How to Retain Employees Forever with These 5 Employee Retention Strategies
It's difficult for business owners to find talented and reliable workers in today's job market. Most companies struggle with employee turnover, some investing large sums of their hiring budget into new employee training, only to lose the employee after they complete it.
When you do find hard-working dependable staff members, you want to make sure you're doing everything in your power to keep them on board, preventing the high employee turnover rates common within the industry. So how do you do that?
There are many effective employee retention strategies and tips that help raise employees job satisfaction and keep them happy while working with your company. The following employee retention strategies are just a few tips that have worked for blue-collar employers in the past.
1. OFFER COMPETITIVE COMPENSATION & BENEFITS
While it might seem obvious, low wages and meager benefits are often problems within blue-collar industries. Remember that your employee's job is difficult because it requires a high level of strength and skill to do it correctly. Effective business leaders focus heavily on job satisfaction and company culture as an employee retention strategy.
It's been determined that if you pay your employees their worth, they'll be motivated to work hard and stay with your company longer. If you run a smaller company and cannot afford to compete with high rates offered by local competitors, try offering more of a healthy work-life balance with flexible work arrangements, or extra vacation days to attract top workers.
Some of the top companies provide retirement planning services while improving health care benefits to attract and keep valuable employees.
2. BRING SUPERVISORS INTO THE RECRUITMENT PROCESS
Due to the group effort involved with blue-collar positions, it is important to make sure you're hiring true team players. Instead of doing one interview yourself, let your team members review each application and talk to the potential hire.
By doing this, you're not only building trust amongst existing employees but ensuring that you'll take on new workers who'll be a good company culture fit.
Ensure you pay attention to what industry competitors offer their new hires. Some of your industry's top talent won't even apply if their new job is missing some key benefit like professional development opportunities.
3. PROVIDE PROFESSIONAL DEVELOPMENT & PROMOTE FROM WITHIN
If people feel like they might have an opportunity to climb the ranks of your business, they are more likely to stick around. Research states that a desire to work toward a higher position within the same company is especially strong in the blue-collar industry. Encourage employee engagement by providing professional development opportunities for them to grow within your organization.
This can come in the form of tuition reimbursement for ongoing education, on the job training, and leadership development.
Be clear with your staff about what leadership opportunities are open and how to get there. Offer apprenticeships or special training to employees who display good effort and strong values for improved employee retention. When employees feel valued, they are more likely to stick around.
4. Listen To Employees
Since you're probably not there to see every project your employees are working on, it's important to listen to what they have to say. You'll gain insights on how to improve employee retention and boost your current employee morale
After all, they have firsthand experience and can probably see the most effective way to handle situations. Plus, your employees deserve to be heard.
If employees feel like their opinions are valued and respected, they will become more comfortable in their positions and are more likely to remain with your company.
5. Reward Their Efforts
Make sure you recognize the difficulty of the labor involved in blue-collar work. Create custom awards for achievements and milestones, throw parties when they finish big projects and identify personal successes to show your staff you care. Remember, job satisfaction requires more than just a paycheck.
It'll surprise you how much a kind gesture of employee appreciation can uplift the morale of your employees, leading to improvements in your company's performance. This gesture can either be a raise in pay, a bonus or a crystal award; the most important thing that matters is that your employees see that their long hours of hard work are appreciated and praised.