When money’s tight, the last thing any company wants is for their employees to jump ship. That’s because it’s incredibly expensive to hire new workers. And beyond that, once they’re on board, it can take as long as six months before they’re fully up to speed — which means you can’t just plug a newbie into a former employee’s role and expect the same results.
If your finances are already in despair, you can’t afford to lose any employees. The good news is that by overhauling your employee retention program, you won’t have to.
Worried that employee retention initiatives will cost you money you don’t have? Don’t be. Here are three measures you can employ — none of which should cost you a cent:
Measure Your Retention Rates
You won’t be able to improve your employee retention if you don’t know how well you’re doing in the area in the first place. So first things first, start tracking retention. Figure out how long each employee has been on board. Do employees tend to leave after a specific amount of time? Try to determine whether employees are more likely to leave if they work for certain managers. Once you start noticing trends, you can take action to improve the situation.
Hire the Best Workers the First Time
Want your employees to stick around for the long haul? Make sure to source and hire the best candidates the first time around. Hire for cultural fit whenever possible. Let candidates know exactly what they could expect should they be offered a job.
Promote Employees Internally
Millennials, in particular, are interested in opportunities for career development. Whenever management positions open up, promote current employees that are able to handle the responsibilities. That should encourage folks who want to climb the ladder to stick around.
While at first glance it may seem that effective employee retention strategies will always be expensive, that’s simply not the case. By getting creative and not being afraid to make the right changes here and there, you may very well see your retention stats shoot up — and quickly. That’s the ticket to a more effective organization and more satisfied customers.
- 8 Overlooked Areas Where Employee Retention Saves Companies Money
- Employee Retention Strategies You Need in Your Game Plan