Keeping Employees

July 28, 2023

Employee retention is an organization’s ability to prevent employee turnover. Retaining employees is not only about keeping them happy, it is about retaining top talent and ensuring the best employees stay with the organization long-term. An organization’s retention rate (low or high) directly affects the overall business. Organizations with high retention tend to have more engaged workers who, in turn, improve customer relationships and are overall more productive. Engaged employees are more motivated and care about their work.

Organizations will use many resources to attract top talent, which can be costly and time consuming. Retaining high value employees is crucial for every business. Studies have shown that one-third of new employees quit their position after only six months. It is important for companies to know why employees leave. By knowing the reasons for high turnover, employers can solve the issue directly and create a better working environment for everyone.  So why are employees leaving their positions? The top reasons employees give for quitting are low pay, lack of flexibility, dislike of their boss, and little room for growth/development.

While it’s important to know the main reasons for turnover, it is also essential to be aware of what drives employee retention. Employees want to feel like the work they do matters and that they are appreciated. Some ways organizations can show appreciation to their employees is by offering rewards. These can be monetary or non-monetary. Below are some examples of rewards that promote employee retention.

  • Healthy work environment- open communication, positive values, accountability.
  • Rewards and recognition- discretionary bonuses, additional PTO, gift cards, tickets to sporting events.
  • Flexibility (work-life balance, work from home) 90 percent of employees say more flexible arrangements would increase morale.
  • Opportunities for growth and development- offering training and career development opportunities is a big incentive for those who want to acquire new skills.
  • Competitive pay- compensation that is equal to or above the market rate for a given position or industry.

Questions on how to improve your company’s retention rates? Call the HR experts at UAP today and see how we can help!