4 Tips to Boost Employee Retention
In today’s labor market, it is critical to retain your top-performing employees. Sometimes, budgets don’t allow for pay increases, so we have three ways to help you maintain your top talent that you may not have thought of.
There are many factors that come into play and it takes a lot of calculating to determine what it costs to hire an employee, on average, for a specific company. However, most organizations have to go through similar processes to hire new talent.
The average cost to attract, recruit and hire a new employee is right around $4,000 and takes an average of 52 days to fill an open position. This is a huge time and financial commitment for your company so retaining top talent is an essential portion of things to consider before the hiring process.
Here at EG Workforce Solutions, we know the importance of retaining good employees. Here are 4 tips we’ve picked up in our over 60 years in the employment industry. If you want to retain your top performers, you need to onboard and train them the right way, show them they’re valued, offer “outside the box” perks, and invest in their growth.
Onboarding and Training – Doing it Right
Congratulations! You’ve just spent a hefty fee and probably around 52 days to find, and now hired your new employee. Now your company has to onboard them correctly to protect that investment made in hiring them. This is where spending time and money on onboarding and training is a major key in retaining your employees.
On average, it takes a new employee about 8 – 26 weeks, depending on the industry and job, to feel fully acclimated to their new role. Before this time runs out, you are essentially losing money – the new employee costs more than they are earning for the company. If not oboarded properly, you are also at risk of losing your new hire. Meaning all the time, money and effort spent to get to this point will have been wasted and will have to be done all over again.
To protect your hiring investment you’ll have to go beyond even providing stellar onboarding and training to retain your top talent. You’ll have to keep your employees happy and engaged in the work their doing and the work the company is doing.
Show Them They’re Valued
It doesn’t seem like much but, taking the time to show your employees you value them goes a long way. Write “thank-you” notes to them, recognize them for a job well done or a completed project, cater lunch in, really, the options are endless. Employees want to know the work they do matters and is being noticed. As an employer, you should be taking the time to make sure your employees’ sense they’re valued and their work matters.
Outside the Box Perks
Offer your employees some non-traditional perks. These include profit-sharing, flex schedules, remote working, childcare reimbursements, or even reward incentive programs like Bonusly. These perks not only help attract new top talent, but they also help you retain your current employees. Offering perks like these examples help your employees feel valued and motivate them to succeed in their roles because they feel like their work matters.
Drawing a blank on perks you can offer that won’t break the bank? We’ve got you covered!
– Company branded clothing items or SWAG items
– Office plants – According to US News & World Report, British and Dutch researchers have “found that having office plants -created a better work environment.”
– Book of the month club
– Charitable gift matching
– Paid volunteer types
– Designated “fun” budget
– Resource library – allow your employees to learn and improve their self-development
– Sponsor applicable memberships for your employees
– Offer “Lunch & Learn” opportunities
– Allow for remote work opportunities if applicable
– Company holiday party
– Catered lunch
Invest in Their Growth
Another great way to retain your best employees is by encouraging, and investing in their professional development. Depending on your industry, this could include things like education reimbursement, tuition funding, paying for training or certifications, paying for conferences, or even utilizing free and low-cost tools like webinars or books. Your top talent is the best for a reason; it’s because they’re usually striving for growth, help them achieve their professional goals but helping them develop their skills and knowledge.
About EG Workforce
We’ve been in this business for decades and have developed a deep network of professional connections. Whether they’re companies looking for talent, job seekers looking for work or an up-and-coming store in need of some temporary help, we know the right people to bridge the gap between the hiring and the hired.
But what’s more, we get to know people. From employers hiring to candidates looking, we take the time to listen and learn. We hear your likes, talents, and needs. We gain an understanding and with it, we’re able to facilitate lasting relationships between businesses and people.
Are you in need of top candidates? EG Workforce has over 60 years of experience in the employment industry in providing skilled workers with the positions you need filled. Learn more here.Back to Blog Page