You have an awesome team of employees, and you want to do everything in your power to keep them on your team for as long as possible. For many businesses, the immediate solution to employee retention problems is offering a raise. However, that isn’t always feasible in a small business or start-up environment. Thankfully, there are other ways to boost employee retention without offering a raise.
Employee Retention Is Vital to Your Success
The competition for top talent is intense, and the cost of employee turnover is very high. Depending on the role, it could cost 2.5 times an employee’s salary to find the right replacement. There are also many other costs that occur as a result of an employee leaving, including decreased engagement, lost contacts and clients, lowered productivity and company culture impact. By keeping your employees on your team, your entire business can continue to thrive.
Boost Employee Retention Without a Raise
- Increasing retention starts during the hiring process. Which applicants will fit in well with your culture? Who believes in your vision? By hiring employees who align with who you are and what you are doing, you are already more likely to retain them because they are invested in your vision. Hiring people who are looking for any job to pay the bills is a terrible idea, as they will leave the moment someone else offers them more money to pay the bills.
- Ongoing opportunities for advancement and education are also very valuable to employees. By contributing toward the cost of a seminar or an educational program, you are showing that you care about your employees and not merely the roles that they are filling. Skills training and professional development programs increase employee happiness and satisfaction with their employer.
- Benefits matter to employees now more than ever before. Because there is a penalty for being uninsured, extending a health insurance policy to your employees can radically improve employee retention. Other perks, like remote work, paid vacation, stock options, paid sick leave and more all factor into happiness and job satisfaction.
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