First things first: Before you start investing in employee retention strategies, measure where you are now so you know if your efforts are successful. We’re amazed at how many businesses we work with that don’t know their turnover rates.
- Hire Right The First Time. Hire Fast, Fire Fast - Hire attitude and willingness first over skills and experience. Hire future managers. Do your due diligence, but don’t delay the process or over-analyze. Similarly, you cannot afford to keep employees who are not performing or under-performing. Every employee impacts your brand and bottom line.
- Review Your Onboarding Practices - Share the company’s mission. Introduce rookie employees to the entire team. When new employees feel like they’re getting the full picture, they have a better sense of how they can contribute. Great company culture keeps people loyal to an organization, and you shouldn’t wait to introduce new employees to that culture. Within the first few days, they should be familiar with the foosball table, the free weekly massages, and the bagel breakfasts. It’s part of the reason why they selected your company in the first place, so don’t leave them feeling shortchanged.
- Identify Perks & Benefits Valued By Your Top Performers - Are you wasting time and money on perks or activities that you think are valuable to your employees, or do you know for sure? Ask your best employees for their input!
- Set Clear Goals and Expectations - Make sure your employee understands where the company is heading. Set clear goals. Put them in writing. Give employees something to reach for and support them.
- Invest in Your Managers - It’s said that “employees leave managers, not companies.” In many cases that may be true. However, good managers genuinely care about their employees. Encourage your managers to have open communication with those they manage. No one likes to feel they cannot talk about a potential problem, or submit a great idea they have. Make it a priority for managers to provide an environment conducive to communication and inspiration.
- Invest in Your Employees - Gallup found that close friendships at work boost employee satisfaction by 50% and people with a best friend at work are 7x more likely to engage fully in their work. Show your commitment to community and social responsibility by giving your employees a couple of hours each month to get out of the office and participate in community service.
- Employee Recognition - Praise with sincerity. Publicize achievements. Share information about the business and how standout efforts contribute to the company's bottom line and overall goals. Managers should establish weekly "office hours" when employees can have face time. Celebrate accomplishments by treating the entire staff to pizza or ice cream.
- Create and Maintain a Positive Company Culture - Team building exercises and group activities are a great way to foster a positive relationship among co-workers. These bonding rituals can be anything from a team lunch to a company bike ride.