7 Tips for Employee Retention and Boosting Morale
There are two restaurants with similar menus, prices, job positions, and functions with one significant difference – Restaurant A has exceptional employee retention rates, while Restaurant B faces high employee turnover. Because of Restaurant B’s high turnover rate, they are spending excessive money and time to recruit new employees while continuing to lose high-performing workers.
A certain amount of turnover will always exist within organizations and can help make way for new talent; however, high turnover rates can cause harm to an organization in a variety of ways, such as revenue, guest satisfaction, employee experience, continuity, or productivity.
High turnover rates may also alert consumers there’s something wrong with an organization and affect future business opportunities. A company is much more capable of preventing employee turnover and keeping high performers on board by creating an effective employee retention strategy and understanding the signs of an individual who is considering leaving the workplace.
Causes of High Turnover
Understanding factors that may cause an employee to leave the workplace can provide companies with a better chance of retaining employees if issues are addressed. Below are some of the most common reasons for high turnover.
- Personal reasons (health, career change, family)
- Work-life balance: This can be due to scheduling concerns or locations with employers unwilling to provide alternatives.
- Negative work experience: Whether it’s with an employee or employer, work-related issues can cause a poor company culture.
- Lack of opportunity: Employees may look to leave for a job elsewhere if they see a lack of workplace development or opportunities to gain new experiences.
- Financial reasons: Jobs with better pay and benefits may lure employees away from their current organization.
- Ineffective or inexperienced Supervisors and Managers: Supervisors and Managers that believe controlling and dominating their employees significantly impact retention. An ineffective leader may feel the need to “flex” their authority to maintain control. This behaviour can lead to poor decisions and interactions with employees because maintaining the perception of power and control is more important than doing what is right.
The loss of employees can often cause a large financial burden to a company. High turnover rates can also take a toll on remaining employees, causing a loss of productivity, burnout, and decreased employee engagement. With prior management intervention, many causes of turnover can be avoided.
How to Retain Employees
Holding on to experienced employees and top performers improves workplace morale, enforces a strong team dynamic, and provides a better experience for new hires, customers, and the organization. Ensure your business has a strong employee retention strategy by using the tips provided here:
Employees should feel safe in their workplace, whether by having the proper equipment (and maintenance), organized work areas, or feeling safe from strangers or coworkers. An effective maintenance program, structured work practices, zero-tolerance for harassment, and a safe workplace for employees will help enhance productivity and willingness to work.
Showing appreciation and recognition towards employees for the work they’ve done can enhance productivity and boost confidence. It can make an employee feel like their work and time are valued. Recognition can be given with performance reviews and feedback to promote good communication and transparency.
Incentivizing work and using an employee’s skills can promote an engaging workforce. Career growth and development are critical aspects of employee retention and can be used as motivation.
4) Hiring Appropriately
Incompatibility in the workplace can often trace back to poor hiring decisions, which can alter the chemistry of a work environment. Providing detailed job descriptions and defining the job itself can help attract the appropriate candidates during the hiring process.
5) Onboarding Initiatives
An organized and well-planned onboarding program can increase engagement and commitment for new employees by making them feel welcome. This also ensures that new hires receive the information necessary to set them up for success.
6) Competitive Perks
Outshining competitors with employee benefits and perks can entice employees to stay. Flexible work schedules, time off, hybrid or remote opportunities, competitive bonuses, health benefits, and retirement plans are a few perks that help retain employees.
7) Employee Engagement
Creating connections and encouraging friendly employee relationships can create a positive, healthy work environment. Fostering greater connectedness can help boost retention and increase morale. This creates a higher opportunity for team building where workers can trust and depend on each other.
The importance of retaining and engaging with employees is nothing new, and there are many experts on the subject. The key is to act by identifying your turnover challenges and implementing effective strategies to address the issues.