Employee retention is a crucial and mostly overlooked facet of business success. Studies and researches have proven that retaining top talent is imperative for obtaining higher morale, sales growth, and satisfied customers. On the contrary, employee turnover results in draining the company’s staff and financial resources. Losing a key employee not only pushes a break in the process but also costs you financially until you find someone deserving. This indicates that your employee retention strategies need to be efficient enough to improve and incentivize all aspects of the employee experience.
In addition to paying your employees well, there are certainly other factors that you must consider, such as temporary disability benefits insurance and employee benefit policies for higher retention. Here are three ways from Jason E Fisherfor you to ensure a higher employee retention rate for a successful business.
Privatizing Temporarily disability benefits insurance
Under TBD insurance, an injured employee unable to perform regular duties or activities is entitled to benefits (wages or medical treatment) until his/her return to work. It is mandatory for every employer to have TBD insurance for their employees under state law. However, recently, the New Jersey department of labor made it possible for employers to privatize TBD insurance independently. Privatizing TDB enables the business owners and their employees to get flexibility and greater convenience while claiming the insurance. Alluring employee benefits packages, including better TDB coverage, helps in achieving a higher retention value.
Be transparent and open
With open communication between employees and management, you can garner the employee’s trust and hence, a fruitful relationship. Try to arrange regular meetings where employees can provide ideas and also share their concerns frankly with the managers. This will make the employees feel valued and help in building a long relationship with them. As per Jason E Fisher, it is the best way to ensure that your employees trust the company and they are loyal to you. Ensure each employee knows about the entire working process and has a saying as per their designation.
Today life/work balance is the most crucial aspect that almost every employee desires. This directly affects employee retention. According to the recent study shared by Boston College Center for Work & Family, 76% of managers and 80% of employees accept that flexibility plays a vital role in retention. So, make sure that your employees have a flexible system to enjoy working for you. You can offer them a few work from home days within a week or even relaxation with the working hours a few times in a month so they can enjoy their personal lives as well. This will help you in building a great relationship with your employees overall and also increase their productivity.
Jason E Fisher says that though along with offering temporary disability benefits, insurance, and work flexibility, you can also include other strategies for retention, these three are the essential ones. With the help of these tips, you will be able to increase your employee retention rate tremendously.