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5 Top strategies to combat employee churn and boost retention

13 July 2022

As hard as it is to find the right people for a job, it can be just as difficult to keep them. The modern workplace has become complex and dynamic, with new opportunities for advancement and growth taking hold of the marketplace. So how do businesses retain their amazing employees?

Employee retention is one of the most important aspects of any business. A high rate of employee retention can foster a diverse, innovative team. When employees feel supported and are more likely to develop professionally, they're more likely to stay with the company for many years — leading to better long-term business results.

In an ever-changing workplace environment, it's crucial that companies pay close attention to employee retention. It is no longer enough to offer a steady paycheck - businesses must offer incentives and perks to retain the best talent. Employees who feel appreciated are more committed to their jobs and are more productive, which makes the investment in their happiness and development worth a business owner’s time and effort. 

To achieve high engagement levels, businesses need to focus on strategies that will increase employee satisfaction and help them understand how they fit into the greater team effort.

Create a culture of employee engagement

When employees feel disengaged, your company suffers on many levels: employee morale drops, productivity falls and employee churn increases — all of which damage your brand in the long run. Engagement surveys are a great way for leaders to gather information about what factors play into employee engagement (or lack thereof). This information can be used to guide future company decisions (such as employee benefits or wellness programs) or directly influence top-level leadership.

Employee surveys are an integral part of boosting productivity in the workplace. Giving employees a voice? Great! Showing workers you care about their wellbeing? Even better!

Make sure your employees feel seen and appreciated

When it comes to retention, recognition is one of the key components. Today, recognition is all about regularity and consistency — not just a single pat on the back or seeing your name in lights. To make that possible, your company should prioritize both social appreciation and monetary rewards — preferably by using a recognition platform that helps everyone get involved when they see someone doing something valuable.

It's one thing to say "thank you" to a person every once in a while. It's another entirely to build a culture of appreciation that employees can feel every day. If you want people to be their best, you need to reward them for their efforts. But what does this really mean? It means recognizing people at every level. Requiring managers to give more feedback, without fail. And giving team members opportunities for development and advancement.

Rethink your approach to recruitment

The most driven professionals thrive when they're surrounded by those who share their drive to succeed. That’s why it’s so essential that you build a team of employees who align with your business's mission and vision. In order to attract top talent, you need to give job seekers more than a job description — they need an inspiring mission and core values that make the company stand out from the crowd. What kind of culture does your company have? What are its key core values and vision? What drives your employees? Share these with candidates in detail on your career page and help them see exactly why they should work for your brand.

Provide plenty of opportunities for professional development 

One of the best ways to retain your employees and reduce employee turnover is by supporting their professional development. Providing educational opportunities will not just help you get more value out of every employee, but it also shows that you trust them — generating company loyalty and commitment. It can be as simple as offering reimbursement for continuing education courses or organizing industry events so that your staff can keep their skills updated.

Supporting professional development and continuous learning uplifts your employees and boosts retention. Any business that wants to be competitive in hiring needs to invest in their employees by providing them with the opportunity to explore courses and workshops, attend industry meetups, conferences, and shows — as well as gain certifications from third-party organizations.

Cultivate a workplace environment that employees want to be a part of

Culture is an important part of any business. If employees feel like they are expected to accomplish the same goals as their coworkers, as well as uphold a meaningful set of values, then they will be more willing to show up day after day, which ensures that your company’s assets continue to grow and thrive.

Every person who works for you should be on board with your company's mission, whether it’s providing lip balm to all of your customers or creating high-end hair products. They should know exactly how this mission impacts their everyday roles at the company, what they have to offer and how this helps your business thrive.

Keeping an eye on trends in the job market is helpful for any company that has employees. Regularly evaluating employee satisfaction levels is just as important: if you want to keep talented employees happy, you have to pay attention when they tell you what's working and what's not. At Randgo, we go one step further: we believe that knowing your employees is the key to presenting them with incentives that drive performance and motivation. For a customised employee incentivisation programme that takes the needs and desires of your employees into account (while aligning with the overall goals of your business), contact Randgo today

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