Employee retention is one of the biggest challenges that business owners are facing in 2022, which is unsurprising given that retention rates have dropped considerably over the past few years (with no signs of slowing down).
Consequently, it’s important that employers are able to rectify this issue within their own companies if they want to succeed – especially when you consider that the average employee exit costs 33% of their annual salary. This is money that some businesses simply do not have to waste.
There are various methods through which you can improve employee retention rates, many of which are formed around building a strong relationship with your staff. To put it simply, you need to become the kind of employer that people actually want to work for. Thankfully, there are various ways you can achieve this goal.
- Make employee wellness your utmost importance. In order to encourage loyalty from your employees, you must first be loyal to them. This means that you must work to improve employee wellness in the workplace, ensuring that you create an environment where they feel safe and supported. For example, you should ensure that you focus on collaboration, not competition and that you’re able to identify (and eradicate) toxicity in the workplace.
- Invest in employee health and safety. While (as detailed above), you should make an effort to support your employees emotionally, you should also ensure that their physical health and safety needs are met. There are various ways to achieve this goal, such as by providing them with access to necessary healthcare and developing a strong health and safety plan for your business. You should also ensure that all employees receive the appropriate training.
- Take inspiration from other successful leaders. Another way in which you can shape your own managerial skills in order to improve your relationship with your employees is by taking inspiration from other successful leaders. For example, you could check out the work of Krissy Jones, who has won a variety of awards and accolades throughout her career, including being recognised as one of “the best companies to work for” by the Sunday Times.
- Understand what your employees want. One of the simplest ways in which you can become the best employer you can be, is by figuring out exactly what your employees want or need from you. This, of course, varies on a case to case basis, meaning you should give them the opportunity to give you frequent feedback. For example, you could set up an anonymous online forum, where employees can speak freely without feeling as though speaking out will affect your perception of them. While it’s only natural to want to dismiss negative comments, treat them as a learning curve instead of an insult. If employees have stated that they’re feeling burnt out, find ways to reduce this instead of encouraging them to push through. For example, you could look into outsourcing or simply change the way in which you delegate tasks. You should also encourage employees to take regular breaks.