How To Invest In Your Employees To Boost Retention? – Retaining top talent is a major concern for CEOs worldwide, but the employee turnover rate has risen over the last decade. According to statistics on GoRemotely, 75% of your workers may stop working for you within the first five years. It’s important to understand that employee turnover doesn’t take up valuable time only, but also your company’s bottom line. Fortunately, you can reduce the turnover rate in your company by investing in your team. This step entails investing time and resources in your workers, so they feel valued and secure. Doing so promotes employee loyalty, resulting in continued long-term growth within the organization. If you have been looking for ways to ensure effective teamwork and keep the best talent, below are tips for investing in your employees to boost retention.
Invest In Continued Personal And Career Development
Lack of challenges and development opportunities in the workplace is the top reason employees feel disconnected and disengaged. When your team members feel stagnant, they’ll likely seek employment in a company that guarantees personal and career growth. One of the best ways to keep employees engaged in their growth and development is by creating an individual development plan (IDP). An IDP empowers employees to think about their career goals and how to reach them. Using IDPs also helps your staff set short and long-term career goals and implement ways to accomplish them. However, your management team should track employee progress monthly or quarterly to make the most of these development plans.
Don’t Forget Effective Communication
Giving feedback, addressing concerns, and listening to your employees’ contributions go a long way in boosting employee engagement and morale. So, make it a habit to communicate and interact with your staff by having weekly or monthly staff meetings. Additionally, communicate via chat, emails, and newsletters using the right internal business communication tools and collaboration apps.
Depending on your company’s communication needs, you can invest in collaboration software like Skype for business, Google Docs, Asana, Slack, and Microsoft’s SharePoint. Collaboration apps like SharePoint, for example, keep your team members engaged and connected by allowing them to share information with ease. But before investing in SharePoint, it pays to review its guidelines. With the help of a SharePoint guide, you’ll understand how to share corporate news and facilitate collaborations on documents using SharePoint from any location. Moreover, you can segment your staff in workgroups on a project basis and send targeted information that’s specific to them to ensure they see it.
Prioritize Work-Life Balance
The success of your business depends a lot on the overall performance of your employees. With this in mind, avoid asking your employees to sacrifice too much of their time working. If you have teams that work overtime regularly, ensure you reward them with incentives that matter most. For instance, providing childcare service at the workplace or giving vouchers for eating out, vacations, or movies is a good way of keeping your team happy and engaged. Nonetheless, encourage your employees to take breaks and be willing to give them time off.
Improving engagement in the workplace is key to increasing productivity and reducing turnover rates. And the best way to do so is by investing in your employees. This step entails providing personal development and career advancement opportunities. Also, encourage two-way communication, emphasize work-life balance and provide competitive benefits.
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