How to Improve Employee Retention to Boost Sales and Productivity
Employee retention is an integral aspect of ongoing business productivity. When you lose top talent, your company experiences diminished morale, loss of growth, and a decline in income, while retaining trained personnel leads to high morale, increased sales, and contented clients.
To help ensure that your business continues to thrive, here are some tips on improving employee retention that can work for your company.
A crucial factor in maintaining employee retention involves fostering a company culture of open communication. People feel much more comfortable in the workplace when they feel free to share ideas, say what’s on their minds, and report grievances. Managers at every level should be committed to open, stress-free communication. This includes ensuring that employees are aware of company policies, job requirements and goals, and performance metrics. Another key aspect of company communication is asking your personnel what motivates them to stay and what improvements can be made to encourage long-term commitment.
Competitive salaries are important to employee retention, but so are attractive benefits. Basic benefits include health insurance, life insurance, and a retirement plan. Other alluring benefits are stock options, child care, flexible scheduling, and gym memberships. Find out what benefits appeal to your employees. Many people are also interested in professional development, and providing opportunities for in-company mentoring and attending workshops and conferences are great inducements to help personnel remain with your company long-term.
Your employees are not only concerned about making money, but want their work to be meaningful. Give them as many varied tasks and as much responsibility as they can handle. Help them feel valued by acknowledging your respect and gratitude for work well done. Consider offering periodic rewards in the form of gifts, raises, and paid time off.
Stress Work-Life Balance
Always be considerate of your employees, and take care that they are not overworked. A good work-life balance relieves stress, increases strength, and promotes greater productivity.
For more advice on employee retention, get in touch with Approved Business Lending.