can help them feel like they have a greater stake in the company's success. Some businesses even try a unique twist on this approach, and contribute the profit-sharing money to workers' retirement accounts to help them build long-term wealth.

4) Keep up with pay and benefits

When workers don't get a raise on a regular basis, they are less likely to feel appreciated – and more likely to look elsewhere for employment opportunities, according to Recruiter Box. Likewise, if their health benefits, retirement contribution shares and so on are stagnant, they may not feel they're being properly valued. For that reason, employers would be wise to revisit raises and other benefits for just about everyone on an ongoing basis so employees who stick around are being properly rewarded.

Make sure your employees want to keep working for you.

5) Be flexible with scheduling

Everyone's life has inconvenient timing, and people shouldn't feel like they have to miss out on a kid's soccer game or dance recital just because of their work schedule, Recruiter Box advised. When companies are a little more flexible with people who have shown they can get their work done in a timely fashion, that extra perk – which they likely would not get if they went to another company – can really stand out as valuable.

6) Give them a clear path forward

Another way in which many employees become unhappy in their jobs is if they feel like they're stuck with no chance for advancement or change, according to Robert Half. Consequently, companies should always try to provide ample training and continuing education resources so even if people don't have the skills they need to get ahead now can obtain them with ease. Put another way, it's almost always cheaper to hire internal candidates than someone from outside, so this is a long-term investment that can really pay off.

7) Constant communication – if needed

Some employees may not be satisfied with being left to their own devices, while others want to work far more independently, Robert Half cautioned. To that end, it's a good idea to check in with all workers on a somewhat regular basis, but companies should be set up to accommodate those who want to get more feedback so they receive it more frequently and feel more secure in their positions.

8) Don't let every day be work, work, work

There are times when people just don't feel like working, whether it's because they're burnt out or because they have something going on in their lives not directly related to work, according to NGNG Enterprises. Given this fact, companies that push employees on a daily basis with little in the way of team lunches, office parties and the like will often find those people have less connection to their coworkers and aren't as satisfied in their jobs.

9) Take feedback

Everyone likes to feel as though they're being listened to and their concerns are being heard, NGNG noted. With that in mind, having a suggestion box in the office, or holding meetings where employees can be free to air some concerns they may have about the company, may help people understand that they have more of a stake in the organization's success and operations.

Categorised in: Starting a Business in Arizona

This post was written by