When it comes to growing a business, it’s not about how fast you can hire new employees but how well you can retain your top performers. This statement rings true today more than ever, as many companies are focusing on employee retention strategies to reduce turnover and avoid the cycle of hiring, training, and replacing, creating an unproductive loop for all parties involved.
Refered will help your business halt this cycle by becoming your go-to source for effective employee retention strategies. Through extensive experience in this industry, our team has found that the most effective employee retention strategies are establishing a strong organizational culture, emphasizing work-life balance, and providing employees room to grow. Here is what you need to know:
Organizational Culture
If you keep a close eye on workplace trends, you’ve heard the word culture thrown around often, but how can you define what culture is? Workplace culture is “the collection of the values, beliefs, principles, and actions of the organization,” basically the north star, or guiding principle behind your business.
Having employees buy into your company’s overarching mission makes it easier to build cohesiveness by aligning everyone on the same page. Like in sports, a championship team needs everyone to be bought in and work towards a collective goal; it’s no different for high-achieving workplaces.
Work-Life Balance
Another rapidly gaining popularity trend is prospective applicants placing higher value on the work-life balance provided by companies. From the perspective of a business owner, it is clear that preventing employee burnout will lead to increased productivity along with improved retention rates, thus reducing the strain on the HR and recruiting departments and lowering hiring costs.
Some strategies successful organizations have implemented to increase employees’ work-life satisfaction include flexible scheduling, remote working potential, and encouraging the use of vacation time.
Providing Internal Growth Opportunities
Employee retention strategies don’t always need to be complex or financially complicated; one of the most effective strategies is simply giving your current employees room and opportunity to grow within the company.
According to the American Psychology Association, 91% of employees surveyed expressed a desire to be in a workplace with an opportunity for growth and learning. By providing concrete goals and metrics for employees to work towards, they can know how they can climb the organizational ladder and remain motivated to put forth their best efforts every day.
Refered’s Employee Retention Strategy
If these employee retention strategies sound like a good fit for your business, your last question might be, “How do I bring the right employees onto my team?” Refered is able to unblock your hiring and retention bottleneck by leveraging the power of employee referrals.
According to Zippia, one of the leading HR experts, “45 percent of referral hires stay longer than four years, compared to only 25 percent of job board hires.” Refered knows firsthand the impact that referral hires can bring, and with our three-tiered referral process solution, we make sure only the best-fitting candidates are applying for your business with the mutual understanding of a long-term partnership in mind.
Human resources and hiring needs have changed rapidly over the last few years, and Refered is here to help your business adapt with our modern solutions. So see for yourself how we can help, watch a demo of our services today.
