An essential component of the foundation of a business is its valued employees. Without the work and dedication of employees and their leaders, the structure of the business would ultimately collapse. Talent that positively impacts your organization should always be viewed as a valued asset. High turnover rates damage the company immensely. Potential applicants can view high turnover rates as a sign of instability. To benefit your business, your employees, and increase the potential to attract new talented candidates, consider these four ways to improve company retention.
Positive Corporate Culture
Corporate culture plays a large role in a company’s turnover rate and its retention ability. Organizations with positive company cultures are proven to have a higher rate of new applicants and a lower rate of employee turnover. According to Harvard Business Review, employees who can envision their career path and feel committed to a company with a positive value system are, statistically, going to be less likely to leave for their next role.
If your company is struggling to keep employees on the payroll, it will also likely struggle to expand internally as well. The power of the internet has created a significant pathway for research prior to submitting an application. Low company reviews and scores signifying a negative company culture can directly impact the number of applicants you recieve.
What employees are being paid has a direct impact on their dedication to a company. It’s important to make sure your employees are adequately compensated for the work that they do. As employees grow within a company and assume new job titles and responsibilities, their pay scale should increase as well to offer appropriate compensation. Employees that are taking on promotions and new roles with minimal or no change in pay are more likely to begin a job search and seek employment elsewhere.
Opportunity for Growth
Employees and potential candidates want to know that they’re working for an establishment they are able to grow with, personally and professionally. Stagnation within a role can be harmful to an employee’s motivation and can often result in a lack of effort. Highlight the areas of potential growth within your organization so employees can envision a clear path for the future of their career.
Feeling of Respect
Showing employees respect signifies the company’s appreciation toward them and their work. Employees want to know that they’re valued and appreciated, even within large-scale companies where recognizing individual employees may prove to be a little more difficult. Giving respect will help your employees develop confidence in what they do and encourage greater levels of productivity and dedication.