Human Resources Blog Employee Retention Strategies

With the economy slowly growing again, it has become harder to retain employees. Many will stay with an employer during a sluggish economy, but many businesses are reporting larger turnover due to alternative opportunities. A MetLife annual survey of employee benefits, trends, and attitudes released earlier this year found loyalty at a 7-year low. In a CareerBuilder survey last year, 76 percent of full-time workers said they would leave their current employer if the right opportunity came up, even though they weren't all actively looking for new jobs. It costs a typical employer the equivalent of 6-9 months in salary each time they have to replace a salaried employee.More Employee Retention StatisticsOver 50% of people recruited will leave within two years1 in 4 new hires leave within six monthsNearly 70% of organizations report having difficulties in replacing staffHow To Retain Top TalentKeep Your PromisesAll of those great offers that got someone to come and work for you have to be easy to implement after they're hired. Try to avoid steep changes in your benefits programs from year to year. Maintain a positive culture and environment so people feel good about coming to work each day.Employee HandbookManage expectations by having an employee handbook that is up-to-date and clearly explains your polices, benefits, and flexibilities.PersonalizeIt's not one size fits all. Find out what is important to your supervisors and your employees and try to work that into your company.Long-Term BenefitsStructure benefit programs that get better the longer an employee is with the company, such as: Extra vacation time at a 5-year anniversary or an employer 401k match that vests at 20% per year.Conduct 'Stay' InterviewsExit interviews are very common for when someone is leaving your company. These can provide both positive and negative feedback, but it's too late to change anything for the one that's moving on. Instead of finding out at the end, why not find out while they're still there? Don't just find out why people are quitting, find out why they are staying and what can be improved upon.Provide Growth OpportunitiesWhenever possible, promote from within. You want to encourage a culture where someone is on a career path and not that you're simply filling the gaps.Foster Employee DevelopmentEncourage training and mentoring. Provide opportunities for people to learn new skills and enhance the ones they already have.Open CommunicationMake sure you set very clear expectations for employees and encourage them to speak openly and freely without blowback.Professional HR ManagementAn experienced human resources manager will already understand these. Not only do they ensure compliance, but they have intuitive knowledge of everyone that works at your company. They can implement programs that will positively affect efficiency and retention.Continually recruiting and retraining new employees slows a company's growth. It's important to have someone on your team that understands the fundamentals of employee retention. This will save you money and make your business more productive.Contact the experts at Human Resources Inc. to find how how easy it is to implement great features and benefits.