5 Effective Strategies for Boosting Employee Retention

Estimated reading time: 3 minutes

Losing top talent is something every business fears because these people are often difficult to replace. Things get even more worrisome for employers when you hear that 30% to 50% of all employees are considering leaving their jobs for better ones. Retaining these employees starts with knowing why they are considering leaving and having the right strategies to ensure they stay.

Have Better Onboarding and Orientation Strategies

Businesses should ensure every new employee is set up to succeed from the moment they are hired. A good onboarding process teaches employees about their roles and responsibilities and the company culture. New hires should also know how to contribute, what success in their job looks like, and how they can thrive in that business.

The training and support you provide from the first day will set the tone for the employees’ entire time at the business. Do it right, and you will likely end up with loyal employees who are less likely to leave.

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Provide Better Compensation

Robert Half Talent Solutions found that about 65% of people who leave their jobs do so to get better compensation. This is such a large number that businesses should take note. The best way to make it a non-issue is by offering employees better compensation. Besides updating compensation packages, you should consider one-time bonuses, help with student loans, and stipends for those who work from home. 

As you do this, take the time to correctly pay inequalities. If people see you considering their salaries regularly, they know they are being compensated accordingly and are more likely to be royal.

Build Employee Recognition and Rewards Programs

Everyone wants to be recognized when they do a great job. Public recognition boosts employee morale, helps build their confidence and self-esteem, motivates them to keep doing a great job, and increases job satisfaction.

Since everyone is different, you should create personalized reward programs to help you retain valuable employees. Many businesses give gift cards as rewards for a job well done, while some offer monetary compensation.

Regardless of your rewards option, remember to always tell your employees why they are getting rewarded. Knowing what led to a reward is fulfilling and can increase employee loyalty and productivity.

Establish Mentorship Programs

Pairing employees with mentors is something businesses should add to their onboarding process. Mentors can welcome new employees, provide valuable insight and advice, and be a source of information when a new employee needs it.

Mentors can also provide new employees with numerous opportunities to grow by taking them by the hand and showing them everything they need to know to thrive in their roles.

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Encourage Open and Honest Conversations

People find it difficult to work with those they do not trust or talk to regularly. The shift to remote and hybrid work arrangements has shown why communication is crucial for keeping a team intact and reducing turnover.

Leaders should promote communication across their teams and create an environment where team members feel they can come to them to discuss anything.

Businesses lose talent all the time for various reasons. They should do everything they can to prevent their best employees from leaving because that would mean they lose some competitive edge.