Best Employee Retention Strategies for your business!

More than 3 million people quit their job every month, and one-third don't make it to the half year mark! This kind of turnover is extremely expensive for employers; by some estimates they can spend up to double an employee's salary on replacing them when they leave. The cost varies across different industries but in some cases this could be even higher—as much as seven times more likely if you're employed within technology or finance sectors where high talent demand often leads companies investing heavily into developing new technologies that require specialized skill sets such as programmers etc.

Keeping your employees is a top priority for any business. But with more and more companies going out of business, it's becoming increasingly difficult to keep them around—especially if they're the best at what you do! This means that in order not to lose key workers like this 25% percent does happen within organizations every year (company wide), there must be some strategies put into place now so these fantastic people don't flee overseas or onto another team before their time comes up!

Have a better onboarding process when hiring

The hiring process can be difficult and oftentimes, new employees end up leaving before their employment contract is over. If you want to make sure your newest staff member sticks around for the long haul it’s important they know what will happen if things don't work out so try telling them about any potential job prospects in advance!

Hiring the wrong person is expensive and a new hire with a bad onboarding experience will only set them up for failure on their first day on job and you could be costing yourself more money by not looking closely enough at what it takes before putting someone into full-time work! Make sure that your hiring process has been thoughtfully designed from start to finish so all aspects are covered, including how much training needs do get done after being hired as well as any other necessary support during this period where they're still learning key skills while working under supervision alongside experienced staff members who can help guide newcomers smoothly through unfamiliar territory!

Give them an advantage at salary and career advancements

Salaries and career advancement opportunities are at the top of most people's lists when it comes to why they quit their job. However, there is much more going on than just financial motivation! For example: one survey found that 46% of employees who left a previous position did so because better benefits were available elsewhere or location wasn't ideal for them personally; another 35 percent cited stronger salary incentives as well (up from 24%). So while money does play an important role in retention decisions-the type of compensation package you offer may also matter quite substantially!

Knowing the cost of retention, you may be inclined to think that giving your employees more money and benefits is all there is needed. But this could end up costing employers in higher labor costs while not achieving what they want; namely long-term employee retention numbers suitable for their industry. Salaries should still play an important role when paying below average rates but remember there are other methods that exist too!

Find the pain point and alleviate

Some people believe that the best way to make their lives better is by making others live easier. As a leader, you can do this in many ways and one of them includes taking feedback from employees about what they feel would help alleviate some frustration points within an industry or field, then using those results as input for developing new products/services which go beyond solving just money problems-they also tackle pain points like these!

You may be unconsciously putting yourself into a rut by not noticing when your employees are starting to feel exhausted. If you want them on top form, then make sure there's enough time for workers' families and personal interests outside work! Also be on guard for employees who may not be complaining, but are quietly feeling exhausted or frustrated about the amount of work expected from them. These workers can quickly become invisible in your company if you aren't paying attention!

Be a good leader

Leaders are the rarest of all creatures in today's world. They set an example for others to follow, and their words have greater weight because they came from someone who knows what it takes firsthand-the difficulties faced by being human. A leader can change not only how we live our lives but also ourselves as individuals through inspiration obtained from within themselves or another person’s belief system!

A good leader is one who has clear direction towards their future. They let you know where things are headed and make sure everyone knows what to expect, even if it’s bad news! Bosses don't share information with employees unless they've got an ulterior motive; true leaders handle challenges as best as they can so those under them don't need to worry about anything other than doing excellent work and having fun!

Bosses can be great leaders if they know the five characteristics of an effective boss. These include being able to provide clear direction towards future goals, handle challenges without accidentally leaking information which would worry employees about their job security and raise fears for how changes may affect them personally as well as professionally (and this leads into employee engagement), having good communication skills so that all staff members feel included in company decisions rather than left out like some bosses do by only talking informally at meetings; finally making sure there’s room enough on top for everyone who wants to grow!

Train your manager and keep an eye out

Managers are the linchpin to any company's success, so it is important that you invest in training them. Make sure your managers have a firm grasp of both technical and soft skills necessary for management positions by providing continuing education opportunities as well as regular coaching sessions with key employees who can help guide their development along these lines.

I've found people griped more often than they praised when asked about jobs previously held or why exactly did a person leave? The answer seems obvious- bad managers create negative environments which lead others away from wanting to work for your company! By understanding the diverse needs of your workforce, you can better equip your managers with skills for success. You should teach them how to encourage and motivate different types of personalities as well as communicate effectively when dealing with conflict situations that may arise from time-to-time in order not only to keep everyone happy but also get more done!

Focus on employee engagement activities

Learning doesn’t just happen in the work environment. It starts there and continues off site, with outside resources that are available to every employee whether they work onsite or not—this includes training programs such as education sessions for managers who want help developing new skills at their own pace under supervision from experts rather than being placed into roles without any development opportunities whatsoever.

The greatest challenge facing employers is motivating employees to become fully engaged. Studies have shown that about 56% of somewhat disengaged workers are actively looking for another job, and 73 percent report some level of distraction at work. In order to not only recognize but also address this issue as an employer you need a deep understanding of what motivates people - both mobilization problems (the reasons behind wanting more engagement) and avoidance behaviors (how they avoid being too attached).

Linchpin CSR

This is an age of activism, with upcoming generations who want every aspect of their lives to be part of a solution instead of problems. Be a business known for the positives; one that's involved and supportive in society: Charities or helpful organizations, the local community issues such as environment, educational equality, team building and family-like work environment, etc. Find out how your company can fit into this reputation- you might have to turn it on its head! 

When you’re looking for a new hire, it doesn't just come about paying them enough. You also have to make sure that they are happy and excited by the opportunity of working with your brand! If an employee feels like their lives will be better outside this company than in - no matter what is happening locally or regionally- then there's little chance they'll stay long term as part time worker/casual contractor type arrangement when full time employment might otherwise suit them best given regional industry wage rates versus potential elsewhere.

Just remember, employees are more likely to stay with you if they feel like their work is meaningful. One way of doing this? Make sure that your company has a personality!