Every company has some degree of turnover, but if you receive resignation letters on a regular basis, this will take a toll. When an employee resigns, the entire team is impacted. Morale declines, because it’s hard for people to constantly see their peers leave, and even more stressful when they’re forced to take on additional tasks until a replacement is found.
The only good thing about having high levels of turnover is that it can be corrected. Constantly filling open positions takes a lot of time and money, so find out how to boost retention rates.
Make Room to Grow
Talented employees have big plans for their career. They might really enjoy being part of your team, but if they’re in a dead-end job, they’ll be forced to take the next step elsewhere. Be aware of this and help employees plan for their future at your company. If you don’t currently have jobs for people to grow into, create them so they don’t have to leave.
Create a Flexible Work Environment
Rigid work schedules are a thing of the past. It’s often necessary for employees to be in the office at certain times of day, but when it’s not, give them as much freedom as possible. Offer flextime and allow people to work remotely, so they can strike an optimal work-life balance. Not every employer makes it possible to have a full life outside of work, so people won’t be too keen to give that up.
Offer Competitive Pay
The best workers don’t consider money the most important aspect of their job, but it is important. A person’s salary dictates their standard of living, so if you don’t pay a fair rate, they’ll eventually feel compelled to pursue other opportunities. At least annually, use Bureau of Labor Statistics data from your local area to check average salaries for jobs held by employees at your company. If possible, make sure wages at least align with local averages, but if your budget isn’t large enough, offset the deficit by offering attractive perks.
Recognize Employee Contributions
Your employees work hard to make your company a success, so don’t take them for granted. There’s no need to call out every last accomplishment, but when a staffer goes the extra mile, make it clear you’re impressed. Stop by their desk, send an email or call them out in front of the team to say thank you. Knowing you’re paying attention will make them feel valued and appreciated.
Hire the Right People
Making good hiring decisions is the single most important factor in boosting your retention rates. People won’t stay put if they don’t fit in, so clearly define your company culture, so you know exactly who your organization is and what you stand for. When you’re able to articulate your company’s values, practices, and beliefs, you’re better equipped to find candidates who perfectly fit the personality of your team.
Increasing your retention rates is the key to enhancing your bottom line. To learn more about how we can help you find top behavioral health talent, contact us today at (513) 651-9500 or by email at email@example.com.