The start of the new year provides organizations ample opportunity to improve their business. Start the year off right by resolving to boost employee retention. In 2019, the national average turnover rate was 36.4 percent, according to the Bureau of Labor Statistics. There are many reasons for high employee turnover, such as being overworked, lack of growth, a minimal opportunity for decision-making, lack of freedom and toxic company culture. Increasing employee retention can save businesses money and help develop a team of reliable talent.
Here are some ways to improve employee retention in 2021:
1. Prioritize Onboarding
New hires should be set up for success from the start of their employment. Focus on providing new employees with ample training so that they are comfortable and confident in their roles. Aim to make employment an engaging and positive experience to prevent employees from feeling overwhelmed and quitting in the first few weeks.
2. Offer a Mentorship Program
The benefits of a mentorship program can be long-lasting. Consider pairing a new employee with a long-time staff member who will provide guidance and act as a sounding board for any concerns or questions the new employee may have during the first month. This can help new employees learn the ropes quicker.
3. Optimize Employee Benefits
One of the first things that a job candidate will look at when applying for jobs is the benefits being offered. Existing employees also depend on benefits to maintain good health and wellness. Build a comprehensive employee benefits package that includes a range of key benefits, such as health insurance, retirement plans, life insurance and disability insurance. Also offer other great benefits, such as paid time off and sick days.
4. Communicate Effectively
It is important to keep the lines of communication open between employees and management. When an employee has a problem that requires input from a higher-up, they want to know that they can talk to management without fear of getting ignored. Management should connect with each staff member regularly.
5. Provide Flexibility
Today, families are busier than ever and home life often gets in normal work schedules. Provide employees some flexibility with their schedules to take care of things at home and be more productive in the office. There is no need to maintain the standard 9-to-5 five days a week. Create a policy that works for the entire team.
6. Recognize Hard Work
Every employee wants to feel appreciated for a job well done. Make it a habit to directly thank employees and occasionally provide rewards, whether it is a gift card or an extra day off from work. Many companies also set up formal reward systems with incentives that encourage higher productivity.
Start Planning with Help from New City Insurance
Need help building an attractive benefits package that includes retirement plans, wellness plans and other perks? Reach out to the insurance professionals at New City Insurance today to get started.