3 Employee Retention Strategies That Will Not Break The Bank

3 Employee Retention Strategies That Will Not Break The Bank

  • August 13, 2021

Businesses understand the importance of customer retention better than anyone. So why do the majority of them have a blind spot when it comes to retaining their employees?

 

Decreasing employee turnover rate can be difficult. If you want to excel at it, you have to be familiar with all the little details that make up the big picture when it comes to job satisfaction.

 

Luckily, there are some easy, affordable ways for you to improve on this, here are three methods for you to try:

 

1. Create opportunities for professional growth

Career development is one way to help employees feel valued and engaged. It can be as simple as offering stretch projects to standout employees or the chance to lead a small team on a new office initiative. Paying for professional qualifications and certifications can also be mutually beneficial.

 

You might opt for low-cost online courses (available through Coach Wilson), or send employees to local conferences. You could even fund a subscription to the professional publication of their choosing. However you choose to do it, getting employees actively learning will make them more engaged with the company.

 

2. Provide flexibility for a healthier work-life balance

Today’s workforce is less motivated by titles, and more interested in the work environment. Some businesses might not be able to offer a competitive salary, but they can offer a competitive lifestyle.

 

What you can’t afford in bonuses or employee salaries, you can make up for in a commitment to employee wellness and other non-monetary perks. Say “yes” to modified workweek schedules. Say “no” to emails after 5:00 p.m. Work with parents of young children on flexible schedules.

 

Implement telecommuting with the help of all-inclusive, cloud-based tools that keep everyone in the loop. You and your team will have all of the lifestyle benefits from being able to work from anywhere. But you can expect to see an increase in productivity with effective collaboration tools like online file-sharing and storage. But also via effective communication tools like video conferencing and team chat messaging.

 

3. Celebrate a job well done

There’s a proven connection between employee recognition and greater retention rates. It makes sense: people stay where they feel valued and appreciated.

 

Think about ways to get your whole team involved in showing appreciation for one another. Keep a whiteboard where team members can write compliments to one another. Or instead, use an online whiteboard or group chat tool.

 

Peer recognition outlets are important. But don’t forget to implement some more formal, leadership-driven appreciation! Heartfelt acknowledgment from the boss can go a long way toward keeping your best and brightest. Also, take the team out to lunch or for drinks as a reward. The costs of these activities will be far outweighed by their benefits.

 

 

Written by Sahar Habib
Founder of Coach Wilson