3 Steps to Take to Create an Employee Retention Strategy
Turnover is ugly.
Not only do you lose a valuable team member for reasons that might never be fully articulated, but you’re now faced with the immediacy of a time-sucking hiring process, with absolutely zero guarantees that it will attract comparable talent.
Even after you find someone, you must then find a way to hold onto that newly recruited employee. That’s no small feat, considering that retention is increasingly less about monetary compensation. In actuality, emotional and psychological satisfaction is far more integral to today’s workforce. This is why formulating an airtight employee retention strategy is so essential.
Here are three steps toward a good start:
- Give credit where credit is due – Your team members want to know that the job they do matters, and that they are succeeding in what they set out to accomplish. This kind of confirmation fosters a sense of belonging. Help your employees set clear objectives and follow through on them, and make sure they are properly validated when a project goes well.
- Establish loyalty – Trust should be a reciprocal relationship. An open door policy, regular feedback, and engaging yourself in your employees’ interests are steps in the right direction to making that a possibility. Demonstrate that being an approachable straight shooter is important to you, and your employees should return the gesture in full.
- Show you care– What truly sets your company apart from the other guys, and what steps is your company taking to make a difference in the community? People – particularly millennials – have an intrinsic desire to be a part of positive change in their communities, while improving the world they live in. You can help them achieve this goal while instilling a sense of pride in your team.
GiveStream is an amazing way to avoid turnover while bolstering employee engagement. By offering employees the opportunity to donate corporate funds to their personal causes, GiveStream hits all of the employee retention strategy hallmarks in one fell swoop: it is a vote of confidence and trust, it improves morale and productivity, it results in better customer service, and – according to early adopters – it legitimately makes a difference in charities around the world.
You assembled a team of intriguing, dedicated individuals; each with his or her own passions and drives. Give them the power to make a difference, and watch your company flourish.
Contact us today to set up your free 5-minute demo.