Many factors can cause an employee to leave a company. However, the most common reasons employees leave their jobs are lack of recognition and compensation and lack of opportunities for advancement.
Employee retention is a key factor in the success of any company. It’s not just about how much employees are getting paid but also about their happiness and the work environment.
Provide Mature Mentorship
Mentorship provides employers with a powerful retention tool. Look for people within your organization who have matured past their skill level, those who are trying harder than they need to be. These are great employees to put in a mentorship role. When given a few extra perks, they can be invaluable assets, like flexibility in their schedule or more frequent breaks.
Review Corporate Benefits
Benefits can make a real difference in retaining employees—especially top talent. In fact, employees usually say benefits are important to their decision to stay with a company. If you’re searching for ways to retain your current employees and reduce turnover, it’s time to review corporate benefits. Benefits like insurance, profit sharing, tuition reimbursement, bonuses and perks can all be used strategically to keep employees satisfied.
Offer Flexible Work Arrangements
An important part of keeping top talent is offering flexible work arrangements. This allows employees to control their schedule and environment, which increases employee satisfaction and reduces turnover rates. As employees become more self-sufficient and seek flexible work arrangements, such as remote working options, companies must adapt to them or suffer a high turnover rate. The days of employees staying at a job for life no longer exist.
Consider Corporate Relocation
While employee retention is always a company’s top goal, it is even more important for relocated employees. But it is important to remember the retention of a relocated employee includes the cost of the relocation itself.