How To Boost Employee Retention Rates In 2021

High employee retention rates are hugely beneficial for employers. Keeping hold of talented employees improves efficiency, saves money on recruitment and training and enhances brand image. If you run a business and you’re keen to encourage your team to stay with you, here are some tips to boost retention rates in 2021. 

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Engagement

One of the most important targets to set as an employer is actively encouraging engagement. Spend time talking to your employees, gather ideas and collect feedback, be prepared to discuss difficult topics and address concerns and facilitate cooperative working and socialization outside of working hours. Even if you don’t have an active role within the day-to-day running of the company, it’s crucial to connect with your employees, to ensure that they understand the primary objectives and to show off your passion for the brand. Make time for one-to-one and group chats, check in on a regular basis and try and get on top of any issues that are raised as quickly as possible. Always strive to make sure that your employees feel valued and respected. 

Benefits

When it comes to weighing up the pros and cons of different job offers, employee benefits can make the difference between a candidate opting for your business and losing talented individuals to rival firms. Consider the benefits package you offer carefully and think about the types of incentives that would be most appealing to your workforce. Aim to use the benefits you offer to enhance health and wellbeing, increase productivity, minimize sick leave and boost morale. From health insurance to perks related to living an active lifestyle, benefits can be mutually beneficial for employers and employees. Ask your employees about the current package and carry out a survey to see what kinds of changes your team would like to see. It’s also wise to compare your business to other employers to see how benefits vary. 

Flexibility and work-life balance

Flexibility has never been more appealing for employees. Most people are now looking to gravitate away from fixed 9-5 hours to take advantage of greater flexibility when managing their schedule. Childcare commitments and a desire to find a better work-life balance have triggered a rise in the popularity of freelance work and self-employment, and many people are also keen to work from home. As an employer, it’s beneficial to listen to your employees and to take their opinions on board. Offering flexible working arrangements can boost wellbeing and morale and increase productivity. 

Progression and development

Many employees have ambitions to climb the ladder or secure a promotion. If you’re eager to hang on to your best employees, it’s critical to support them in their quest to progress and to facilitate development. Offering training and hiring internally can help to improve retention rates. 

High employee retention rates can enhance brand reputation, improve morale, increase productivity and save businesses money. If your goal is to keep your team together in 2021, it’s essential to understand what your employees want and how you can cater to their preferences.