It’s no secret that employee turnover can take a major toll on HR resources and your Company’s bottom line. Today’s average worker only stays at a job for 4.4 years and the Millennial workforce stays for only half that time. A lot of employees looking to transition will start their search at the New Year making now the perfect month to focus in on retention.
Here are three simple employee retention ideas that we have used at WorkBright to increase retention – and trust us, we LOVE our jobs! So try implementing these this month to help set your company up for amazing employee retention in 2016:
1. Incorporate your organizational values into a thank you letter to your employees for their work over the past year.
For example, at WorkBright one of our core values is that “we listen”. This means listening to our customers, investors, board, AND our employees. In review of the previous year, our founders identified that our policy on dependents with health insurance was a concern for some employees. After reviewing the concerns and weighing options, they have revised our policy and rolled it out to the team with a quick note about how they appreciate the hard work over the last year, heard the concerns, and the actions they took to overcome the issue. (p.s. we used our internal WorkBright account for open enrollment! Email us here if you want to find out how.)
This can be in the form of a letter or in person. At WorkBright, we attended a group dinner with our team and their significant others (photo featured here). Once wine was served, our CEO went around the table saying what he was thankful for about each employee. Not only did that give each individual the warm and fuzzies, but it was great for our significant others to hear as they are hugely influential in supporting each of us in our roles.
3. Take time out for fun.
The new year can be busy for most companies with budgets being set, sales ramping back up, and closing the past year’s books. While it’s customary for most companies to have a holiday celebration in December, consider making room for some fun during your annual planning which most companies do at the beginning of the new year. For example, our company is taking off for the mountains this month – during the work week – for an annual planning meeting. During our two days, we have cross-country skiing AND a little downhill skiing/snowboarding mixed into our daily agenda. These activities help your team to bond and provide some awesome memories to look back on if things get tough.
For more great retention tips, download our free flipbook here.