IceHrm Looking for an HR software for Your Company?
IceHrm IceHrm team write blogs and tutorials about using IceHrm efficiently to manage HR activities of your organization. Create Your IceHrm installtion here:

13 Strategies To Boost Company Culture While Retaining Employees

  Reading Time:

Is your company experiencing the difficulties of great resignation? What if you had the ability to retain high-performing employees and keep them engaged, productive and happy?

There is no denying that the thirst for business growth leads companies to poach talent and offer employees massive incentives to leave their current employer. However, the good news is that if your competition recognizes the value of your employees, you must be doing something right.

You just need to figure out how to retain good employees. This is certainly a much better strategy than trying to convince them to come back after they leave the company. It also saves time and money associated with filling positions. Fortunately, there are some proven steps you can take to cultivate and retain a thriving workforce.

First, learn to recognize complacency

If your company isn't growing as much as you would expect based on the resources you've deployed, and you have long-term employees, it may be time to ask your leadership team some tough questions.

Be as honest as possible and ask yourself:

  • How has our company improved recently?
  • When was our last real success?

If you have to go back further than you'd like to get the answers, it doesn't just show that you're having trouble achieving your goals. It also shows that you have team members and a workplace culture that have accepted these stagnant results.

If you don't agree with your company's progress, but some of your team does, then you have a problem - regardless of how loyal they have been to your company in the past.

This can be a difficult situation for you as an employer if you care about recognizing the contributions of loyal employees and maximizing your company's potential. However, with the right approach, you don't have to sacrifice one for the other.

13 creative ways to develop and retain great employees

1.Hire new employees

If you have open positions or are in a position to expand your team, recruiting external employees is one way to refocus.

And despite the challenges mentioned above, hiring outsiders to bring new ideas, if done well, can ultimately motivate your current employees as well. The key to helping existing and new employees grow together as a team is to recognize both groups for their unique perspectives.

You can achieve this by:

  • Plan enough time to get to know each other personally
  • Recognize the successes of the existing team
  • Strengthen external new hires
  • Encouraging existing employees to be open to their suggestions

However, to make this successful, you also need a separate plan to improve employee engagement for employees who are under-performing over the long term.

2.Give team members a chance to grow

Putting long-time employees into learning mode and re-igniting their personal growth process is one of the best ways to get them excited about staying with your company - and put them back in a position to contribute to your company's growth.

Here are a few ideas:

  • Offer personal development opportunities, e.g.attending a conference or building networks with people in similar positions at other companies.
  • Offer skills tests to get employees excited about developing their strengths or learning new skills.
  • Create formal opportunities to try out new roles or responsibilities within your company.

Another proactive strategy is to identify long-time employees who work with a growth mindset and are committed to themselves and your company throughout the many years they work for you. Recognize that these employees can inspire others to follow their example.

3.Create performance plans for your best employees

Your competition is only interested in your top performing employees. These employees want to be challenged and often exceed expectations. Start by finding a way to measure your employees' performance so you can set goals and expectations.

This is particularly helpful when training new employees. You can use these metrics to provide and ensure clear direction for your employees

4.Provide opportunities for mentorship

High performers want to expand their skills. Appoint mentors for both new and existing employees so they have someone to learn from and turn to with questions. Give employees the opportunity to lead a project. Encourage them to attend courses, webinars, and professional development conferences. These are viable methods for employees to expand their knowledge and gain experience.

5.Offer workplace flexibility

Your employees are just people too. They have kids, doctor’s appointments, and everything else that makes up life. Offering your talent flexibility in their work schedules and recognizing a healthy work-life balance can be a helpful way to retain employees.

According to a study by the U.S. According to the Census Bureau, more than a third of U.S. households are working from home more frequently than before the pandemic. A policy that allows some level of remote work not only gives your employees a break from the office, but can also save them time and gas costs. This can also increase your attractiveness as an employer. This simple “perk” can be a great incentive for your employees to stay.

6.Pay more competitive salaries

Keeping an eye on your competition will give you an advantage when it comes to retaining and attracting top talent. Use job sites to find out how your competitors are performing in terms of compensation, benefits, and workplace culture. Use this information to compare your own offer.

