Doing so will save your business from unwanted costs associated with the hiring and training processes.
So what are the tricks of the trade when it comes to retaining your top employees?
Well, there are a variety of ways to do so. Take a look at the top three tips that we found to keeping your employees happy and satisfied with their job and your company.
How to Increase Employee Retention Rates
Provide a clear career path
Your employees are undoubtedly always thinking about what their next career move will be, as mostly everyone is looking to advance, grow, and excel in their profession.
Giving your employees a clear career path is a great way to increase retention rates and to keep employees “happy” – and not to mention motivated!
Use regular management meetings as well as performance evaluations to reiterate the different next steps they can take at your company with hardwork and dedication.
A promotion or at least one on the horizon is an effective way to retain talent. In fact, in a recent Accountemps survey, 63% of CFOs noted that they are promoting top employees to keep them from going to an alternate company.
Promote a healthy work-life balance
A healthy work-life balance is an important part of keeping employees happy. In a recent Accountemps survey, employees were asked about the top perks they would like to have offered to them to increase job satisfaction.
35% of respondents said they would like more time off and 17% said they would like further schedule flexibility.
Offering these perks is a good way to keep employees less stressed and overall more satisfied with their job and your organization, decreasing the likelihood that they will go to a different job.
Provide options for professional development
Many employees are looking to advance their skills and knowledge, but many do not want to personally incur the cost of doing so.
To increase retention rates, offer to foot the bill for employees to take courses or classes to develop their professional skills. In a Robert Half survey, 72% of CFOs polled stated that their company covers some or all of the cost for staff to obtain professional certifications.
Even offering to partly cover the bill for development opportunities such as these shows your investment in your employees and can spark further loyalty to your organization.
How a PEO Can Help
A PEO can be helpful in instilling policies, initiatives, and procedures that increase employee retention at your organization. Doing so will save your business valuable time and resources that can be better allocated towards alternate items.
Because we understand how important the success of your organization is to you, we are offering a complimentary competitive analysis to help match you with the most fitting and effective PEO. Call us today for more information and to start the process.