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The Importance of Employee Retention

The foundation of a great business relies on much more than the products and services you offer. In actuality, you can’t have a great business without the employees who do the hard work day-in and day-out.

Retaining talented employees ensures long-term growth for your business. To keep employee retention rates high, it’s important to do what you can to ensure your employees have a career, not just a job.

Employee Retention Best Practices

Employee retention is about creating a working environment that supports your employees and inspires them to stick with your company. Here are a few best practices to follow to create this type of environment:

  1. Ask your employees what they want: There’s no need to guess what works for your employees—ask them. Employee satisfaction surveys allow you to gather insights from what’s working and what’s not. By speaking with your employees, you’ll notice your problem areas, so you can start making positive adjustments.
  2. Prioritize employee appreciation: Making your employees feel appreciated improves their job satisfaction. A simple “thank you” for everything your employees do each day is a great place to start. And there are plenty of other ways to show your appreciation such as special team dinners, recognition ceremonies and surprise time off. Remember to show appreciation every day!
  3. Review your benefits packages: In a recent survey by PayScale, 25% of people surveyed left their jobs for higher pay. It’s critical to revisit and adjust your compensation plans to regional data and ensure you’re offering a competitive environment to retain your employees. A comprehensive layout of the full picture can level the playing field against volatile market trends.
  4. Invest in your employees: Your employees are critical to the future of your business. Show them just how important they are to your infrastructure by offering career development. Whether it be by direct training or educational reimbursement, investment into training will build leadership for the future.
  5. Prioritize communication: Don’t wait for a scheduled performance review to speak with your employees. Every employee should tout your open door policy knowing they feel comfortable coming to you with any concern, idea or question they may have about their job.

Engagement Is Also Critical to Employee Retention

Employee engagement is the connection your employees have with their workplace. Without it, employees feel as if they’re on an ever-spinning hamster wheel, which completely drains their job satisfaction.

Engaged employees are more likely to stay with your company, reducing turnover. At RFA Engineering, we work hard to engage with all of our employees. To do so, we use various engagement tools, including monthly meetings and seasonal outings such as rounds of golf and bowling. We also recognize our employees’ hard work frequently through monthly employee recognition programs and kudos awards.

Employee Satisfaction Equals High-Quality Service

We understand the value of retaining employees, which is why we use engagement strategies to keep them interested and fulfilled in their daily work. Happy employees contribute to RFA’s ability to deliver top notch service to you, every time. To learn more about our engineering services, give us a call at 952-843-2700 or send us a message.

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