10 Employee Retention Tips for 2020
Every HR administration executive at every company in every industry agrees: once they hire a good employee, they’ll do everything in their power to keep that employee. They know from experience that each departure comes at a steep price. When employees leave, they take a vast amount of experience with them, creating knowledge gaps within the firm. Plus, the company’s efficiency diminishes, as others in the organization have to indefinitely cover their duties.
There are also significant costs associated with recruiting, interviewing and onboarding. In fact, according to a study by SHRM, a business can spend anywhere from 50-60 percent of an employee’s salary to find and train a suitable replacement.
People are changing, priorities are changing. And for many employees—especially the millennials who make up the largest block of the workforce—“job jumping” is becoming commonplace.
What can you do to keep your most valued employees and keep your company running on all cylinders? From strengthening your culture to providing professional development, incentives and perks, below are 10 employee retention tips for 2020 and beyond.
- Empower your employees. Your employees want to add value to your company. Give them the authority they need to do their jobs properly. Involve them in the decision-making processes. Let them know that you trust their judgment. And by all means, avoid micromanaging them.
- Listen to your employees. Your employees want to be heard. So, give them your ear. Schedule specific times where your team members can come in to talk, make suggestions, identify opportunities or just vent. This 360-degree feedback will go a long way in building the trust that engenders loyalty.
- Give them new opportunities. If an employee feels like they’ve hit a dead end, they’ll likely look elsewhere to find new challenges. Provide ongoing professional development and leadership development training so they can acquire new skills. Consider behavioral and cognitive assessments to ensure their skills are aligned with their duties. And offer them a clear path to move up your “corporate ladder.”
- Make them feel valued. Whether it’s getting a big fat raise or a simple “thank you” for a job well done, employees want to be recognized for the contributions they make. Look at ways where you can do more to make them feel appreciated. Some ideas: throw a company party, hand out gift cards or treat them to lunch. Even a little can go a long way.
- Make it about more than work. Every employee—even your hardest, most diligent workers—need some time for fun. So, schedule that when you can. Make time to celebrate birthdays, holidays and other special occasions. Not only will events like this give your employees a breather, but it will also enable your team to build the personal relationships that will make them want to stay.
- Flexible working hours. In addition to their full-time jobs, your employees have a myriad of other responsibilities and obligations, from tending to their children’s needs to scheduling doctor’s appointments to caring for aging relatives. So it’s not surprising that Timewise’s latest Flexible Job Index found that 87% of people either have work flexibility or want it. With that in mind, consider giving your employees the opportunity to get off the rigid 9-to-5 schedule. By doing so, you’ll not only improve satisfaction and retention, but you’ll likely see an increase in their productivity and a reduction in absenteeism.
- Telecommuting. With today’s technological advancements like Skype, Slack, GoToMeeting and Zoom, it’s easier than ever for employees to be at the office without actually being in the office. This provides a great opportunity for you to give your staff an added level of flexibility to work from home or another remote location.
- Parental perks. Millennials (ages 23-38) are now the largest block of the workforce, and many are starting families. Consider ways to help them manage their parental responsibilities along with their work responsibilities. Some ideas: discounted or on-site childcare services, flex and dependent care assistance programs, employee assistance programs and family-friendly discounts such as tickets to the movies, parks and museums.
- Insurance for pets. Pets are family, so it’s not all that surprising that health insurance for pets is a benefit that’s grown six percent since 2015. Today, fifteen percent of companies offer this type of insurance in one form or another. Maybe it’s something your employees might be looking for, as well.
- Offer a student loan repayment program. The student debt crisis is impacting a large portion of today’s workforce. Many in your company are likely struggling to pay off their student loans. Smart companies are looking at ways to help ease this burden by allowing workers to trade days off for payments against their debt or by matching employee 401(k) contributions with student loan repayments.
Today’s employees are looking for more than just a paycheck. They want job satisfaction. They want a positive work environment. They want perks that go beyond a salary alone. As millennials change jobs at a growing rate, companies need to develop strategies to make them want to stay. From organizational development programs and cognitive assessments to customized benefits plans and HR administration, DS Benefits Group has the tools to help you attract and retain the best and brightest in your industry.
To learn how our experts can help with your employee retention program, contact us.