The current outlook on retaining employees is gloomy. According to an ERE Media publication, one in three new hires will quit their job after only six months. Thirty-five percent of current employees will seek new employment if they don’t receive their annual pay raise. And, one-third in leadership positions at companies with 100-plus employees are currently job hunting. The same holds true for employee engagement—only 32 percent polled by Gallup® consider themselves engaged at work.
High turnover and disengagement at work come at a high price. One study estimates replacing a salaried employee can cost six to nine months that person’s annual pay. The price tag for disengaged employees is 34 percent of their yearly salary. Keep reading for several employee engagement and employee retention ideas that will keep staffers happy, productive and loyal.
- Improve or develop your onboarding process: Onboarding is a gift to new employees. ERE Media states within the first week, one in three will make the decision to stay or go. Deliver a good first impression that will sway their decision to stick around. Start with a welcome gift, such as a logo’d jotter, tote and sports bottle. Provide a company tour. Introduce employees. Discuss your company culture. Onboarding isn’t just about training—it’s about being a good host to the new members of your team.
- Clearly define expectations: Expectations must be defined at all stages of the game. During the interview, discuss a day in the life of a job at your company. In the course of onboarding, clearly outline roles and expectations. And once employees are in full swing, keep the conversation going with regular one-on-one check-ins and reviews to discuss milestones. Reward those who continuously meet and exceed expectations with a token of thanks—a logo’d candy jar or ear buds make nice choices.
- Pair employees with mentors: According to an article, mentorship programs can help new employees learn the ropes and feel welcome. They can also assist in professional growth by pairing seasoned employees with those working to further develop their careers. Franchise Growth Partners recommends when selecting mentors, choose team members who are enthusiastic, willing to share and a positive role model. Thank those who continually assume this role with a gift of gratitude. A company logo’d fleece or set of old-fashioned glasses will be much appreciated.
- Focus on employee experience: You may be familiar with the use of customer journey mapping to improve the customer experience. The same principles can be applied to ensure a positive and engaging experience for employees. Use this tool to document the employee journey from initial contact to interview to onboarding and beyond. The data you gather can be used to determine what’s going well and what needs to be improved.
Retaining employees and keeping them engaged is good for your business and its bottom line. We hope these employee retention ideas help your organization, its team members and those preparing to come aboard.