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Employee Retention Tips for 2023 | Getting Hired
Employee retention has fluctuated over the years as a result of changes in the workplace. The increase in unhappy employees can be due to employees being overworked and underappreciated by employers. This has resulted in high turnover rates and a drop in employee satisfaction. With the new year in full swing, now is the perfect time for employers to find new and effective ways to improve employee retention. Continue reading to learn about a few tips to enhance employee experience in the new year!
Finding good people to hire is a challenge in itself, but keeping good people can be even more challenging. Improving employee retention is vital to the success of a company because if you’re constantly losing employees due to a decrease in job satisfaction, it’ll be difficult to be consistent in productivity and outcomes if there are constant staff changes.
Enhance Onboarding Processes
As employers, there should be a large emphasis on the onboarding process itself when bringing in new employees.
The onboarding process is part of the first impression people get when joining the company. Every company is different in its training and development processes. It’s important to put time and effort into creating an onboarding process that will get employees excited about starting their new job, while also preparing them for their new responsibilities. Throughout the onboarding process, employees should learn about the company itself, the company culture, their new role and how to do well in it, and all the tools needed to do their job. The onboarding process is very time-consuming and expensive, so ensuring that there is adequate preparation done before beginning is vital to making sure new employees have the best experience possible.
In addition to the initial training process, managers should meet with new hires and work with them throughout their training as well as after the training has officially ended. Managers must continue to meet with new hires after training to ensure that they’re adjusting to their new roles and have a sound understanding of their new responsibilities. Managers should emphasize to their employees that they will be available if there are any questions or concerns. Having an open line of communication is vital to not only the success of new hires but will also help foster a good working relationship between employees and managers. There are many different stages in the onboarding process, so setting new hires up with either a manager or mentor to work with during and after training can allow them to seamlessly transition into their new roles.
Promote Company Benefits
Another important aspect to keep in mind when trying to improve employee retention rates is by offering good benefits.
Having an impressive benefits package will entice employees to want to apply and also encourage them to stay at your company. One of the main improvements that companies can work to enhance is their benefit package offerings. Employers who actively make healthcare more affordable and accessible are sending the message that they care about their employees as people. As employers, there should be a continual effort to show employees that you care about them and their well-being. Employee well-being outside the office is just as important because what happens in their personal lives will transfer to their professional lives.
In addition to health benefits, there should also be a focus on financial benefits and education, as financial stress can have a large impact on your team’s focus and mental health. Some ways to offer financial benefits and support to employees outside of work can be through teaching them about financial stability, debt reduction, or even providing resources to learn how to budget their money. Employees that are looking to save up for a large purchase such as a new car or home, must understand how to best go about making these larger purchases. Providing different financial education resources about how to take out a loan or how to determine how much mortgage you can afford can help alleviate stress by helping employees understand the proper budgeting and planning required for these big investments. With this information, they’ll be well-prepared and be able to set a realistic budget that they can stick to.
Provide Competitive Pay
When considering a new job, one of the most important factors to consider, other than your interest in the role, is the pay.
Over the last few years, there have been great fluctuations in the economy such as inflation, which has caused people to have to pay more than they used to for different products and services. As a result of the rise in prices, there has been a need for higher pay to help combat this challenge. With employees struggling, it has led to employers responding. For instance, a recent study found that 63% of executives plan to make compensation adjustments in response to high inflation. They are moving toward this idea to help employees have the ability to still afford necessities without having to worry as much. The same study also noted that in 2023 there will be a median raise of 4% across all employee categories from 3%, with some employers planning to give increases as high as 5-7%.
In addition to the need for higher salaries as a result of the current economic environment, there has also been a demand for higher salaries due to a more competitive job market. The rise in competitiveness came from employees wanting more from employers, such as better pay and benefits. For companies to continually attract new employees, adjustments have to be made so that they’ll look more appealing to potential employees when they apply. In addition to attracting new talent, raising salaries will also help to keep top talent. If you have excellent employees, you’ll want to do everything you can to keep them. Salary is a large part of what’ll keep good people, but it's not everything.
Employee retention is a growing concern amongst employers as the job market has become more competitive and employees are focusing on work-life balance. As a company, it's important to find new ways to update different aspects of your business so that you can attract and keep employees for a long time. Staying up to date with the current trends and seeing what your competitors are doing will allow you to better understand how to improve the work environment for employees.
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