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Employee Retention Strategies and How It Can Impact Your Business

How do you hold on to your employees? 

If your company believes that employee retention is a challenge for your HR department, you are making a big mistake and you are not alone. Many companies, regardless of their size, would often look at employee engagement as a perk. Only a handful would consider it a business strategy. Perhaps, this is a major contributing factor to why as much as 20% of small businesses in the U.S. fail within the first year of operations. As reported by the U.S. Bureau of Labor Statistics, about half of these businesses would falter by their fifth year. 

How do you make sure your business isn’t just a statistic? Here’s how: 

Employee Retention Strategies You Should Implement Now

Hire the Right People

Many organizations often hire new people because they expect a large portion of their talent pool to resign at some point. That’s why it is crucial to have a talent acquisition strategy that works. 

Employees will stick around if they know what they can expect from the company and what is expected of them. Hire the right people from the get-go and invest in them. Eventually, these practices will bring in more savings and benefits for your organization. 

Provide Competitive Salary and Benefits

A key contributing factor to employee resignation is due to the belief that their compensation is not enough. While it may be the top reason, it is not the only one. Many employees will feel valued if they have the right compensation package and access to career advancement opportunities.

Now, if your remote workers seem disengaged, it might be critical to look at your salary and benefits package. See where you can improve without compromising your budget.

Practice Constant Engagement

Employees need to feel that they have a voice and constant engagement is vital to this. Employees can become efficient and reliable if they know their efforts are valued.

No matter how busy they are, upper management needs to communicate with their teams. Both the top brass and the managers below them need to understand that engagement coming from the top is the cornerstone of employee retention. 

Engaged leaders are good at speaking and listening to their employees. Doing daily huddles, particularly if your employees are working remotely, can significantly help employees give feedback. Of course, this feedback should not only stay at your desks. They must be followed through and addressed. That’s how you build that trust among your employees. 

The sooner you can invest in your employees’ growth through your employee retention strategies, the more engaged and committed they become to your organization. The end result? Higher productivity, increased bottom line, and better organizational fulfillment. Learn how MultiplyMii can boost your employee retention, book a demo with us now.