The average worker today stays at each of his or her jobs for just 4.4 years. Long gone are the days when people worked for one company for 30+ years and retired when they got their gold watch. Let's help more employees make it to their 5th anniversary with these 5 tips!
Peer to peer awards are important for employee retention as they give workers a way to communicate and recognize each other. Peer awards don't always have to be tied to a monetary value, it is more important that employees have an outlet for recognizing each other when someone goes above and beyond. Workers who hear from their peers that they are doing well and appreciated are much more likely to be retained.
If you aren't letting employees know how they are doing on a fairly regular basis, you are likely to have lower employee retention rates. People crave recognition and feedback. If someone is doing something incorrectly or performing poorly, it is best to have these uncomfortable conversations as they happen instead of waiting to divulge the truth during an annual review. Employees should be given the chance to improve their behavior once it is identified. Many of our clients hold quarterly check ins with employees, and for top performers, they may even receive a good size recognition award in the process.
One of the main reasons for employee turnover is being limited in a position instead of being encouraged to grow. Mentoring and training award programs will help you increase employee retention as they allow experienced workers to transmit their knowledge and help them to feel like a valuable resource. It will also help to increase the employee engagement of less experienced employees who receive the special training. No matter the level of experience, if your organization can offer continuing education opportunities, this will also help with employee retention. Many of our clients give incentives to employees who become CPR certified or earn a certification in their field of expertise.
As employees reach milestones along with the organization itself, it is important to make a big deal about it. Clients of ours celebrate individual milestones like years of service, safe driving records and finishing major projects. Organizational wide celebrations usually occur when a company reaches so many hours worked with no accidents, or they reach a major milestone (50 years in business) or receive an industry award. These events are so important and everyone in the company should know about it! These situations remind people why they are working for the company and why they would want to stay.
One of the best ways to increase employee retention and engagement is to simply have fun in the office. At Awards Network, we dress up on Halloween and have fun activities all day, for example. Aside from celebrating the holidays, we have a close knit team and know when someone's birthday is coming up or when we need to share a funny joke to lighten the mood. Especially during stressful seasons, such as the upcoming holidays, managers' attitudes can go a long way to inspiring positivity in the workplace.
Increasing employee retention doesn't happen overnight. But if you follow these 5 tips, you can go a long way in retaining your best employees while helping to improve your under performers. Join the movement and let's help make more employees make it to their 5th anniversary!