Retention is one of the most common employer challenges historically, and in a post-pandemic job market, it’s more important than ever. Keeping teams happy, healthy, and stable in roles that support them is a major priority for workplaces around the world. It’s all about incentives.
Incentives should hopefully be a large part of your winning return to office formula. Unique perks to being “on the job” quickly help teams see the office as a good place to be. Over time, you will have a happier, more productive team who isn’t just with you to pay the bills, but as part of their long-term goals.
In this article, we discuss how you can use incentives to optimize your employee retention. Read on to find out how to win your team “back to work” for the foreseeable future, and give them (and you!) an enjoyable workplace for the long term.
Most agree that long-term retention is a “good” thing. But how important is it, exactly?
According to Glassdoor, it costs about $4,000 and 24 days to hire a new worker. Other reports confirm this, and in many cases, the numbers can be (much) higher. That’s not to mention team resources and energy that could be spent more directly on job duties.
Companies with a higher employee retention rate bear a lot of fruit. Here are just a few of the key areas where higher retention rates make a difference:
Higher retention is somewhat obviously a good goal to strive toward. The next step is implementing an action plan. This starts with assessing and improving company culture.
Take care of your team, and they will give back. Every office is different, but there are certainly consistent themes in positive companies. Take a look around your space and see what changes you can make.
With a strong culture established, helping your team build skills within your company is the next best retention incentive. If you want to maximize employee retention. It's essential to provide the right level of training for your staff. With adequate training, your team will know exactly how to do their jobs, helping them feel confident and competent. Moreover, they will be more capable of collaborating with trained staff members.
Consider offering courses for your staff to enhance their skills and be promoted into higher roles. This is highly important because it shows your staff the benefits of sticking with them.
Around 76% of employees hope to expand their careers. Investing in employees shows you care and inspires everyone to pursue growth and excellence.
When your staff is reassured that there is an achievable career progression in your organization, they’ll be more satisfied and content in their roles. They’re also less likely to search for work elsewhere, helping you maintain noticeable employee retention. The high strivers will, in fact, become even more productive than ever before.
All of this combined will serve to give your employees a greater incentive to return to the office.
Keeping your employees happy in the workplace can lead to significant benefits for your company. At Ritual, we help improve the workplace experience with incentives, which contributes to keeping employees in your sphere for longer.