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Five ways to increase employee retention

Be open to change
Last week I was running late to work. Why? Because someone had broken down on the off ramp during peak hour, meaning there was more traffic than usual. As I was explaining this to my colleague, we both agreed that working 9-5 is a bit out dated. Don’t get me wrong – I love coming into work, with my own desk and my own car space. But many workers are opting for flexible locations and hours, in order to cut down travel time and expenses. According to this article, remote workers were 50% less likely to quit than their office-working colleagues. These working arrangements aren’t feasible in every workplace, and certainly won’t appeal to everyone, but consider the impact it can have when employees ponder their next career move.
Everyone has heard of exit interviews, but what about stay interviews? Ask your long-term employees why they’ve chosen to return year after year. Ask them what would make them leave, or what change they’d like to see in the company. It’s important they know their value, and it can help you recognise what you’re doing right, and what you should ultimately avoid. By taking the time to understand why your employees leave, you’ll be able to make appropriate changes and increase employee retention.
Be realistic
Ensure you’re realistic in what both the managers can expect, and what your employees are hoping for. This may require discussing your expectations with individuals, especially if your expectations aren’t being met.
Recognise and celebrate success
It goes without saying – happier employees will stay with you longer and be more productive. It’s important to encourage and recognise an individual’s success, while understanding the role a team can play in providing support. Doing this doesn’t require spending money on prizes or incentives. Simply congratulating a member, or alerting everyone at a meeting can be enough to make someone feel celebrated. Find out what success is for your employees, and celebrate it.
Allow growth, encourage learning and support employees
Do your employees know their path of advancement? Are they clear on what achievements or qualifications they need to be promoted? If staff know the potential there is in their roll, they may be more willing to work harder in order to succeed.
John Gilbert is the Principle of Options Consulting Group, a trusted human-resources advisor. OCG focuses on long term hiring plans, and specialises in the manufacturing industry. Should you wish to discuss this article and how it can help your company, give John Gilbert a call on (03) 9693 9300.