Implementing employee retention strategies can help businesses keep their top talent and maintain productivity. Losing even one employee can cause a significant disruption in workflow, and it may take time for remaining employees within a department to get back on track. Often, the added cost of hiring and training someone new can be higher than the incremental costs of retaining an experienced staff member. These are just a few reasons why companies are getting creative with their employee retention ideas to help keep their workers engaged.
Develop personalized strategies
Offering employees something that they may not find anywhere else may be an effective way to help increase retention. Companies should find unique ways to help increase job satisfaction and relate the strategies to the overall work culture. Jessica Totman, Paychex HR generalist, remembers a previous employer who was a fan of the TV show “The Office” and designed a more work-appropriate version of “The Dundee Awards.” During an annual ceremony, customized awards and trophies were handed out for each person to recognize a specific skill, achievement, or other accolade. Totman believes this idea worked for many reasons. First, the owner of the company took the time to think about each employee when designating the awards. Also, the trophies were displayed on employees’ desks year-round and became talking points for new employees to learn about their coworkers. Overall, the award ceremony was a highly anticipated event in the company and served as a creative way to reward employees for their contributions during the year.