With the labor market remaining tight, most businesses are finding themselves in a job seeker’s market. Skilled professionals can quickly find new opportunities, some employers that aren’t measuring up will often end up shorthanded.
During periods such as this, retention needs to be a priority at every company. Otherwise, employee attrition can leave your struggling to meet deadlines, maintain productivity, and even keep morale up.
While a certain level of turnover is unavoidable, there are things you can do to keep it at a minimum. If you want to put an end to employee attrition this year, here are some tips to get you started.
Offer Competitive Wages
While money isn’t everything to employees, it is always something. If your pay rates aren’t in line with industry standards or what your competitors are offering, retaining your best and brightest is going to be difficult.
Make sure to review your salaries regularly and compare them to known norms. Researching your competitors is often a necessity, though you can also find out information on websites that are dedicated to tracking worker pay, such as Salary.com or Glassdoor.
Provide Additional Benefits
Salary is only one part of a worker’s compensation package. Medical insurance, retirement options, and vacation time are just some of the additional benefits that also make up total compensation.
As you review your salaries, it’s also wise to research benefits packages. If you aren’t meeting expectations in these areas, you may need to bolster your offerings or add new benefits, ensuring you remain competitive.
Improve Your Culture
A company’s culture has a big impact on whether skilled professionals choose to stay. Businesses that offer opportunities for growth, a warm and welcoming environment, and a positive experience are more attractive to top talent.
Employees prefer to work at companies that have missions they can get behind, as well. This creates a level of intrinsic job satisfaction, making their contributions feel more meaningful. Similarly, if their values align with the organization’s, they will usually feel more integrated into the company, and potentially more loyal as well.
To keep workers engaged, it is also wise to provide them with opportunities to face challenges, such as by taking part in exciting projects or having the chance to use emerging technology. If the work is too simple, it doesn’t require as much thought or dedication. Additionally, if a process is antiquated, it usually isn’t inspiring. Over time, it can even become boring, and that is one of the primary enemies of engagement.
While it may not be possible to eliminate turnover entirely, by following the tips above, you can improve your retention rates, potentially dramatically. If you would like to know more about what you can do to put an end to employee attrition this year, the skilled professionals at The Advance Group can help. Contact us to discuss your goals with one of our specialists today and see how our employee retention expertise can benefit you.