5 Employee Retention Tactics You Should Implement


On top of being a human resources challenge, employee retention is also a business one. Even today, many U.S. businesses have trouble retaining their risk-taking workers. That said, studies show that over half of companies dealing with this issue could have done something to prevent it. Here are five effective ways to retain and invest in your employees.


  1. Engage Your Employees


In the modern business world, employee engagement is imperative at all business levels, and it starts with the leader. However, many leaders don’t consider the fact that they might be impeding employee performance. They tend to underestimate their influence on the team, and will often cite the pay, schedule, and the work itself before themselves.


The best way to get leaders engaged in their teams is to follow their leadership metrics. For example, a leader’s turnover rate can tell you a lot about their engagement effectiveness.


  1. Create an Inclusive Culture


On average, corporations lose more minority and women professionals than their white and male counterparts. The high quit rate is linked to challenges of adapting to a workplace and a lack of support from managers. Studies show that entry-level women are less likely to have their work accomplishments promoted or receive assistance with organizational politics.


Despite the progress in hiring women and minorities, many businesses struggle to retain them. Your first step toward remedying that should be to create the right conditions for them to stay.


  1. Invest in Employee Growth


Contrary to popular opinion, money isn’t always the main reason people leave their jobs. Oftentimes, the main motivator is the work itself. For instance, one common issue is a lack of career-advancing opportunities. Research shows that 68% of businesses experience the highest turnover within a new employee’s first year on the job.


To keep ambitious workers, consider creating in-role growth opportunities. One way to do that is to allow employees to advance by a level every six months instead of waiting for several years.


  1. Listen to Employee Feedback


Good leaders are effective listeners and communicators. This can involve having one-on-one meetings with your staff, which is a great way to build trust among your employees. Another thing you can do is to distribute anonymous employee surveys to gauge employee satisfaction. You can then use the survey results to create a more efficient action plan.


To make sure that the feedback you get from the survey is valuable, let your team know about it beforehand. Some preparation can reassure skeptical employees that they won’t get in trouble.


  1. Focus on Exit Interviews


If your employees are set on leaving your company, go deep with exit interviews. For best results, start the conversation from the beginning. Instead of asking the employee why they’re leaving, ask them why they joined the company in the first place. Ask them about the experience you delivered for them, the difference you might have made, and so on.


You can also add “stay” interviews to your employee retention toolbox. These interviews involve asking employees why they want to work with you and what it will take to keep them.