August 4, 2020
According to the Gallup 2017 State of the American Workplace report, “Employees who are engaged are more likely to stay with their organization, reducing overall turnover and the costs associated with it. They feel a stronger bond to their organization’s mission and purpose, making them more effective brand ambassadors. They build stronger relationships with customers, helping their company increase sales and profitability.”
The benefits of employee retention are extensive. These include a focus on meeting long-term goals, an increased bottom-line and a healthy workplace.
When employees stay long-term in the company, it also makes it easier on HR. This is because frequent onboarding of new hires requires time, effort, expense and mounds of paperwork.
At BenefitElect, we want you to have all the tools you need to cultivate a work environment where employees want to stay for the long haul.
Herere three straightforward ways to increase your employee retention:
- Deliver a solid benefits brand.
One of the top reasons why people persist in their jobs is that they are engaged in the company and the benefits they receive. Research has shown that employees who are involved with their benefits are also more satisfied with their jobs. Providing a strong benefits brand communicates the company’s commitment to employees and their investment in providing exceptional benefits.
Some steps for creating a fantastic benefits brand are:
- Choose a brand that fits company beliefs.
- Use your company’s values, mission and established brand as a guideline.
- Communicate value through an integrated approach.
- Decrease time spent on admin tasks.
Good managers are high on the list of reasons why employees stay. A hallmark of great leadership is spending time connecting with employees. Reducing time spent on administrative tasks can allow managers to devote more time to the things that really matter.
Some ways to do this are:
- Delegate routine tasks.
- Select HR vendors who take the busy work off your desk.
- Automate tasks if your system has this capability.
- Build the company culture and boost employee engagement.
For most people, company culture is a huge component of job satisfaction. A good work environment nurtures top talent and makes employees more satisfied in their jobs. Enhancing the atmosphere at the office by expressing your goals, building a sense of trust and fostering team spirit can go a long way in having engaged employees who want to stay at their company.
In the same Gallup report, it stated “employees who are actively disengaged have the opposite effect on their organization’s prosperity and growth. They are more likely to steal from their company, negatively influence their co-workers, miss workdays and drive customers away.” Gallup estimates that disengaged employees cost the U.S. $483 billion to $605 billion each year in lost productivity.
Company initiatives and communication strategies that boost employee engagement should be given priority. Create a company culture that recognizes and appreciates employees. Some companies honor employees with regular awards and recognition. This contributes to a flourishing work environment. Implementing accolades into your company can help reward the culture that you want.
Besides awards, some ways to improve company culture are:
- Focus on who you are as a company and what you are trying to accomplish.
- Hire people who will fit in with your values.
- Listen to your employees’ ideas and concerns.
Living out your company’s mission and values will go a long way to creating a vibrant culture, engaging employees, and ultimately retaining top talent.