Employee Retention Strategies to Keep a Productive Team Content

Onboarding new employees is expensive and losing great talent saps your business’ potential. That’s why an effective employee retention strategy is crucial. Use our tips to keep your winning team intact:

Evaluate how you’re doing with employee retention

Look at your current turnover rate and identify areas most in need of improvement. Compare your company with others in the same industry.

Train managers to manage

Employees often list poor management as a major reason for leaving one company for another. Don’t just promote to management or assume new hires know best practices. Train managers to lead teams, and ensure they effectively set expectations and provide both positive feedback and coaching to their team members.

Hire the best and brightest

Don’t be overly influenced by compatible personalities that will fit in with the team, but instead emphasize job-related skills. The right skills help the employee do well long term, even if team members and management change. Soft skills like communication are also crucial, however.

Create opportunities for advancement and development

Employees appreciate the chance to learn new skills, earn higher salaries and progress in their careers. Invest in your best employees and they will contribute to your business growth.

Be flexible

Allow employees as much freedom as possible without compromising your business goals. Try to accommodate requests to work alternative hours or from home, provided productivity and performance are unaffected.

Help control stress

Company leadership should be concerned about employee stress levels and provide support as needed. Keep work/life balance in mind so that workers can access family-and-friend support systems. Proper balance contributes to overall health, which keeps employees energized and engaged when they are at work.

Tune your benefits

Make sure you offer benefits and perks that are valuable to your best employees. Don’t simply rely on benefits you might like, assuming they will too. Survey employees to find out what type of perks or benefits are most important–and provide them when possible–to help with employee retention.

Let Growth Lending Group help your business grow and fuel employee retention programs. Contact us today.

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