5 Ways to Retain Employees and Reduce Turnover Rates

Hiring top talent is, of course, important for any company. Even more important, however, is ensuring that talent actually sticks around. Employee retention saves a company money, improves its overall reputation as an employer, and contributes to the smooth running of a business.

Knowing how to retain employees is something every business should have a strategy for. However, this is not always the case. Often employers are more concerned with the talent selection stage of recruitment than anything that comes after.

If you’d like to learn how you can reduce your employee turnover rate and build a happier and more cohesive environment for you and your employees, you’ve come to the right place. Read on to learn some creative ways to retain employees.

Listen to Their Feedback

If you want to know what your employees really want, the solution is very simple: ask them. Make a point of seeking out and really listening to employee feedback. This will serve to improve office morale, job satisfaction, and it can help you to institute positive changes that will help to hold on to your employees for longer.

Offer Generous Benefits

Benefits are, of course, a great way to both entice and retain top talent. Even if you’re unable to offer the most competitive salary, there are other creative benefits you can suggest. Offering your employees stock options, free meals, a travel stipend, or a good healthcare plan can all be very attractive options.

Be as Flexible as Possible

As an employer, there are certain rules you have to enforce and targets you need to hit. However, it’s worth considering where you may be able to offer some flexibility to your team. You can allow flexible working options, or offer to pay your employees in the method they like best for example through the PayActiv payroll card.

Treat Them With Respect

One of the most simple things you can do to retain your employees is to treat them with respect. Respect their wishes, their time, their work, and them as a person. It sounds simple, but it’s something that will go a long way toward improving their job satisfaction.

Let Home Time Be Home Time

Burnout is one of the leading causes an employee will give when leaving a role. It’s ok for you to demand a lot of your employees, however, you should also be aware that they will need periods of rest and relaxation to do their best work. Don’t give them extra work outside of normal working hours, and make sure that they aren’t staying late every evening for any reason.

Creative Ways to Retain Employees and Manage Churn

To retain employees, try to remember this one golden rule: treat your employees as you would like to be treated. Make sure to listen to their concerns, make their work environment as positive as possible, and reward a job well done. If you’ve found these tips useful, check out the rest of our content.