5 Employee Retention Tips07/17/2019
Today’s historically low unemployment in the finance and accounting sectors is creating employee attrition concerns for employers. Employee retention is foremost in their minds, as it is difficult to find replacement staff in this type of economy. Consequently, it’s imperative that employers manage their staff using methods that are geared towards employee satisfaction. The cost of hiring new employees can be colossal. In fact, according to Employee Benefit News, it can cost 33% of an employees’s annual salary to hire a replacement if that employee leaves. Of course, the employment retention rate varies by industry, but every business should be upgrading their employee retention strategy. If your company is finding this situation challenging, here are five employee retention tips.
Employee Retention Tips #1: It’s Time to Focus on Employee Retention
You know the best and brightest on your team. They perform well and encourage others. Focus on ways to assure your organization retains these talented people. Doing so includes a mix of perks, praise, and pay.
Employee Retention Tips #2: Pay Attention to Perks
More and more employees are seeking a variety of perks to compensate for their work and dedication. These include:
- Work/life balance flexibility such as long summer weekends; a remote workday each week; or flex time for special events.
- Supporting professional development, as people in finance know the value of ongoing learning. Reinforce this with work-site and online continuing education options compensated by the business.
- Commitment to employee well-being as demonstrated through provision of comfortable social meeting spaces. Touches of greenery and walking paths create a pleasant work environment.
Employee Retention Tips #3: Communicate Your Enthusiasm
Your team feels uplifted when work goes well. Provide them with added assurances through praise, expressions of gratitude, levity, and outright enthusiastic smiling. Use concrete descriptions about the quality of team members’ work. This reinforces their performance as it deepens engagement. And, engagement equals retention.
Employee Retention Tips #4: Remuneration to Increase Employee Retention
Although it is true that pay-rate is not the only reason why employees stay on-board, it cannot be lightly dismissed. This is particularly true in this era with finance unemployment rates hovering around 2%. This is a good time to review compensation in-house rates. Compare these for your sector, business size, and within your region. Include a review of benefits too, to assure that yours are in line with, or outpacing, that of the competition.
Employee Retention Tips #5: Call on the Consultants
There are times throughout the year when financial cycles demand the need for added staff. That’s when you typically call on consultants. You can call on them again when you are in recruitment mode to find your next best employee.
For more employee retention tips that will have a great impact on your organization, check out: 5 Low Cost Ways to Keep Employee Retention High