Recruitment, compensation, payroll processing, and managing employee data are just among the many tasks of your HR department. Yet, one of their biggest challenges is retaining employees. Workers often leave because of low salaries, lack of growth opportunities, dissatisfaction with work culture, and more. To address these issues and foster employee retention, companies can benefit from utilizing innovative employee software like SenseHR. This employee software by SenseHR provides comprehensive solutions to address various aspects of employee satisfaction and retention. It offers tools for tracking employee performance, identifying growth opportunities, and enhancing work culture, all of which are essential for building a satisfied and engaged workforce. By implementing such software, companies can take proactive measures to retain talent and create a more favourable environment for their employees.

However, low retention rates can lead to low morale and productivity across the company.  Hiring and training new employees is costly as well. With the number of employees quitting within a year rising to 42 million, let us discuss some ways to increase employee retention rates and boost company performance.
 

1. Use Exit Surveys and Feedback Forms

Use anonymous feedback forms or exit surveys to discover why employees consider staying or leaving for different positions. You can gather information to tackle core company problems, such as whether it is the work culture or low pay, making employees leave, and making practical changes. Sample questions you can include are: 

• Given the opportunity, what changes would you make in the company?
• What made you look for a new job?
• Would you recommend our company to a family member or friend?
• How would you describe the company culture or your supervisor? 
• On a scale from 1 to 5, were you satisfied with the career growth opportunities?
 

2. Upgrading Your Onboarding Process

Onboarding is essential for employees to acclimate to their roles and company culture. It will inform hires of what the company can offer them, such as mentorship programs or monthly dinners. An effective onboarding process increases retention by 82%. You can improve your onboarding process by investing in preboarding: the day your employee accepts the position, begin engaging with them, such as by connecting them to coworkers who can offer guidance. 

You can introduce fun employee onboarding activities, including asking them to bring their favorite sweet dish (cookies!) or initiating them through a boot camp. The buddy system, online training videos, and a welcome packet (containing different resources) are also effective.
 

3. Mentorship Programs 

Mentorship is a partnership between the mentor (experienced managers, leaders, or seniors) and the mentee (a less experienced individual or new hire). Help them build connections with their supervisor and peers and increase employee engagement. It is easier for hires to get instruction and feedback from mentors rather than constantly being micromanaged by managers. Mentorship programs also provide mentors with career growth opportunities and increase chances of promotion.
 

4. Offering Remote Work Opportunities or Hybrid Model 

Remote work can offer both flexibility and increase work-life balance. And companies offering remote work experience a 25% turnover rate. Remote work can improve one’s mental health and decrease stress. Employees find they are more productive as they have fewer distractions, for example, being distracted by conversations between coworkers. They don’t have to deal with time-consuming commuting, which saves travel costs. Different hybrid models to consider include the following: 

• The at-will model allows employees to choose the arrangement most suitable for them.
• The split-week model splits the week into two to three days where you work onsite, and two to three days from home.
• Week by week model allows you to alternate weekly between onsite and from home.
 

5. Salary, Benefits, and Rewards

Many employees quit because of their salary, you should match industry rates to attract and retain the top talent, but you need to offer other benefits, such as: 

• Bonuses
• Health Insurances 
• Paid vacations 
• Paid medical leave
• Education benefits
• Offering stock options

Reward employees for efforts, not just results, thanking them in front of peers for their efforts or privately giving praise or constructive feedback can go a long way. This will make employees feel like they’re valued in their company.
 

Endnote

From an exciting onboarding experience to providing continuous career advancement opportunities, you can help your employees grow. They make up your business, and it’s essential that they are satisfied with their job and are shown appreciation for the work they put in. Don’t stop here; keep brainstorming more and more creative ideas that make your employees feel valued and cared for.