By keeping your top talent with your company for longer, you increase the sales of your products and services, significantly improve customer satisfaction, your employees are happier and more satisfied, and you can make more precise succession plans.
Failing to retain a key employee with your company could be costly for your company, both in a financial and organizational sense. Studies show that replacing an individual employee costs almost times the annual salary of that employee. The cost includes both lost revenue because of the employee leaving and the cost to hire and train a replacement employee.
All of this may sound scary, but there are still ways you can retain your employees. You need to focus on the wishes and the needs of your employees. Today, we will be exploring some of the ways you can do that.
Start Cultivating a Remote Culture
In a remote environment, the location is not an essential determiner in a remote company's success. What is critical for building a thriving remote company culture that will positively affect employees and improve your retention are careful planning, great leadership, and a bit of foresight.
Great remote company culture starts with the hiring process. If you want to attract and keep top talent, you need to be upfront about your company's work. Put in the front what makes your company unique and what are the skills your employees already possess.
It would help if you showed that you have high expectations for employees. This will weed out all those prospects not interested in working for a company like yours, which will significantly help in the later stages of hiring and employment. By being open about what you are looking for, you also help potential prospects to figure out whether their particular style of working suits your business.
Establish a Mentorship Program
Mentorship is essential for all employees, but especially remote ones. Mentorship programs are an excellent way to build a sense of belonging and collective accomplishments, as only teams invested in helping their team succeed are teams in it for the long run.
By introducing a mentorship program in your company, you will have more engaged and supported employees. Make sure you reward those employees that will mentor their teammates. Provide them with all the necessary resources to mentor their colleagues effectively.
Introduce a Flexible Working Arrangement
Perks are a huge part of why employees stay with a company or leave it. Studies even show that a majority of employees would instead pick better benefits over a pay rise. If you want your employees to stay with you for longer, you need to pay attention to what they want.
Flexible working is one of the top demands for all workers, remote or not. It can improve the motivation, performance, and engagement of your employees, leading to better company loyalty and employee retention.
If you want to create a more flexible workforce, you need to prioritize frequent communication and meaningful check-ins. You also need to trust your employees and focus on the result instead of the hours they spent working.
Reward Your Employees for Achieving Their Goals
One of the best ways to keep employees longer with your company is to follow their progress and reward them when they achieve specific goals.
By knowing how to monitor work from home employees, you will be able to follow their progress on projects and tasks. Knowing how to monitor work from home employees will also be useful in following through with their goals.
To recognize outstanding goals and high performing employees, you first need to have clear performance markers. By rewarding those employees that deliver and even overdeliver on their individual goals, you will create an environment of constant growth in your company.
This will help employees feel more valued and should keep them longer with your company. The rewards you give to your employees can include everything from gift cards, dinner coupons, to even additional vacation days, depending on how serious you are about the performance markers.
If you want to keep your employees working for your company, you often need to revisit your employee retention strategy at least once a year. You need to continually update your practice and keep up with the latest trends in developing a positive workplace culture that will attract and retain top talent.
No matter what you do, keep in mind that for better employee retention, your employees and their needs and wishes have to come before anything else.