How to Create an Employee Retention Plan for Your Business

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These days, the competition is heating up. Not only are your competitors taking the market share – they are also taking your best employees. With better offers, better benefits and a better work environment – how can you compete? Well, there are a number of ways that you can hold on to your most talented workers for longer, but it starts with a strong employee retention plan. An employee retention plan requires upgrades to the way your business does business. In order to hold on to employees, you have to make your company more exciting to work for. Not only that, but you have to make working conditions comfortable and you need offer your workforce something that the competition can’t offer. Here is how to create an employee retention plan for your business.

employee retention plan

First and foremost, in order to keep employees happy, you have to tear down the dam of miscommunication and construct a clear channel where your workforce can air their grievances. If there is a lack of transparency – between upper management and employees – you will undoubtedly have an unhappy workforce and the retention rate will be low. Creating this kind of landscape at your company is the foundation of your retention plan. If you don’t know why your employees are unhappy, it will be hard to make changes.

After you lay the groundwork with your employees, you want to start with management. This is often the hardest part – strangely enough. Some managers and executives have rigid ideas about how they should manage employees. If this is the case, you may want to hire a coaching firm – like Catalyst Action Coaching, LLC – to teach your management team all the merits of employee retention. Having a management branch that knows the needs of your employees is important. More importantly, though, you want to make sure your management knows how to motivate employees by using a wide variety of tactics and strategies.

Next, you want to make changes in the way employees are compensated. One of the biggest reasons why employees leave a certain job is because they aren’t being adequately compensated for their talents. The thing that many businesses don’t realize is that employees will be more motivated and ambitious if pay is increased accordingly. If you have a happier, more motivated workforce, you will not only have a high retention rate – you will also have more revenue.

Lastly, there is a lot that goes in to boosting your business’ employee retention rate. Not only are there changes that need be made on the ground level, but also in the middle and the top. Like a layer cake, your business needs to make sure the right ingredients are put into the recipe for each and every facet of your business. When it comes down to it, having to keep going through the hiring process can start to get incredibly expensive – not to mention the fact that you are losing valuable talent. In the end, employee retention should be at the very top of your business’ priority list.

 

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