What’s your employee turnover rate right now? Whatever it is, we bet that it’s higher than you’d like.
Let’s face it: between the Great Resignation and the Great Retirement, retaining employees has become a major challenge—and that’s not good for business.
For one thing, turnover is expensive. One study found that—between recruiting, onboarding and training—the average cost to replace an employee is $15,000 a pop.
And that’s not all. Turnover hurts productivity—not just for the position in question, but the whole team. When a coworker quits, it lowers engagement and morale.
Plus, employees appreciate in value over time. Because veteran employees know their company’s processes, customers and culture, they can contribute more to their organizations.
For all of these reasons, preventing turnover is top of mind for many employers right now. And chances are, you’ve already employed some key retention strategies, like increasing compensation and offering flexible work arrangements.
But there’s always room for improvement. In that spirit, let’s examine five insightful retention strategies that are likely to resonate with your employees.
1. Put More into Mentorships
Most mentoring programs pair older, experienced employees with younger, recent hires—making it an effective way to share inhouse wisdom. That in itself is awesome, but mentoring programs do more than that.
For example, in one study, a whopping 91% of mentored employees reported job satisfaction. Satisfied employees don’t leave, which is why those employees had a 50% higher retention rate than their non-mentored peers.
But the really surprising discovery here: those who served as mentors had a more impressive 69% retention rate. Mentoring benefits all parties, while boosting retention across the board.
2. Invest in Your Internship Program
No doubt about it: offering internships is a surefire recruiting strategy. Last year, 57.6% of college interns were subsequently hired by the employers that sponsored them, according to the National Association of Colleges and Employers.
But here’s the really interesting part: employees who intern are less subject to turnover. That same NACE study found that, in general, retention rates for employees who serve internships are higher than those that don’t.
And interns who are hired by their sponsoring employers have the highest retention rates of all. Today’s crop of interns may be tomorrow’s leadership team, so it’s worth going all in.
Stay up to date
Subscribe to the blog for the latest updates
3. Go Beyond the Suggestion Box
HR talking heads spend hours conducting research on what makes employees happy. But why not go straight to the source and ask your people directly?
First, your employees will be delighted that you actually requested their input. Second, they will undoubtedly provide some specific, doable ways in which you can improve their work life—which means they’ll stick around.
So, conduct those ongoing employee surveys. Hold focus groups on specific topics. And make sure your managers check-in regularly with their people. Keep the communication lines open.
4. Recognize Your Employees’ Successes
Humans need recognition. They crave it. Don’t kid yourself: when your employees do a great job, they’re hoping you’ll notice. Unfortunately, when it comes to employee recognition programs, many employers poo-poo them. Big mistake!
Implementing a robust employee recognition program won’t take a ton of time or money, but it will boost engagement and, by extension, retention. Public recognition, a modest reward—extending a little appreciation will go a long way.
5. Say “I Love You” …with Benefits
Chances are, you already offer a competitive benefits package. But how about focusing on benefits that explicitly show employees you care about their happiness quota?
For example, voluntary pet insurance is a popular add-on benefit. If you don’t already, why not offer it? Better yet, throw in a few days of “pawternity leave” for employees who adopt a rescue pet or are caring for sick furry friend. Now, that’s a statement!
The same goes for offering financial wellness programs, since finances are a major source of stress for most Americans. And how about providing a paid volunteer day or two, encouraging your people to pursue their passions?
And of course, you offer relocation benefits, don’t just pay your employees’ expenses, take care of them throughout the process. Ensuring that employees have a smooth, worry-free relocation experience not only gets them off on the right foot, but will earn you their enduring loyalty.
At the end of the day, you do hold the power to prevent high turnover rates. It’s as straightforward as nurturing those relationships, investing in employee happiness, and showing that you care.
It doesn’t take a ton of insight to recognize that employees who feel appreciated and cared for aren’t going anywhere
