Creative Employee Retention Ideas to Help Keep Employees Satisfied
Implementing employee retention strategies can help businesses keep their top talent and maintain productivity. Losing even one employee can cause a significant disruption in workflow, and it may take time for remaining employees within a department to get back on track. Often, the added cost of hiring and training someone new can be higher than the incremental costs of retaining an experienced staff member. These are just a few reasons why companies are getting creative with their employee retention ideas to help keep their workers engaged.
Develop personalized strategies
Offering employees something that they may not find anywhere else may be an effective way to help increase retention. Companies should find unique ways to help increase job satisfaction and relate the strategies to the overall work culture. Jessica Totman, Paychex HR generalist, remembers a previous employer who was a fan of the TV show "The Office" and designed a more work-appropriate version of "The Dundee Awards." During an annual ceremony, customized awards and trophies were handed out for each person to recognize a specific skill, achievement, or other accolade. Totman believes this idea worked for many reasons. First, the owner of the company took the time to think about each employee when designating the awards. Also, the trophies were displayed on employees' desks year-round and became talking points for new employees to learn about their coworkers. Overall, the award ceremony was a highly anticipated event in the company and served as a creative way to reward employees for their contributions during the year.
Ask employees for feedback
For business owners who are unsure of what it will take to motivate employees to stay, seeking feedback can be useful. Employee surveys can help determine how receptive the workforce would be to proposed employee retention ideas, prior to implementation. Exit surveys can also provide a wealth of information about areas of dissatisfaction that ultimately caused an employee to seek out other opportunities.
Keep an eye on costs
Many retention strategies can be cost-effective when compared to the expense of hiring and training a new employee. Still, companies should keep an eye on the benefits budget to ensure they aren't overspending. Monitor who is taking advantage of programs offered and gauge satisfaction levels. Also, remember that retention tactics aren't always defined as "benefits." Totman believes that recognition, appreciation, and encouragement are also important components of employee retention. Creative retention ideas can simply reinforce a desired workplace culture favoring diversity, support, and fairness. In this way, each employee can feel empowered with the opportunity to advance, learn, and feel like they're contributing to the company's success.
If companies are concerned about retention, tracking data and analyzing trends can often help identify issues early on. When HR professionals notice an uptick in employees leaving for other opportunities, it could signal a need to shift retention strategies. If expert advice is needed, consider seeking HR consulting services and an assessment of your retention practices, which can help you identify new ways to encourage employees to stay for the long-term.