In 2022 and beyond, the competition for talent will be more intense than ever before. Gartner says that the total annual turnover in the U.S. will likely increase by 20% from the pre-pandemic annual average.
Businesses need to start thinking about how to retain employees.
It has become increasingly difficult to find and retain employees. The costs of recruiting, hiring, and training are also on the rise.
If your company is struggling with employee turnover, it may be time to get creative with your methods. But before you begin strategizing, it's crucial to understand the impact of employee retention.
Why Retaining Employees is Important:
You might be wondering why it's so crucial to retain employees. The most obvious reason is that it costs much more money to replace an employee than it does to keep one. It can cost up to twice the annual salary of an employee to replace them, according to this Gallup Poll. This includes the costs of advertising, interviewing, training, and lost productivity.
Employees add value to your company. They build relationships with customers, develop new products and services, and contribute to the overall culture of your organization. When you lose an employee, you lose all of that valuable knowledge and experience.
Happy employees are more productive employees. Studies have shown that employees who are satisfied with their jobs are more likely to stay with their company and be more productive while they are there.
What is Employee Retention?
When you retain employees, it saves your company money. The costs associated with hiring a new team member can add up quickly, so retaining existing employees saves your company money.
Another benefit of employee retention is that it helps to build a strong corporate culture. When you have long-tenured employees, they help to set the tone for new hires and foster a positive work environment. Additionally, they can act as mentors to newer employees and help them adjust to the company culture.
By retaining employees, you can ensure that your company has a stable workforce. This stability can lead to increased productivity and profitability.
13 Recruiting and Retention Ideas for Employees
When recruiting new team members, your focus should be to attract A-players and provide them with the pay, benefits, and work environment that will keep them happy.
Here are 13 creative ways to recruit and retain top talent:
1. Use Social media to Your Advantage
With billions of active users on social media, it’s no surprise that this is a great way to reach out to potential employees.
- Use social platforms to post job openings and company updates. Sites like LinkedIn, Twitter, and Facebook are a great way to connect with potential candidates and get your name out there as a great place to work.
- Shout out individual team members. Show your appreciation for your team by posting about birthdays and work anniversaries. This will help you create a strong sense of community and make your employees feel valued.
- Post on social media to give your team credit for their best work. Your existing employees will appreciate the shoutout, and potential candidates will view your company as an organization that appreciates its team.
2. Offer Competitive Salaries and Benefits
Employees are looking for compensation that is competitive with other companies in your industry. If you want to attract and retain the best employees, you need to be willing to pay them what they're worth.
- Research current pay ranges for your positions. Then, make sure you are offering salaries that are at the high end of the range. You can use online tools to help you determine the appropriate salary ranges for your positions.
- Provide valuable benefits. These can include health insurance, retirement savings plans, flexible work schedules, and paid time off. If you're not sure which benefits to provide, ask your employees what they would find most valuable. By soliciting your team's input, you will show them that you care about their happiness and well-being.
- Perform exit interviews. When employees leave your company, always ask them why, and keep track of their responses so you can identify trends. This feedback can be invaluable in helping you to improve your employee retention strategy.
3. Provide Opportunities for Career Growth
Employees want to know that there is room for advancement within your company. Offer training and development opportunities, and make it clear what the path to success looks like at your organization. For example, if you're looking to promote someone from within, let your team know about the opening and what the requirements are to be considered for the position.
- Launch a continuing education program. Encourage employees to pursue coursework and professional development opportunities that will help them improve their skills. You can even offer to reimburse them for the cost of tuition and materials.
- Encourage your employees to get involved. Cover your team's membership dues for professional organizations in your industry. This will help them network and stay up-to-date on industry trends. There are online tools you can share with your employees to help them find the right organization for their needs.
- Offer management and leadership training. Make sure your managers have the skills they need to lead their teams effectively. You can also provide opportunities for employees to take on leadership roles within your company. This will give them the chance to develop their skills and grow within your organization.
