Wyoming has struggled with a worker shortage and high turnover rates for quite some time, and this presents as a big issue for our business community. This issue isn’t unique to our state however; turnover has been an problem that businesses across the nation are struggling with. Higher salaries and raises are obvious solutions to this, but for many small business that isn’t feasible. Below, we have five budget-friendly methods to increase employee retention.
Offer volunteer time off: Although 90% of Americans would like to volunteer, only 1 in 4 do. There are many reasons for this, but the biggest reason cited by people is a lack of time and an inflexible schedule. Encouraging employees to volunteer can improve employee morale and boost engagement. One study reported that companies can reduce their turnover by 52% when employees participate in these programs.
Focus on genuine employee recognition: Saying thank you is always free and will likely have a bigger impact than you might imagine. Organizations with an employee recognition strategy are 50% more productive and have 20% better business outcomes. The opposite is also true: Employees who feel undervalued are more likely to quit. You can recognize employees who have been with the company for specific lengths of time, like rewarding five, 10, and 20 years of employment. You can also recognize employees for going above and beyond for customers or hitting certain sales goals.
Offer flexible scheduling: One survey showed that 31% of employees are looking for another job because they want a more flexible work schedule. The key word here is flexibility — even making a small change to your policies around employee schedules can make a big difference. Maybe offering employees full-time remote work isn't an option, but could they work remotely one day a week?
Provide wellness benefits: Wellness programs help your employees adopt healthy habits through education and support. You could offer off-site gym memberships to employees either through a monthly stipend or wellness reimbursement. Your company could also provide stress management or nutrition education. Or you can also schedule free health screenings for your employees. According to Quest Diagnostics, successful employee wellness programs also reduce healthcare costs.
Give employees opportunities to advance: One of the most effective ways to hang onto your employees is by giving them opportunities to advance within the company. According to Pew Research, 63% of employees left their jobs in 2021 because there were no opportunities to advance within the company. Look for opportunities to invest in your employees' training and development by sending them to conferences or investing in mentorship programs. When new jobs open up within the company, see if you can fill them with internal candidates first before looking externally. You could allow employees to take on short-term projects within a different area of the company. Doing so gives them an opportunity to try out a new role and see if it's a good fit.
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