There are a few things that are important to virtually every business across all industries, and one great example here is employee retention. The ability to retain great employees and keep them in-house for long periods of time is vital for employers of all shapes and sizes, and there are a number of human resources (HR) concepts that often play an important role in this.
At Integrated Companies, we're proud to offer a wide range of employer HR solutions for Utah companies, from payroll and hiring to HR management, benefits packages and more. Here's a rundown of some of the top reasons behind possible struggles with employee retention, plus how a robust approach to certain important HR areas will help in major ways here.
Causes of Low Employee Retention
While these will vary for each individual business, some of the most common reasons why businesses struggle with employee retention include:
- Inadequate salary or benefits: As you may have guessed, the single most common reason behind employee turnover is an unsatisfactory salary or benefits package. People are naturally looking to make enough money to support themselves and their families, so they will be more likely to leave a job if it doesn't offer the fair wages they need.
- Lack of career development: It can also be difficult for an employee to stick around in an environment that doesn't foster growth or provide room for professional advancement. People are looking beyond just a paycheck, they want to see opportunities for learning and career advancement.
- Poor culture or atmosphere: Businesses that don't prioritize employee satisfaction often struggle with retention problems. This can be difficult to measure but is an important factor in keeping employees happy and engaged.
- Overworking: Finally, businesses that require too much of their employees can also have trouble retaining them. People need to have a healthy work-life balance in order to stay productive and motivated, so it's important not to overwork your team.
Luckily, with the right HR approaches, these kinds of issues and more can easily be avoided. Our next several sections will look into some ways of doing so.
Offering Great Compensation and Benefits
While it may sound overly simplistic, one of the best ways to ensure employee retention is to make sure your company offers competitive salaries and benefits packages. As we mentioned previously, money is a major factor in many people's decisions when it comes to jobs, so making sure you are offering a fair wage can go a long way here.
In addition to monetary compensation, it's also beneficial to offer great benefits packages that can make life easier for your employees. This could include things like health insurance, paid time off or vacation days, parental leave and other such perks.
Promoting Career Development
People want to feel as though they are growing and learning in their professional lives, so it's important to provide opportunities for career development at your company. This could include formal training and mentorship opportunities, or even more casual ways to promote growth, such as offering a book club or other kinds of team activities that focus on learning something new.
Continuous Feedback and Improvement
As any HR professional knows, feedback is an incredibly important part of employee retention. By providing employees with timely and actionable feedback on their performance, as well as addressing any issues that arise in a fair and respectful way, you can show them that they are valued members of the team and make it more likely that they will stay with your company for longer periods of time.
Ensuring Work-Life Balance
A growing number of people are now looking for jobs that offer a healthy balance between work and their personal lives, so it's important to prioritize this at your company. This could mean limiting overtime hours, offering flexible scheduling options or providing other kinds of support for employees who need a little extra help in maintaining a good work-life balance.
Offering Extra Perks
People like to know that they're valued, even in little ways, and that's why it can be beneficial to offer extra perks outside of the standard ones. Things like company lunches, trips and parties, or even something as simple as a few extra days off each year can make your employees feel appreciated and more likely to stay with you for longer.
By using these approaches and more, businesses of all sizes can ensure they are doing everything they can to retain their best employees. With the right strategies in place, employee retention can be a much simpler and more straightforward process, leading to greater success for companies of all kinds.
And at Integrated Companies, we are here to help you every step of the way. Our team of HR experts specializes in helping business owners create effective strategies for Utah employee retention, so feel free to reach out if you need any assistance with this process. We look forward to hearing from you!
