Having low retention rates in a company can have very far-reaching consequences and eventually spell doom for your business. No senior wants to share the floor with a bunch of newcomers and have to babysit them. This will push many of them to leave or be disgruntled, which will affect production. And, when you always have new people, your business can never reach its full potential, which is why retention rates should be a high priority. If you’re currently worried about your retention rates, here are a few ways that you can improve them in your organization.
Offer them Better, Easier to Use Benefits
One of the first things you should do is look at your benefits package and see if it’s in line with the rest of the competition. If it isn’t and you’re having trouble keeping up because of high costs, then you will have to start looking at benefits providers with access to larger networks and better deals.
You also have to make accessing the benefits as easy as possible for your employees. If they have to fill in complex forms and guess whether they’ll be able to receive compensation, and how much, then it will defeat the whole purpose.
You have services that will allow your employees to get discounts on things like over-the-counter medicine and healthcare products at a swipe of a card, which is great if you want to offer a comprehensive health and wellness benefits package. So, start looking at various solutions, and find suppliers who can offer them at a reasonable rate. You can compare leading providers with names like First Line benefits online and see which one offers the best package.
Recruit, Train, and Onboard Employees Better
The way you recruit employees will have a direct impact on how many of them stay with you. The way you train and onboard them will make a difference as well. You have to make new hires feel welcomed when they get there, and you should at least give them a formal meeting so they can start getting situated. They should also have access to a variety of self-serve resources that they’ll be able to consult on-site or at home.
If you’re struggling in these areas, it could be a good idea to outsource. An outsourced team will be able to improve your listings so you can attract better candidates, tighten up your onboarding process, and provide assistance with training.
Monitor Your Processes Better
Another thing you have to do is monitor your processes more closely and focus on continuous improvement. This can be done manually or through technological tools and methodologies like Six Sigma and Kanban.
One thing you have to pay very special attention to is bottlenecks. If there are bottlenecks at a certain point in your production line, this could mean that an employee is being overworked. You should also pay attention to whether employees affected by a certain function are quitting at higher rates. This could mean that something about your processes in this area might need to be improved.
These are all ways that you can increase retention rates in your organization. The better the retention rates, the better your overall results, so take it very seriously and constantly take steps to make it better.