4. Create a Positive Work Environment
Your employees should enjoy coming to work every day. A positive work environment means maintaining a healthy balance of work and play, offering perks and benefits, and fostering open communication and collaboration.
- Prioritize onboarding and training for new hires. Make sure your new employees receive the training they need to be successful in their roles. Onboarding should include an overview of your company culture and values, as well as a detailed explanation of the expectations for their position.
- Provide opportunities for socialization and team building. Encourage your employees to get to know each other outside of work. You can organize social events, like happy hours or company-sponsored sports teams. You can also create opportunities for employees to bond at work, like team-building exercises or group projects.
- Foster open communication. Encourage your employees to share their ideas and concerns, and create an open-door policy so your team members feel comfortable coming to you with problems or suggestions. Make sure you are accessible to your team and that they feel comfortable approaching you.
5. Promote From Within Whenever Possible
When you promote from within and provide job enrichment opportunities, it shows employees that there are real avenues for advancement at your company. This can be a powerful motivator for them to stay with your organization for the long haul.
- Look for leaders. Identify leadership capabilities in your existing team members. If you notice someone who has the potential to be a great leader, let them know that you have faith in their abilities. Encourage them to pursue management or leadership roles within your company.
- Create a mentorship program. Pair up senior employees with junior team members to help them develop their skills and knowledge. Your mentorship program can be as formal or informal as you like. The important thing is that your employees feel supported and have the opportunity to learn from more experienced team members.
- Give your team room to grow. Offer your employees a sense of autonomy at work and see what they do with it. Encourage team members to take ownership of their projects and work, and give them the freedom to be creative and come up with new ideas. See what they are capable of when they are given the chance to shine.
6. Encourage a Healthy Work-Life Balance
Encouraging your team to live balanced lifestyles will help you to retain employees. Employees who feel like they have a good work-life balance are more likely to be satisfied with their jobs.
- Allow your employees to set boundaries. Encourage your employees to take the time they need for themselves outside of work. They should feel comfortable setting limits on their work hours and taking vacation days when they need them.
- Be accommodating. Offer flexible work hours and telecommuting options to give your employees the opportunity to choose when and where they work. Flexible work hours can help them manage their time more effectively. Telecommuting can help them save on commuting costs and time.
- Provide family-friendly benefits. If you have employees who are parents, offer child care benefits or other family-friendly perks. This will show them that you value their family life and that you are willing to help them balance their work and home responsibilities.
7. Communicate Regularly With Your Team
Make sure you are communicating regularly with your employees about company updates, new initiatives, and changes in policy. This will help to keep them in the loop and ensure that they feel like they are a part of the decision-making process.
- Host company-wide meetings. This is a great opportunity to share news and updates with your entire team, and it's best to do at least once a month to stay connected. It will unify your team and ensure that no one feels isolated.
- Encourage employees to ask questions and give feedback. Make sure your employees feel comfortable speaking up and giving their input. Ask for their feedback on company decisions and let them know that their voices are heard.
- Offer performance reviews. Regularly-scheduled performance reviews are a great way to give employees feedback on their work, and you can use them to help your team set goals and objectives for the future. Make sure you are providing regular feedback to your employees so they can continue to improve their performance. Additionally, performance reviews are an excellent opportunity to ask your employees for feedback on your management style. Collaboration is a two-way street, after all!
8. Give Employees the Tools They Need To Succeed
Make sure your employees have the resources they need to do their jobs well. This includes everything from the right software to a comfortable workstation.
- Create an employee portal. An employee portal is a smart way to give your employees access to the information and resources they need. It can also be used to communicate news and updates.
- Make sure your employees have the right software. If your employees are using outdated or incompatible software, it can make their jobs more difficult. Make sure they have access to the latest and greatest tools to help them do their jobs well.
- Invest in ergonomic equipment. Comfortable furniture and equipment can help reduce stress and fatigue at work. Offering ergonomic chairs and other equipment will show your employees that you care about their comfort and well-being.
9. Create an Inclusive Company Culture
Make sure your workplace is inclusive and welcoming to all employees. This includes people of all races, ethnicities, genders, sexual orientations, religions, and cultures.
