8 Simple Ways to Raise Your Employee Retention Rates

Employee retention was already at the top of the list of business pain points and expenses before millennials became the largest generation in the workforce. As a generation, millennials are more likely to jump from job to job than older workers, often leaving businesses scratching their heads and spending more resources on recruiting and hiring. For most working millennials, a great work-life balance, happiness at work, and a feeling of fulfillment attached to what they do for a living are non-negotiable. Here are eight prove ways to improve your employee retention rates by focusing on employee satisfaction.

1. Ask for their Opinion

Let your team know that you value their input by periodically asking for feedback. Your employees are the heart of your company and spend their days working for you. They share opinions about your procedures and policies amongst themselves all the time. Give them a way to communicate this information to you and they will appreciate that you are taking the time to consider their concerns. Try an open email policy, an open office policy or a suggestion box, for example. In addition, always conduct exit interviews with your former employees to glean valuable, honest feedback.

2. Give Recognition

Improving employee satisfaction doesn’t get simpler than this tip. When a member of your team accomplishes an important task or learns a new work-related skill, recognize them. You don’t necessarily need to hand them an award – a verbal acknowledgment will go farther than you think. Your employees want to feel appreciated and the simplest way to accomplish that is to make sure they know that you recognize their effort. Don’t overlook recognition, 66% of millennials said that they would start looking for a new job if they didn’t feel appreciated by their current employer.

3. Provide Learning and Development Opportunities

Your employees will likely get excited about and appreciate any learning opportunities you provide them with. Investing in your staff shows them that you truly value them as a part of your company and you believe in their ability to develop even further. You might choose to provide access to a series of online courses that will help your team develop their professional skills, for example. Some companies create their own in-house development programs and some utilize third-party resources to meet their needs.

4. Get to Know Them

A small amount of effort on your part will go far – become familiar with your staff. Your team, particularly younger employees, will appreciate a more down-to-earth boss who is willing to get to know them personally. This doesn’t mean that you need to become friends with the entire office, but remember their names, wish them a happy birthday, and engage in conversations with them when you have the opportunity. If you’re running a large company, be sure to get all of your managers on the same page. Acknowledging your employees more often will help create more positive opinions about you. Additionally, your staff will find you and other managers more easy to approach.

5. Encourage Breaks

It may sound counterintuitive, but consistent breaks throughout the workday increase productivity. Breaks will recharge your employees, de-stress them, and leave them feeling focused and ready to tackle their next project. Workers who take frequent breaks are more likely to feel content at their job. If nothing else, make room for an additional break for each person on your schedule or encourage them to take micro-breaks of 5-10 minutes when they need a moment to refuel.

6. Provide More Perks

Benefits don’t have to be cost-prohibitive. Many workers value perks like free snacks, free coffee, and a relaxed dress code. Other ideas include an in-office lending library, a gaming or media room, and discounts or freebies that can be redeemed locally. You are in control of the overall experience you offer to your team. Each perk you provide to your team is another element that makes your company unique and fun to work for.

7. Be Flexible

Flexibility at work improves work-life balance tremendously. The modern workforce is full of multitaskers who enjoy multiple hobbies and side-projects. They probably care a lot about the work they do at your company, but they don’t want to spend any longer working than what they need to complete their assigned tasks. Allow your employees to leave once they’ve finished their project for the day, if possible. Alternatively, experiment with telecommuting. Not only can this improve the productivity of your team, but it can cut office costs and increase employee satisfaction.

8. Fire Under-performing Employees

Employee satisfaction will plummet when workers who slack off are allowed to get by. Don’t allow under-performers to undermine the morale and productivity of your other, hard-working employees. Your best employees are at the greatest risk of becoming frustrated when they notice that a slacker is being given pass after pass. Give problem staff a chance to redeem themselves, but fire them as soon as it becomes clear that they are no longer serious about their work.