Employee Benefits

4 Retention Strategies for Employees

Two businesspeople playing chess board.

Losing talented employees is never easy. And the cost to find, hire and train replacement workers can be expensive. Research shows that businesses spend six to nine months of the position’s salary to hire and train each new employee. Since there is competition for talented workers, the hiring process can take a while. Current employees may get frustrated, impacting morale. Customer relationships also could be damaged. If orders are processed differently or communication changes, they may take their business elsewhere.

Bottom line, keeping talented employees engaged and on the job is more cost-effective than losing them. Review four retention strategies for employees.

  1. Prioritize well-being

    As employers, showing concern for employees’ overall well-being should be at the heart of your retention strategy. Essential workers who have been showing up in person during the pandemic need to know they are valued and that their efforts are appreciated. Other team members who have worked from home want affirmation that their contributions are appreciated as well.

    Given all the disruptions in life due to the pandemic, reassure all employees that they are valued. Investing in employee belonging and recognition will go a long way in supporting employee engagement and business growth. Studies show that one in five employees who feel they don’t belong are engaged, compared to 91% of workers who feel they do belong are actively engaged.

    Enhance employee well-being by scheduling different activities every month that workers in the office or at home can do together. Encourage employees to share their experiences and feelings and support each other. Team members will feel more connected to each other and more engaged and productive at work. Schedule get-togethers during work hours for the best attendance.

    Learn more about the connection between well-being programs and business culture to enhance employee satisfaction and productivity.

  1. Provide benefits workers want

    Many employers offer employee benefits to keep workers healthier, more satisfied and engaged on the job. Employees also want benefits for the security they provide.

    Nearly 62% of employees surveyed said that an excellent benefits package helps them feel cared about by their employer. And about three-fourths also noted that their benefits keep them energized at work and less likely to leave for a different job.

    Discover the benefits employees value by asking for their feedback. Work with your broker and insurance carriers to design a benefits package that employees want.

    Review these tips on surveying workers about their benefits. Also, find out five ways to provide the benefits that will meet employee needs.

  1. Give employees a voice

    These days, many employees feel detached from their employers. Essential workers have spent so much time focused on the day-to-day issues of taking care of people that they have lost focus on business decisions and changes. Despite weekly online chats, remote workers also feel isolated from their employers and co-workers. They miss the busyness of work in the office and regularly seeing team members in person. However, remote work is still an important, flexible option for employees.

    Employers can give employees a voice by engaging them in discussions about company decisions, product changes and customer requests. Whenever possible, ask for employees’ input on decisions, including hybrid work schedules, customer services and new business growth ideas. The goal is to get employees involved. They’ll be more satisfied and less likely to look for other job opportunities.

  1. Celebrate employee differences

    Most businesses have several generations of employees working together. Recognize and celebrate each generation’s differences, and how they all support the company’s growth and development.

    Organize team-building sessions to help workers get to know and appreciate each other. When workers understand one another better, they work together better. Investing in team-building activities helps improve each employee’s sense of belonging.