Aim to meet or exceed the salaries and benefits of your top competitors. This way you can increase your chances of retaining and attracting talent.

7.Launch employee appreciation initiatives

An occasional, simple form of recognition, such as: "great job" can be all that is needed to motivate employees. Remind your employees of their achievements or their annual anniversaries. One of the easiest ways to keep employees happy is to let them know their accomplishments are noticed with a recognition program. Don’t wait for the annual performance review.

Ask your employees how they would like to be rewarded. Maybe they just want a pat on the back. But you might be surprised at what recognition methods they find most attractive.

8.Consider perks and incentive-based bonuses

Consider performance-based incentives that give your employees the opportunity to earn more money. Who doesn't appreciate having the opportunity to make more money? Plus, this is additional income that you don't have to look for in your budget. You will bring it in yourself.

If you have employees tied to sales, consider offering them a commission on top of their base salary. Look for ways to offer your employees a wider range of benefits in addition to health insurance. This could include investments such as stock options and 401(k) retirement plans.

9.Introducing workplace amenities

Simple amenities like free coffee, water, and snacks can go a long way toward keeping your employees happy and productive. You should also think about where your employees work.

Do you offer your employees a pleasant working environment? Can they communicate easily with their colleagues? Are there any tools, devices, software or resources that could make their job easier? These simple gestures can help you gain the loyalty of your employees.

10.Provide opportunities for professional development

Some employers see changing job titles as a cost-effective way to retain employees and boost morale. However, this view may be short-sighted.

Consider providing your employees with a growth path that includes a change in job title and increasing responsibility. Knowing that there is more to accomplish and that there are other tasks to pursue can motivate employees to work harder, which can reduce turnover and improve job satisfaction.

11.Use non-compete agreements sparingly

You have to accept that some of your employees, no matter how happy they are, will eventually leave the company. If you have employees who have constant access to sensitive information, leaving them could have damaging consequences. In this case, a non-compete clause could be a good option.

But be careful: the effectiveness of these types of contracts varies from state to state. In Massachusetts, for example, politicians have argued over the idea of banning non-compete agreements entirely. If your employees don't have access to important information, a non-compete agreement can cause problems.

This was the case when an employee of New Jersey-based sandwich maker Jimmy John's disclosed the company's non-compete agreement, which prohibited employees from working for similar companies. These arrangements should be limited to senior managers or employees with confidential information.

You also need to consider whether a non-compete will deter potential talent. Some might find them intimidating. Remember that most non-compete agreements are temporary and will expire at some point. Also consider the costs you would incur in the event of a legal dispute.

12.Encourage feedback

Not all employers take advantage of exit interviews. However, this could be the best opportunity to get a raw, honest answer from employees before they leave. Take this opportunity to ask employees why they are leaving the company. They can tell you why they found your competition more attractive and how you can prevent more employees from leaving.

Also ask existing employees for feedback and ensure that their answers will not result in negative consequences. Make it clear that you are willing to listen to their experiences, feelings and assessments.

13.Don't burn bridges

While it's easy to be bitter about an employee's departure, it's important to make their departure a positive experience. Focus on the contributions employees have made to the company and the goals they have achieved. Encourage them to check in with their new company on a regular basis.

Remember that an employee always has the option to return to your company in the future. Additionally, you don't want disgruntled former employees spreading their negativity to your current team or other potential applicants - or posting negative reviews about your company online.

Key findings

High employee turnover can be detrimental to any company. That's why, in this post-pandemic job market, you need to continually evaluate your employee experience. Offer your employees training opportunities, consider flexible working hours and focus on overall employee satisfaction. Put the focus on your most important resource: your employees.

Do you have problems with employee retention and do you also need to fill vacancies? Click here to see how the IceHrm recruitment module can help you with this.

Overcoming Change Fatigue: Equipping Employees For Success

Organizational changes are omnipresent. Yet change seems to be happening quickly - and sometimes without regard to our mental well-being. This can be overwhelming and stressful...

Top 3 Indicators That An Employee Will Leave Without Notice

Terminating an employee without notice can come as a shock. However, in retrospect it may turn out that he gave clear signs of his dissatisfaction. That's...

IceHrm   Create your IceHrm, installation today.