5 ways to boost employee retention

These five tips will help you create an environment people want to work in! 

Key takeaways:

• Five ways to retain talent:

1. Focus on company culture.
2. Don’t underestimate salaries and bonuses.
3. Provide career advancement opportunities.
4. Get involved in the community.
5. Offer benefits employees want, like Emergency Savings Accounts (ESAs).

Employee retention is one of the most important considerations for employers. Your organization is more productive when there aren’t constant open jobs, and company culture is healthier when people stick around. It’s also not cheap to replace employees, with some estimates stating that it costs six to nine months’ salary to replace a salaried employee.

A recent report from the Society for Human Resource Management (SHRM) found that about half of executives say their organizations are seeing a lot more turnover than usual in the last six months. The pandemic has changed the job landscape, and many employers are wondering how to deal with what’s become known as the Great Resignation.

So, what can you do to prioritize employee retention? Here are five ways to keep your people and create a better place to work.

1. Focus on company culture

Great company culture doesn’t just happen. It takes serious consideration and planning and requires that organization leaders think about what truly matters to employees. To create a more positive work environment for better employee retention:

• Ask for feedback from your employees regularly.
• Plan outings, events, and special occasions for teams to socialize and bond.
• Have regular one-on-one check-ins where employees can share their thoughts.
• Focus on employee wellness with health resources or discounts on classes or gym memberships.
• Highlight successes and how small wins impact the company as a whole so workers feel what they do is meaningful.
• Listen to employees; don’t just tell them what to do.
• Get to know what career goals employees have.

It’s simple: A positive work environment will be a place that employees won’t want to leave. They need to feel connected to both their coworkers and their role.

2. Don’t underestimate salaries and bonuses

One of the most common reasons people leave their jobs is to seek better pay. Make sure you’re rounding out your commitment to a positive work environment by offering competitive salaries. Do plenty of research to ensure that you know what the norms are and how you can stand out.

Additionally, consider giving workers bonuses, whether for getting a big win or at the end of the year. This gesture makes people feel recognized for their work and appreciated by the organization. They’re more likely to want to stay at a company that makes them feel valued with actions that will make a big difference to them.

3. Provide career advancement opportunities

Of course, another reason people leave is for a better job title or a position in a completely new role that helps them move their career forward. Instead of allowing great talent to leave for these other opportunities, get to know what their career goals are. Make it clear that you’re in this together and you want to be able to support them, whether it’s checking out another department in the company or preparing for a next-level position.

Help workers identify professional growth areas. Ask for feedback about what kinds of conferences, training, workshops, or other resources they’d be interested in. Prioritize their constant development to show them you care about their career trajectory. This also helps avoid stagnation for employees, another driver of leaving a job.

4. Get involved in the community

Today’s workers want to feel like the companies they work for care about more than their bottom lines. It’s a big plus if you can be involved in your community and provide opportunities to workers to volunteer and give back. 

For example, maybe around the holidays, you partner with a local charity in a toy drive for kids in need. Or, maybe you plan a company-wide day of volunteering where workers are sent out to work on projects and help people as a team.

Whatever approach you take, make sure that everyone understands your commitment to your local community. Always take actions that back up those claims. Work with employees and other leaders on the best ways to stay involved.

5. Offer benefits employees want

Benefits packages are very important to workers. Robust offerings show employees that you care about them at and outside of work. Sometimes, benefits can even be more important to workers than salary.

Of course, health insurance is going to be at the top of the list of what employees want, with many saying that it is the most important benefit. But, focusing on other benefits shows workers that you want to provide support and assistance in more areas than just health. 

Retirement plans and other financial benefits can help workers get set up for a much more successful future. This is why Emergency Savings Accounts (ESAs) are becoming one of the top benefits to offer. Today, 90% of employees are stressed about their finances due to COVID-19 impacts, and 54% of Americans say that not having enough saved is one of their top five reasons for financial stress.

Employer-sponsored ESAs can help you boost employee retention and increase productivity, since feeling more secure with savings leads to less stress.

Why SecureSave?

SecureSave makes it simpler for you to offer an ESA to your employees. Our solution is low-cost and very easy to set up and administer. It works for companies of all shapes and sizes, and it’s the perfect way to get started with offering more financial benefits for your employees. 

Make it easier for workers to save so they’re always protected in the event of financial hardship, like a major home repair or an unexpected medical expense. This kind of support helps you retain workers and improve your company culture.

Sign up for SecureSave to start making a difference with an ESA.