HR Innovation: How to Develop a Competitive Employee Retention Strategy

Happy young candidate shaking hands with her employer after a job interview, employment and business meetings concept

Worldwide, businesses continue to struggle to both find and keep employees. With unemployment still higher than it was in February 2020 by five million job openings, businesses cannot afford to take their employees for granted.

The pandemic put people out of work due to a number of reasons, mainly safety precautions. But now, with the employers needing to fill positions so badly, job seekers take on advantage and expect more.

Read on to learn how to develop a competitive employee retention strategy that will keep your staple workers on board and attract new employees to join your team!

Learn About the People Who Work for You

Don’t simply assume that you know what your employees want. Make an effort to learn about the people who work for you and ask them directly.

Reach out to your employees via emails and go out of your way to talk with them. Take special interest in what they love, want, and need.

Send out surveys to learn how to constantly improve the workplace. Keep an open suggestion box where they can express concerns incognito.

Pay Competitively

Pay your employees the value of their labor. Don’t cut corners to save.

Offer your employees raises every so often as loyalty and production incentives. Add surprise bonuses to their paychecks when the business exceeds its goals.

Level up your payment system as well. Give employees a payroll card that cuts printing costs, allowing you to use more resources on them. This also makes getting paid and tracking payment history easier for your workers.

Offer Employee Benefits and Perks

Benefits show that you want to go the extra mile for the people who work for you. Do more than provide standard health insurance that will keep them healthy and working.

Consider helping with student loans or future education for loyal employees who stick with your company. Their education benefits you, too.

Implement employee wellness initiatives to show them that you care. Hire a yoga teacher for Wednesdays for an hour each month. You might also provide a mental health counselor on-site and keep healthy snacks around the water cooler.

Provide Advancement Opportunities

Help your employees reach their fullest potential. Begin by offering paid leadership training each quarter.

Then, provide opportunities for advancements. Create a number of small steps up, with a new title and slightly higher salary, rather than big, far apart raises.

Value Their Outside Life

Employees carry on a life outside of work. Acknowledge this through flexibility.

For instance, allow people to take off for a death in the family or sick child. You might also take the special needs employees present to you and allow them to work remotely or at alternate times.

People stay where they feel valued. Knowing you see them as more than just your employee will increase their loyalty to the business.

Your Employee Retention Strategy Matters

Implementing a solid employee retention strategy makes a big difference, especially in a world hesitant to keep working. Retaining employees will cost less than searching for new workers and training them.

Plus, loyalty on both ends strengthens a business. Now that you know how to keep your people, check to tips on our website for improving your marketing strategy.