If your company has recruited the right people, chances are you’re hoping they stick around for a while. Employee turnover can be costly—and I’m not just talking about the monetary consequences.
When employees leave, their absence can impact the entire company. Some of their job tasks fall to the wayside or get thrust on others until a replacement is found. And filling their vacant positions often requires months of recruiting, interviewing, and onboarding. Additionally, a sort of brain drain occurs when someone jumps ship with all the company knowledge they’ve gained after months or years with an employer.
So what’s a company to do? Well, put simply, whatever it can to avoid frequent turnover.
Your human resources team has a big hand in employee retention. This is one of the reasons HR is essential to your business. It often falls on the HR department to ensure employees are happy and engaged so turnover is low.
Here are 4 employee retention strategies that can help your business keep its best employees on the team:
#1: Form a Welcoming Committee
For real. You want your first impression to be a good one, so you have to be intentional about welcoming new employees and making them feel like a part of the team right away. Getting employees off to a great start with your company can positively impact your employee retention rates.
It’s a good idea to have an onboarding program that helps new hires learn about your company, its products and services, and other employees. And it’s also good practice to offer formalized training to get new employees up to speed on any required software systems or tools.
At Formstack, we have an employee success specialist who is dedicated to the successful onboarding of new employees. Shortly after starting with Formstack, new employees participate in an orientation to get to know more about the company and its leaders. Additionally, as part of a Formstack buddy system, seasoned employees are paired with new hires to provide extra guidance and knowledge.
#2: Give Employees a Voice
Don’t assume employees will voluntarily speak up if they aren’t happy. And don’t assume they are 100% satisfied if they aren’t saying otherwise. Put formal processes in place that give employees ample opportunity to provide honest feedback on their role, their manager, their long-term goals, and more.
Consider conducting annual or semi-annual performance reviews and employee satisfaction surveys. These reviews and surveys give employees the opportunity to voice any discontent or concerns they may have related to the company or their role. They also give employees and managers a formalized opportunity to discuss goals and future plans.
At Formstack, we use our own online form builder to create performance review assessments and feedback forms. These forms streamline processes and give all employees equal opportunity to speak up. Additionally, they help the human resources department manage employee happiness and performance, which is key to high employee retention.
#3: Encourage Growth
Hard-working, dedicated employees want to know that any long-term tenure with an employer will include some level of growth or advancement. And good employers know that their employee retention strategies should include providing growth opportunities and leadership development.
Your human resources department can encourage growth by developing programs for training or tuition reimbursement and creating leadership roles for existing employees to fill. Your company can also provide opportunities for employees to attend conferences or complete professional development courses and certifications.
At Formstack, all employees are encouraged to attend at least one conference each year. And several leadership roles have been created in the areas of talent, support, development, and product.
#4: Create a Vibrant Environment
There’s no doubt that a company’s culture can have a huge impact on employee retention. Considering how much time a typical employee spends on work-related activities in a given week, it’s no surprise that people want their jobs to be enjoyable and engaging.
You can create vibrance among your workforce by offering flexible scheduling or work arrangements, open communication regardless of title, incentives or rewards for high performance, company-paid lunches, and team-building activities or outings.
Formstack has a thriving remote culture that affords employees the flexibility and freedom to work however and wherever they are most productive. And our established culture code reflects important values like being positive and transparent. Additionally, the company plans uplifting team events that solidify our shared vision and goals.
Your human resources department plays a major role in employee retention. Click below to see how one company uses Formstack to streamline human resources processes and boost employee engagement.