Retaining Employees: Keys to Longevity
How You Can Improve Your Strategy for Retaining Employees
Need a glimpse of what will impact your workforce today and in the months to come? There are many studies out there that offer up some interesting details, including how important retaining employees is to nearly every industry today.
Retaining employees is one of the most important aspects of operating a successful business for nearly 90 percent of employers today, according to a joint study by Future Workplace and Kronos. Fortunately for the employee, there are more options for them to find out where they can be happiest in the workforce, which means employers need to try harder to lock down the good ones.
Improving the employee experience is high on the list of companies that are forward-thinking, because they know how much it costs to have poor retention rates, not only regarding hiring and training, but because employees that filter through the company at a fast rate are also less productive.
How can you boost your employee retention?
Pay Them Well and Offer Benefits
Money is a huge motivator for employees, as is compensation such as good health care and retirement benefits. An employee that is unhappy with salary and benefits will have trouble developing any sense of loyalty and will likely exit the company. They will be more engaged in finding out what their counterparts are making in similar industries and positions, and they will expend great efforts in getting what they believe they are worth.
The days of putting employees in cubicles and expecting them to live out their 9-5 in that environment are over. This inflexibility leads to burnout. Technological advancements no longer require your employees to spend 100 percent of their workday in the office. If they desire a work-from-home opportunity, lend it to them. They might boost their productivity while working from home.
Your investment in your employees’ education doesn’t go unnoticed. They appreciate that you care about the advancement in their career, and the result is that you get a more informed employee that can improve your company’s position among your competitors. Look for training opportunities that align with your company goals and those of your employees.
Invest in Predictive Index Methodologies
Predictive index, or behavioral assessment, is something that more and more industries are investing in today because the process can lead to improved hiring and more insights into how you can position your current employees for improved productivity. By utilizing these scientifically proven methodologies, you’re going to be able to hire the people who you know will be a good fit in your company culture, which means your turnover rate will improve significantly. The biggest perk is that you’ll have happy employees working toward your company goals, which improves profitability.
When you partner with PI Consulting Group, you’re partnering with experts in the predictive index process. We have the experts on staff who know how to analyze a behavioral assessment, providing you with the insights you need to improve your workforce.