A study by the Society of Human Resource Management shows that employers spend on average six to nine months of an employee’s salary in order to find a suitable replacement. The cost of hiring a new worker may include training and on-boarding costs, interview expenses and recruitment services. Here are a few ways to help you retain more employees and save money in the long run.
Provide Excellent Management
According to a Gallup poll nearly 50% of people left their job due to their boss. Employees who don’t like or respect their boss may leave their job despite earning a competitive salary and excellent benefits. Those who were satisfied with their jobs felt they could approach their boss with any question. Keep an open door policy in order to encourage feedback which can be used to make positive changes in the workplace. Employees who feel appreciated are more likely to stick with your company long term.
Offer A Work-Life Balance
A study from Fidelity found that nearly half of milennials are open to taking a reduced salary of approximately $7,600 in exchange for an improved work-life balance, meaningful assignments and positive company culture.
Offer a flexible work schedule such as a four-day work week or the ability to work from home. Paid time off can be given in order to allow employees more flexibility when it comes to scheduling days off for personal needs. You can also allow employees to take upaid time off for life altering events such as emergencies and family needs.
Create An Uplifting Work Environment.
Small touches such as an inviting office space with natural daylight, free snacks and an ergonomic work stations can go a long way in boosting morale. This is especially true for milennials who tend to favor a positive environment over higher compensation.
Incorporating a mix of natural and artificial lighting reduces eye strain and headaches while improving sleep quality. Implementing ergonomic workstations can reduce repetitive stress injuries and aches. Minimizing the typical office sounds of keyboards clacking with soothing music sounds can actually increase productivity. Employees notice when a company is doing its best to ensure their safety and health.
Set Clear Expectations
Let your employees know exactly what is expected from him or her at work in terms of productivity, achievements, personal goals and company goals. Employees should know exactly what is expected of them and be given the tools and guidance to achieve them Make sure that your expectations are realistic and that employees aren’t being given more responsibilities that they can handle due to poor management.
Create Room For Growth
Professional growth is one of the highest drivers of employee engagement while a lack of opportunity is one of the main reasons why workers leave. Aspire to hire from within; make sure employees are the first to know about new job openings and have the opportunity to apply for them. Growth isn’t just inclusive to financial compensation; it can also include career growth such as a higher title, access to training opportunities and the ability to pursue personal growth with a more flexible work schedule.
A focus on retaining your best employees will enable your company to focus on more important things such as your bottom line instead of constantly hiring new staff.