5 Foolproof Strategies to Improve Employee Retention

It’s an HR nightmare: just last year, over 50 million employees quit their job — an increase from the 47.8 million workers who quit in 2021. On average, three out of ten new hires quit within the first 90 days, citing unmet expectations, company-specific incidents and company culture. This not only costs businesses money in rehiring and retraining — nearly a trillion dollars in the United States alone — but also affects the productivity of existing employees and resources within the company.

Therefore, employee retention is essential to remain competitive, productive and successful in 2023. But you need the right employee retention strategy to ensure your top talent stays with you throughout the ever-changing job market. That’s why we want to go over five foolproof employee retention strategies.

1. Invest in Employee Development

LinkedIn’s 2023 Workplace Learning Report revealed that ”providing learning opportunities” is the top way organizations are working to improve retention. Today's employees crave growth and rewards; to meet this professional need as a company, you want to offer employees professional training, leadership development, and mentorship opportunities to help them grow their skillset. Organizing leadership development programs and mentorship opportunities also builds a positive company culture for which your employees will likely stick around.

Employees knowing that they have the opportunity to grow will motivate them to stay. Between employees you have made an internal move versus those we have not, the former is 75% likely to stay after two years while the latter is only 56% likely. People who feel appreciated, assured and encouraged to work hard will stick around even when other options exist.

If not enough progress has been made in a year, people tend to lose interest. You can thus motivate your staff by setting clear goals and providing them with regular progress reports on their progress toward these goals. This is an essential part of healthy workplace communication and employee retention.

2. Show Appreciation

Many employees feel undervalued, especially when employers do not show appreciation for their contributions. You should recognize your employees' achievements and hard work to encourage them to stay with the company longer.

Here are a few appreciation ideas you can implement to help fortify your employee retention plan:

• Personalized Recognition: Send personalized cards or awards that explicitly acknowledge and celebrate your employees' accomplishments. 
• Rewards and Bonuses: Recognize and reward excellent performance through a structured system of rewards and bonuses.
• Celebrate Milestones: Commemorate achievements and significant work anniversaries throughout the workplace.
• Spotlight in Company Channels: Feature exceptional employees in company newsletters or through social media posts — or even digital signage for employee retention.
• Feedback-Driven Improvements: Listen to employee feedback and enact prompt, positive changes within the workplace. 

3. Offer Competitive Benefits & Perks

Nearly 7 out of 10 employees stated that they would stay in their position if they were offered a pay raise. While financial stability motivates employees to stay, your organization should offer a holistic experience for employee satisfaction. Alongside sufficient pay, your organization should also consider the following benefits:

• Longer and paid vacation time
• Parental leave
• Health insurance
• Maternity leave
• Flexible working hours
• Retirement benefits
• Employee assistance program (EAP)

4. Foster Open Communication & Collaboration

Employees want to be valued and respected, and organizations need to ensure that their voices are heard without fear of repercussions. Policies that refuse to reprimand employees for negative feedback are imperative to creating a healthy and honest work environment.

Ensuring consistency in salaries, benefits, working conditions, and communication channels not only fosters trust but also empowers employees to focus on their work and understand how the company handles various situations. To make employees feel valued and maintain transparent communication, provide them with direct access to company leaders through dedicated communication channels.

Furthermore, promoting collaboration among teams and departments creates a harmonious work environment that fosters trust, enhances productivity, and ultimately bolsters employee retention. Transparency, upheld by clear corporate policies and consistent practices, is the cornerstone of building long-lasting business relationships.

5. Invest in the Right Technologies

Investing in the most modern and efficient technologies boosts employee satisfaction, which in turn increases employee engagement and retention rates. Here are a few technologies you can invest in to supplement your employee retention strategies:

• Digital signage. If you're looking for ways to communicate important updates and information to employees easily, digital signage is a superb choice.
• Performance management software. This software helps HR managers assess employee performance, track progress, and identify areas for improvement.
• HR onboarding software. Onboarding new employees can be time-consuming without the right technology in place. However, HR onboarding software helps automate mundane tasks and allows you to quickly onboard new hires.

Bottom Line

These tips and strategies can improve employee retention rates and market your company to the best of the talent pool. Not only will you create better relationships with employees, but ultimately these changes will benefit your company in an increase of employee experience, loyalty and profits.

Photo credit: Vecteezy

About ScreenCloud

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ScreenCloud’s digital signage can inform employees on corporate information like social media feeds, data visualizations, emergency alerts, and live broadcasts – or even simply the news, sports and weather. 

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