You may focus on finding and hiring great employees, but how do you retain such employees? Jesse Carleton, writing for HARDWARE RETAILING, gives six tips for increasing your employee retention rate.

  1. Review Total Compensation - While expressly stating an employee's salary is important, be sure to highlight other benefits to working for your company such as health insurance, paid time off, and other perks that will add to your employee's compensation.
  2. Keep Your Enemies Close - If an employee does decide to leave, find out what they know about their next employer. How does that company's culture compare to yours? How could you improve your company to make it a better place to work?
  3. Check-In With Employees - Periodically meet with your employees to see how things are going for them in the workplace. Carleton suggests asking these questions during what he calls the "stay interview:" "Why did you come to work here? Why have you stayed? What would make you leave?"
  4. Communicate - Meet with your employees regularly so that they can share their ideas about the business. If they feel like they can play a crucial role in the business, they will be more likely to stay. Cultivate an environment where employees can freely offer suggestions to management without fearing repercussions.
  5. Improve Your Flexibility - Offering flexible scheduling will help employees maintain their desired work-life balance. Adopting a software that lets employees switch shifts easily and submit requests for time off electronically can make the process easier. "You may not be able to always accommodate everyone, but making an effort to help employees whenever possible will go a long way to generating a positive attitude toward your business," Carleton says.
  6. Develop Your Employees - Avoid letting competent employees become bored with their positions. "When employees show an aptitude to take on more responsibilities, cross train them in different departments or send them to vendor-specific training seminars to develop their product knowledge," Carleton advises. By giving them more responsibility, you'll show them you not only have faith in them, but are also interested in helping them develop professionally.
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