Having new employees can introduce a lot of energy and new ideas to your company. In fact, having new employees is crucial to maintaining a successful and long-lasting business. However, having high turnover rates at your company can be stressful and is not good for your business.
Show Appreciation for Long-Time Employees
If you want employees to stay at your company longer, you need to show them that it is worth it to stay. For employees that have already worked at your company for a long time, it is important to show your appreciation for them. This will help them feel valued and that they are an important asset to your company. One way you can show appreciation for long-term employees is by celebrating their five-year anniversaries in the company. You could take them out to dinner or throw them a small party at the office.
Keep New Hires Engaged
In addition to keeping long-term employees happy, you should also pay special attention to new hires. Inevitably, you will have some turnover as people age, move away, or experience extenuating life circumstances. After choosing your new employees carefully, you want to keep them working at the company for as long as possible. Gamification can make employees 48% more engaged than other employees. Having competitions, games, holiday festivities, and fun in the office or with employees can also boost company morale.
Stay Competitive
If employees don’t feel they are getting what they need or deserve out of your company, they will typically quit and find work with a different company. You need to stay competitive and provide fair wages for your employees. In 2022 alone, of surveyed employees who had recently quit a job, 37% left because of inadequate pay. Be aware of what competing companies and markets are paying their employees so you can keep your employees. Also, take note of what benefits competitors are offering and how your company compares. Your company must stand out from others in order to attract and retain good employees.
When you have high turnover rates, it can be difficult to always be training new employees or to establish strong company values. Putting in more time and effort to nurture new employee relationships and keep long-term employees happy will create a more stable, sustainable employee pool. When you have employees you know and trust, you can produce more quality work.
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