Employee retention is a serious matter, especially with so many businesses being in a competitive market these days. In fact, “nearly four out of five (78 percent) of business leaders rank employee retention as important or urgent.” With the high cost of employee turnover, it’s considerably cheaper to retain your current employees rather than find new ones.
One of the best ways to increase your retention rate is to invest in your employees – and here are some ways to accomplish this.
Provide Them with Skills Development
Whether it’s developing existing skills or nurturing the growth of new ones, this benefits your employees by helping them be better equipped to perform their jobs and stimulating them intellectually. In turn, this can breed more confidence and shows that you’re dedicated to maximizing their potential. At the same time, this is advantageous to your business because you should have more adept employees who are capable of performing their jobs at an extremely high level.
Offer Online Training
Technology has improved educational training and has made it more convenient than ever for employees to learn. Whether it’s paying for tuition to enroll in online classes at a college or university or creating your own online training program that’s tailored to your business, this is an excellent way to invest in your employees. The best part is the degree of flexibility that comes with online training so employees can fit it into their schedule, and it won’t have to interfere with their jobs.
Offer Opportunities for Growth
While everyone is different, many employees are looking for ways to grow and move their way up the company totem pole. If they find themselves stagnating and stuck in a dead-end job, it will often reduce the likelihood that they stick around for the long haul – and they may not think twice about jumping at a better offer.
But when you offer growth opportunities where they can improve their situation and transition into a higher-profile, better-paying job, this provides good incentive for them to stay put. That’s why it’s smart to promote from within whenever possible and give your employees the chance to shine.
Not only does investing in your current employees reduce turnover, it often boosts loyalty among your staff. On top of that, it can help build better team chemistry because you’re not constantly having to make replacements. In turn, you can create a positive company culture where employees feel valued and genuinely want to remain with you.
At Axiom Staffing Group, our goal is your success. If you are looking for new opportunities, more flexibility in your schedule, or higher compensation, we can help find the best position for you. Contact our great team today!