Increasing your employee retention rate provides multiple benefits. It can save you time and money, create a more coherent workplace culture, and ensure you can keep valuable talent. The average employee exit costs 33% of their annual salary, so it pays to keep them around. If your employee retention rate is poor or simply not as high as you would like, there are ways you can increase it.
Start with the recruitment process
You can fix a lot of employee retention issues by starting with the recruitment process. Hiring the right person for the job can prevent them from leaving later. When recruiting, make sure your job description is accurate. Discovering the job isn’t what they thought it was could make employees quit quickly. Offering the right remuneration package is a must too.
Nearly half of employees say they have quit a job because of a bad manager. Many also think managers are promoted too soon and need managerial training. If you’re having retention problems, look at your management and assess how you can improve.
Offer opportunities for development
People want to be able to develop professionally in their work. 93% say they would stay at a job longer if it invested in their careers. Providing opportunities for people to develop and advance in their careers can get them to stay with you for longer.
Other tips for improving retention rate include:
- Provide employee recognition and feedback
- Develop a clear onboarding process
- Encourage trust and transparency
- Help employees to have work-life balance