Let’s face it—keeping great employees is harder than ever. In today’s competitive job market, losing a talented team member isn’t just a hassle; it’s expensive. Did you know that replacing an employee can cost up to 2x their annual salary? That hurts not just your pocket but also the morale and productivity of your work culture.
But here’s the good news: employee retention isn’t just about luck. The right HR practices go a long way toward forming a workplace that people desire to stay on with, grow, and thrive. Whether you’re a small business or a midsize company, this blog will give you some pointers on how to implement employee retention strategies that work.
1. The Cost of Losing Employees: Why Retention Should Be a Priority
Before we get into employee retention strategies, it makes sense to comment on why it matters. The thought of losing employees also encompasses the cost of receiving training and engaging someone else-new. And the ripple effect it has on the business:
According to Gallup, companies that have high employee retention experience a whopping 21% higher productivity and 22% higher profits. That’s a gargantuan scale of importance for any business world, and that is especially true for small to midsize companies that cannot afford to waste resources.
2. What Employees Really Want: The Key to Retention
So, what keeps people from leaving? Possibly keeping the lines of communication open will help show them that you do care. Below, find some of the top factors that influence talent retention strategy:
This is where HR applications come in. By partnering with a company like OEM America, you can offer big company benefits at a fraction of the cost. For example, their PEO services allow small business owners to claim comprehensive benefits, which are usually only afforded by larger corporations.
3. How to Retain Employees: Proven Strategies That Work
We now know what employees want, so let’s go on to discuss the actionable strategies that can be employed to retain the workforce. These are no mere theories but are widely accepted ways through which you can hold on to your best employees.
a. Offer Competitive Benefits (Without Breaking the Bank)
One of the most honoring retention strategies for employees should include huge benefits. But here’s the kicker: a lot of small businesses assume that they can’t afford it; this is where OEM America comes in. Because of their Professional Employer Organization (PEO), you can take advantage of:
And the best part? You will not be alone. OEM will handle the heavy lifting so you can go and run your business.
b. Create a Culture of Recognition
Employees want appreciation. Simple things like a “thank you” or acknowledging an accomplishment go a long way. Consider organizing:
c. Invest in Professional Development
Employees are more likely to stay if they see a future with your company. Offer growth opportunities, such as:
d. Foster Work-Life Balance
Burnout is very high on the list of reasons why employees leave. To enhance retention in the workplace, you may want to consider:
e. Ensure Compliance and Reduce Stress
Let’s be honest: nobody likes dealing with HR paperwork or filling out many compliance requirements. If you outsource your HR function to OEM America, your team will be less stressed as to how to make it all work on their own and be assured that everything is done in a compliant manner. Thanks to the HR compliance services of their company, the guessing game is put to rest when it comes to local, state, and federal laws.
4. How OEM America Can Help You Retain Employees
If you’re feeling overwhelmed with these employee retention strategies, you’re not alone. That is where OEM America comes in, here is how they can help you:
5. Real Results: How Better HR Practices Improve Retention
Still not convinced? Let’s look at the numbers:
By partnering with OEM America, you’re not just improving employee retention—you’re setting your business up for long-term success.
6. Take the First Step Toward Better Retention
Are you ready to improve employee retention in an organization? It is really simple. Here’s what you can do at this moment:
1.Assess Your Current HR Practices: Are you offering competitive benefits? Are your employees happy and engaged?
2.Partner with Experts: Let OEM America handle your HR, payroll, and compliance so you can focus on your team.
3.Invest in Your Employees: From benefits to professional development, show your employees they’re valued.
Conclusion
At the end of the day, employee retention is about making a workplace attractive enough for people that they choose to stay there, not to stay in their jobs. Appropriate HR practices can make a dramatic reduction in attrition, lift morale, and set the organization up for success.
And remember, you don’t have to do it alone. OEM America is here to help. With their expertise and personalized approach, you can focus on what you do best—running your business—while they take care of the rest.
So, what are you waiting for? Start maximizing employee retention today and see the difference it makes for your team and your bottom line.
Want to learn more about how OEM America can help you retain top talent? Call us today and we will set you up with a free consultation to see how our approach to HR can help mold your company into one where employees want to stay!