Average Employee Retention Rate: How You Can Increase Your Rate

I think the following raises some excellent points about Employee Retention. I’ve included a few of the highlights for you to get the gist of the article:

Given the dire consequence of losing your best employees whenever labor markets rebound, you’re probably wondering, how you can keep your employee retention rate high? Organizations with high employee retention rates have best practices that you can apply in your own organization.

These are some key recommendations you can implement to increase your employee retention.

Offer a competitive salary and benefits.

Never assume that because your pay and benefits were fair three years ago that your pay is fair now. This is especially true in expanding industries such as software development and nursing or in cities that are experiencing growth.

You should benchmark your jobs against the market every year and make sure that you pay your employees market rates. As a portion of a complete compensation package, employees also appreciate access to bonuses, profit sharing, activities, and events.

Train your managers.

You’ve heard the saying that people don’t leave jobs, they leave managers. This is true; even though other circumstances such as feeling properly compensated may also affect employee decisions more.

Make sure your managers are well trained in not only management techniques such as effective communication and soft skills but also in employment law. You don’t want to lose employees because they are reporting to bad managers.

What do you think? Maybe you’d like to read on? Check out the full version here then give me a call to discuss how this might impact your own business: (0407) 743-276. Alternatively, email me at greg@tprc.com.au.

Thanks,

Greg