Now that the economy is improving, employers across the country are once again hiring and expanding their workforce. As a result, employees, many who remained in their current jobs during the economic downturn, are seeking new career opportunities. How can today’s businesses retain their best employees, who may be fielding competitive offers? Below are 10 tips employers should consider when developing a solid employee retention strategy:
- Offer a competitive employee benefits package that includes health care, dental, vision and prescription drug plans, as well as other components such as a 401(k) savings plan and disability and life insurance.
- Help employees develop and grow professionally by offering opportunities for them to share information through internal and external training sessions, teamwork and mentoring programs.
- Explain how employees contribute to the company’s success. Seek out and listen to their ideas and feedback, recognizing that they want respect and acknowledgment.
- Establish career paths so that employees can advance within the company, providing opportunities for promotion or cross-training to help keep them challenged.
- Reward employees for a job well done, and share their successes with others on the team. Decide what kind of performance to recognize, how it should be rewarded and how to communicate that reward. Employee recognition directly affects individual performance and the company’s bottom line.
- Look for ways to have fun in the workplace — merriment doesn’t have to hurt productivity.
- Encourage creative brainstorming to overcome challenges or roadblocks.
- Allow employees to balance their work and personal lives by being flexible in scheduling, making sure to treat everyone fairly.
- Set clear expectations of employees, establishing and communicating standards of performance, conducting regular reviews and linking compensation to performance.
- Praise in public, recognizing hard work and creativity. Conversely, deliver constructive criticism in private. No one wants to be dressed down in front of co-workers.
These methods may seem obvious, but they are frequently overlooked. By creating a comprehensive employee retention strategy, employers can ensure that their workforce is happy and productive, reduce turnover, and encourage business success.
Article provided by Insperity, a trusted advisor to America’s best businesses for more than 27 years. Insperity provides an array of human resources and business solutions designed to help improve business performance. Insperity™ Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization™ solution. Additional company offerings include Human Capital Management, Payroll Services, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Financial Services, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2012 revenues of $2.2 billion, Insperity operates in 57 offices throughout the United States. For more information, call 800-465-3800 or visit www.insperity.com.