A recent survey by CareerBuilder states that in the year 2014, 21% of employees plan to switch jobs. The Bureau of Labor Statistics released last month that there are over 70,000 new jobs being created, but that number is not large enough to accommodate the 6.7% of citizens who are still unemployed and have either stopped searching for work or have left the workforce as a whole. These numbers are troubling. Every time you lose an employee, it costs you as much as 150% of their annual salary. Employee retention is a big deal and it’s crucial that you work on keeping the employees you have around and engaged in your mission for as long as possible. To help, here are three easy ways you can increase employee retention at your company:
1. Be Flexible
With the advent of the Internet as a primary business tool, the ability to do jobs remotely grows wider every year. Most jobs can be done from home or from any remote location with Internet service. Giving your employees, who aren’t in a position where attendance is required, the ability to work remotely greatly increases employee satisfaction and the desire to stay with you because of this perk. If you had a job that allowed you to work from home, you wouldn’t want to lose it, right? Also, it’s a great thing to do for the benefit of your employees because it allows them to save money on gas and cuts down on time that they’d normally spend commuting. It’s a great idea that’s worth consideration.
2. Outlets For Stress
Let’s face it – work is stressful (unless you test mattresses or beer, then work is divine). This problem has grown worse due to the fact that we’re spending more and more of our time at the office than ever before. The CareerBuilder survey even showed that 39% of all employees surveyed were so highly stressed that they were actively seeking new jobs already. Want a great way to help your employees blow off some steam? Provide them with either a workout area or a membership to a gym that’s near your office. Working out releases endorphins and greatly reduces the effects of stress – not to mention all the other health benefits it provides!
3. Be Attentive
The easiest and most cost-effective method of employee engagement is and will forever be the simple act of actually listening to your employees – pay attention to them! Many employees feel unheard in their jobs. This destroys morale immediately. A recent study by John Izzo revealed that “the number one reason employees don’t take initiative in their work is that their leader fails to get their input before making decisions.” If you listen to your employees, pay attention to their concerns, and let them voice their opinions on projects you’ll see outstanding results. Let’s face it – they are often the ones in the trenches closest to the situation. Usually, their feedback proves invaluable.
At Incentive Solutions, we’ve been helping our partners create an atmosphere of recognition and productivity for over 30 years. We can do the same for you. If you’d like more information or advice on how to improve your workplace, call us today at 1-866-567-7432.