The threat of outside opportunities luring away your top talent is always looming, which makes high employee turnover a constant challenge in any industry.
Here are five effective employee retention strategies that successful companies use—and how you can get started with them yourself.
1) Create a culture of appreciation. Employee recognition goes a long way toward making work meaningful. Assess your current communication tools: Do employees have easy ways to send frequent peer-to-peer recognition? If recognition only happens top-down in an annual performance review, you’re missing out on a major employee retention tool.
2) Make employee autonomy work for you. Schedule recurring, internal events that enable employees to think creatively. Some companies do yearly “hackathons” where staff brainstorms and builds new ideas. Another example: Google’s famous “20%” rule, which encourages employees to spend one-fifth of their time on their own ideas.
3) Develop loyal leaders internally. You can’t create lifelong employee development overnight, but as a first step, try polling employees or managers internally to gauge interest in things like leadership development or learning reimbursement. Pursuing these types of initiatives can instill loyalty and develop retainable talent among your existing employees.
4) Give good behaviors special recognition. Identify behaviors your company encourages that have low adoption with employees—end-of-shift duties, parts of your corporate wellness program, participation at company events. Then, find an easy way to incentivize these as part of your employee rewards program.
5) Allow employees to skip the commute. If you’re thinking of adopting a comprehensive work-from-home policy, consult with managers and department leads and take stock of any concerns or requirements they have with their teams. Addressing these in the logistics of your policy will ensure everyone’s happy.
Autumn Manning is CEO of YouEarnedIt, a software provider that helps businesses reveal, recognize and reward employee greatness.