5 (low cost) ways you can improve employee retention

5 (low cost) ways you can improve employee retention

Industry: Financial services, tech, insurance, marketing, media
Roleshare: employee retention, learning and development, company culture, flexible working, employee benefits

If employee retention is one of your key business goals this year, we’ve got some tips you can quickly and cheaply implement.  

  1. Foster a positive company culture: A positive company culture that values and supports its employees goes a long way in retaining top talent. And it costs nothing. Research shows employees want to feel trusted, respected and valued above all else.  

  2. Make time and space for employees to learn: Employees are more likely to stay with a company where they are given the time and opportunity to learn new things. You don’t have to offer expensive training courses. Setting up an internal mentorship program costs nothing. Or you could set up a recurring weekly session in everyone’s calendar to switch off from the day job and learn something of their choosing (a tactic used by Google).  

  3. Offer flexible working: There's a tonne of research out there that highlights the impact of offering flexible working on employee retention. Different employees will have different needs at different life stages so it’s a good idea to offer a broad range of options from job sharing to remote working and flexi time to compressed hours. 

  4. Show appreciation: Recognizing and showing appreciation for your employees’ hard work can go a long way in improving retention. This could include things like thanking them publicly for their contributions, offering small tokens of appreciation such as gift cards or treats, or recognizing their achievements in company-wide meetings. 

  5. Ask your employees what benefits they really want: Are you spending money on underutilized employee benefits that no one actually cares about? Ask your employees what benefits really matter to them. 

Overall, improving employee retention comes down to great communication with your employees to ensure they feel heard and valued. Regularly ask them what they want and for feedback on how things are going. Annual surveys don’t cut it anymore. Fostering an ongoing dialogue will keep you on the same page and keep everyone happy. 

If you're interested in offering job sharing to your employees Roleshare can help. It's free to trial for the first 30 days. Set up your business account in just a few steps here (no card/bank details required). 

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