Every business wants to retain its best employees, but some companies are better at it than others. Here are some tips from experts on how you can improve your retention rate:
1. Provide Employees With Advanced Opportunities
According to recent studies by Tiny Pulse, employees are 16% less likely to stay when employees feel that there is no space for growth within the company.
Proper compensation is important, but it is not the most important factor in employee retention. Aside from that, you need to provide employees with proper space for growth. Establish a clear pathway for growth with proper management, adjustable corporate culture, and motivation. When you create a safe space for employees to express their ideas, you cultivate a healthy workplace that encourages them to be more committed and effective at work.
Good communication and valuing feedback are two key factors that help employees feel appreciated. It is studied that 21.5% of employees get demotivated if they haven’t received recognition or communication from employers. Through communication, the employees know what's happening on the ground floor and can offer input into company decisions. Employees will feel valued when you listen to their concerns, take them seriously, and do something about them—rather than just dismissing their ideas as unimportant.
3. Healthy Work-Life Balance
Work-life balance is another major factor in employee retention. Work-life balance is about finding a healthy balance between work and life so that you don't feel like your work takes over your life. It's about having enough time to do the things you enjoy outside of work.
4. Work Culture and Employee Empowerment
It's also important that employees should feel like they're in control of their destinies, not just cogs in a machine. Empowering your team by giving them the freedom to make decisions will help them feel valued and engaged.
Another important way is to increase collaboration. Employees should feel like their voices are being heard. Create an environment where people feel comfortable asking questions and giving suggestions without fear of repercussions, so they understand how best to contribute their talents within the company structure.
A survey from 360learning found a 27% increase in collaboration, over half of generation Z employees work better in team collaboration. Companies notice an increase in productivity and efficiency when there is a form of collaboration in the workplace.
Employees who are engaged in their jobs are more likely to stay with the company longer than those who are not. Unhappy employees are more likely to start job hunting and resign.
At Black Pearl, we believe that a happy, productive workplace is a successful one. That's why we are dedicated to providing HR services that help companies design a healthy and happy workplace from teambuilding activities to well-being and development. We ensure that your company increases employee motivation so that you can focus on growing your business. Connect with us firstname.lastname@example.org or give us a call at +971 2 622 5503