- Focus on inclusive recruitment strategies. Use inclusive recruitment strategies to attract a diverse pool of candidates. This includes using diverse job boards and recruiting from underrepresented groups.
- Implement unconscious bias training. Unconscious bias training can help to reduce the impact of personal biases in the workplace. This type of training can be beneficial for all employees, not just those from underrepresented groups.
- Make sure your workplace policies are inclusive. Review your workplace policies to make sure they are inclusive of all employees. This includes policies on dress code, harassment, and discrimination. You can retain employees by ensuring everyone feels welcomed at your workplace.
10. Encourage Respect Throughout the Workplace
Make sure employees feel respected by their managers and coworkers. Provide constructive feedback, offer support, and demonstrate appreciation for their work.
- Show that you are an ethical leader. Employees are more likely to respect a leader who is ethical and transparent. Model the behavior you want to see in your employees by being honest and forthright.
- Encourage employees to respect their coworkers. Make sure your employees know that respect is a two-way street. Encourage them to show respect for their co-workers, even if they don’t always agree with them.
- Focus on the behavior, not the person. When giving feedback, it’s important to criticize the behavior itself instead of launching a personal attack. This will help to avoid any grudges or hurt feelings.
11. Promote a Healthy Lifestyle
Offer wellness benefits and incentives. This will show your team that you care about their well-being and that you are willing to help them stay healthy.
- Make your workplace smoke-free. If you want to promote a healthy lifestyle, start by making your workplace smoke-free. This will help to reduce the risk of health problems for your employees. You can retain employees by showing you are an employer that values the health of your team.
- Offer wellness benefits. Wellness benefits can help to encourage employees to live a healthy lifestyle. Some common benefits include gym memberships, health club discounts, and fitness classes.
- Encourage breaks. Make sure your employees know that it’s okay to take breaks during the day. Encourage them to step away from their workstations and take a walk, stretch, or just take a few minutes to relax.
12. Recognize and Reward Employees for Their Achievements
Your employees deserve to be recognized for their hard work, so be sure to show them how much you appreciate their effort.
- Publicly praise your employees. Praise employees in front of their co-workers to show them that you appreciate their hard work. This can be done through things like company-wide emails or announcements.
- Give employees personalized gifts. Personalized gifts are a great way to show your appreciation for an employee’s achievements. Your incentive could be something like a gift card to their favorite restaurant or a voucher for a spa day. If you need inspiration, you can search for thoughtful staff gifts on Pinterest.
- Offer employees additional vacation days. Additional vacation days are a great way to show your appreciation for employees who go above and beyond. After all, a vacation is the ultimate reward for hard work and dedication.
13. Show That You Value Creativity in the Workplace
You can offer employees opportunities to be creative in the workplace by giving them projects that allow for out-of-the-box thinking.
- Host brainstorming sessions. Brainstorming sessions encourage employees to think creatively. During these sessions, employees can share their ideas and help to develop new and innovative solutions.
- You can even keep a large blank whiteboard in your office so your team can jot down ideas at any time.
- Encourage employees to take creative risks. For example, you could allow them to work on innovative projects or give them the freedom to experiment with their work.
- Keep an open mind. Make sure your employees know that you are open to new ideas. This way, they will feel comfortable sharing their own thoughts with you and they will be more likely to come up with creative solutions.
Recruit Software Developers
Attracting and retaining employees is a challenge for any organization. By offering competitive salaries and benefits, providing opportunities for career growth, and creating a positive work environment, you can increase your chances of success. Keep these tips in mind as you develop your own strategy to attract and retain employees that meet your company's needs.
These 13 tips offer long-term strategies for recruiting and retaining talent, but if you're in immediate need of great employees, Revelo can help. We're a talent marketplace that fully vets software engineers in Latin America and matches them with U.S. companies to fill remote positions.
With our approach, your company can recruit the right professionals and retain team members for years to come.Schedule a meeting at your convenience to meet with one of our representatives who can answer your questions, and walk you through the hiring process steps.