Ideas for a Staff Retention Strategy
The staff retention strategy at each company is unique to that company's operations, business objectives, culture and profits. It may not even be documented but is perpetuated by the culture and norms established by leadership and adopted by its employees. However, some organizations choose to put together a more formal plan. In your case, if you are struggling with attrition or just need some fresh ideas for retaining employees, this list may spark an idea or two. Some or many of these suggestions may help inspire your workforce to enjoy their job more and become more loyal contributors.
- Provide new experiences.
- Provide talent development opportunity and help them to build their career path within your organization. Consider Talent Alliance.
- Sponsor ongoing training and third party certifications.
- Seek to compensate fairly or competitively.
- Provide full coverage on health benefits.
- Offer a competitive bonus program that includes a sign-on bonus, milestone-based rewards and monthly or quarterly bonuses when possible.
- Consider tying bonus amount directly to profit levels by department. Research various bonus and reward models to find one that's most equitable for your organization's structure and business model.
- Match a 401K contribution, healthcare savings account contributions or life insurance options.
- Frequently evaluate satisfaction among employees with middle and senior management, and fix problem areas.
- Provide otherwise optional perks such as tuition reimbursement.
- Offer a competitive vacation and time off program.
- Celebrate employee birthdays and major life events such as new babies and weddings.
- Celebrate employee tenure milestones such as one-year, three-year and five-year.
- Celebrate holidays and work to create your own relevant or fun company traditions.
- Consider "flex time", adjusting schedules to meet employee needs but still achieving maximum output.
- Consider a "work from home" program.
- Research opportunities for on-site day care, pets in the office, and workout facilities.
- Subsidize or cover soft drinks, healthy snacks or lunches occasionally or daily.
- Run a charity program that encourages employees to contribute while the company donates as well.
- Encourage employees to respond to interviews and speaking requests, becoming a trusted advisor in their industry.
- Get serious about your recruiting and screening processes to hire driven, talented individuals who will further your cultural and performance-based philosophy. Treat your leadership selection process with similar or even greater selectivity.
- Create an employee referral program, rewarding employees when someone they've recommended is hired. This will increase your talent pool and also increase employee satisfaction as team members begin working with their colleagues.
- Encourage team members to work together in team environments.
- Create a peer recognition program.
- Communicate individual goals and progress where appropriate, but more importantly, establish and communicate company-wide goals and progress frequently and honestly.
The help of a trusted advisor may be what your organization needs to put together a solid staff retention strategy. Contact IMPACT Group for more information.