In today’s job market, where it is important to have a stable workforce, attracting and keeping employees should be a top priority for your business. High employee turnover is costly and disruptive, while engaged and loyal staff contribute to the growth and success of your company.
In a recent survey, where 9 out of 10 employees surveyed said they are reassessing their financial situations, implementing key strategies for retention and engagement is crucial.
Clear Communication and Feedback
Transparent and effective communication are vital for engagement and loyalty. Your employees value regular updates on the organization, goals, and performance expectations. About 85% of employees surveyed recently said they are more motivated to perform in their job when they receive regular updates from management.
There are several ways to facilitate open communication to ensure employees are aligned with the company vision and perform to their best ability, including:
- Encourage open and honest feedback with a company culture that values input from employees at all levels.
- Implement regular team meetings, suggestion boxes, and performance evaluations to gather feedback and address concerns.
- Actively listen to your employees’ opinions and implement their ideas to give them a sense of ownership and engagement.
Employee Development and Training
If you don’t currently have a strong employee development and training strategy, it is time to get on board. Why? Retention rates at companies who offer continuous learning opportunities are 34% higher than those who don’t.
Investing in employee development and training not only enhances the skills and knowledge of your staff, but can also show your commitment to their professional growth. The key is to establish a robust training program that aligns with the skills needed to meet your company’s goals and that fits your employees’ career aspirations. Implementing continuous learning courses, mentorship programs, and skill-building workshops, for example, can help with employee retention and engagement.
Competitive Compensation and Benefits
If an employee tells you that compensation and benefits aren’t a key driver in staying with your company, they are probably lying. With the U.S. average Consumer Price Index rising 6.5% in 2022 compared to just 1.4% in 2020, wages and benefits are more important than ever. To ensure you are offering competitive salaries and benefits, you can start by doing market research to ensure your packages align with the industry standards. In addition to salary, you can also offer perks, including:
- Health insurance
- Retirement plans
- Flexible working arrangements
- Opportunities for career advancement
Providing a strong benefits package shows you value your employee’s wellbeing and can help create a sense of loyalty and commitment.
Are you ready for help with your recruitment strategies? If so, our team at Smart Staffing Solutions can help connect you with qualified talent when you need it most.
- LinkedIn. 50 Statistics About Employee Communications. Accessed June 15, 2023.
- Zippia. 35 Key Employee Training And Development Statistics : Data + Trends – Zippia For Employers. Accessed June 15, 2023.
- U.S. Bureau of Labor and Statistics. Consumer Price Index, Calendar Year Historical, 2018-2022. Accessed June 15, 2023.