Retaining tenured, skilled employees is vital to running a successful business because losing them can destabilize company culture, productivity, and morale. Businesses need to use traditional and sometimes innovative ways to retain their best employees to master retention. This article discusses five tried-and-true ways to retain employees.
1. Create a Positive Work Environment
A good work environment is one that prioritizes factors that contribute to employee satisfaction, productivity, and well-being. These factors include:
- Work-life balance: A healthy balance between personal and professional life
- Culture: A positive organizational culture that employees feel a part of
- Communication: Open and honest communication
- Respect: Mutual respect for individuals and the organization
- Recognition: Employees feel their hard work is valued and recognized
- Career development: Opportunities for growth
- Fairness: Employees are treated fairly and provided with the tools and resources to succeed
- Teamwork: Employees work together to achieve common goals
Check in on Employee Workplace Sentiment with Surveys and Feedback Tools
How do you know if employees feel you have a positive workplace? While hanging out at the water cooler and overhearing conversations is one approach, a better one is by sending out a survey, gaging eNPS (employee Net Promoter Score), or asking for feedback.
Lanteria HR has tools for collecting employee feedback and creating polls to assess their satisfaction. By staying aware of employee sentiment, companies can address issues before they become problems as well as proactively identify areas for improvement, fostering a dynamic and responsive workplace culture. Be sure capturing feedback isn't just a one-time thing too - create quarterly or even monthly check-ins with employees via their team leaders to ensure a continuous feedback loop. By gathering all of this information in one central repository, like Lanteria HR, you can ensure your organization can easily report on findings and create strategies that ensure a positive workplace culture.
Tools to Help Employee Retention Strategies
Discover how Lanteria HR can help you survey employee sentiment and create better retention strategies for your business with our HRMS.
2. Make an Investment in Employee Professional Development
Investing in professional development is a great way to help employees grow, be happy with their jobs, and stay with the company. Having HR software that helps track development and link it to professional outcomes is not only good for your employees, but great for your business too.
Create a Budget for Employee Learning
Rather than have to business case every course or certificate an employee requests, work with your organization's leadership to carve out an annual budget for employees based on tenure, seniority, or job description. By having an allotted budget, HR staff can put the onus on Managers to approve requested courses that suit their employee's needs or wants versus having an overly involved approval process. Additionally, software like Lanteria HR can help track budgets and automate approval workflows, making it easy for employees to request and get approval for professional development.
Integrate a Learning Management System with your HR Management Platform
What better way to keep track of employee learning than to integrate an LMS with your HR platform. Lanteria HR offers a robust online learning platform for company training and certification programs, and also includes support for in-class learning and training scheduling, making it the perfect solution to support continuous learning in your organization. Employees can improve their skills and keep up with industry changes through personalized learning paths and training modules, including integration with LinkedIn Learning and Go1.
3. Competitive Benefits and Compensation Packages
Competitive pay, benefits packages, and workplace perks are crucial for attracting and retaining top talent, but they can also be a lot of work to manage and administer. This is where HR software like Lanteria HR can help!
Track and Report on Employee Salaries with Ease
Ensure your organization offers competitive compensation by researching industry standards and comparing them against your workforce. Lanteria HR makes it easy to visualize reports on salary ranges by region, job role, job grade, and more to ensure you can take proactive steps to addressing potential salary gaps.
Link Performance Evaluations to Compensation and Bonuses
Having an all-in-one HRMS like Lanteria HR makes it easy to tie performance reviews directly to compensation increases or bonus payouts. By setting performance benchmarks to compensation or bonuses at the beginning of the year, employees stay motivated to achieve goals and managers can easily ensure employees are rewarded after their performance reviews are complete.
Tracking Employee Benefits
Ensure employees can find documents on their benefits plans by adding them to their employee records within your HR management system. This reduces emails or messages to HR to track down details when employees can easily self-serve within Lanteria HR.
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4. Recognition and Rewards Programs
Recognizing and rewarding employees for their work is vital to creating a positive work environment and retaining employees. Not only does Lanteria HR have a comprehensive Performance Module, it also includes a dashboard where HR and managers can post announcements and recognize employees for their contributions to the team.
Announcements & Congratulations on Self-Service Portals
Recognize employee contributions by giving shout-outs on their dashboard in the Announcement section or celebrate their work anniversary or birthday with a special note. Recognition and rewards don't always have to come as huge gestures, sometimes it's the little things that count!
Reward Performance Based on Data
With Lanteria HR, organizations can make informed decisions about rewards with the platform's analytics, reporting tools, and performance review features. By examining success metrics and employee contributions, businesses can ensure that rewards are meaningful and motivating, fostering a more effective and engaged workforce.
5. Clear Career Paths and Advancement Opportunities
When employees can see clear job paths and opportunities for advancement, they are more likely to stay with a company. Lanteria HR lets you create and share clear job paths and create plans for succession.
Talent Management and Internal Skills Tracking
Lanteria HR has powerful tools for managing talent and tracking employee skills so HR and management can help plan employees' careers based on their goals and skills. A company org chart feature also allows employees to see their role and related roles within the organization, enabling them to see where they can grow within the company, which builds commitment and a sense of purpose.
Tools for Succession Planning
Businesses can create a culture of upward mobility by finding promising employees through performance insights and giving them chances to grow, which not only improves employee satisfaction, but makes them more loyal. This integrated approach facilitates effective succession planning and nurtures a dynamic work environment where talent is recognized, developed, and rewarded, contributing to long-term employee satisfaction and organizational success.
Lanteria Conclusion
At Lanteria, we take pride as a market leader in HR management software. Our world-class team of experienced HR and IT professionals ensures that our platform works with the latest in Microsoft technologies, including Microsoft 365, PowerBI, and SharePoint. As a Microsoft Gold Status user and Preferred Partner, our robust platform is ready to meet the needs of today's job market and demands that are constantly changing.
If you're ready to ready to change the way you retain employees, check out Lanteria's HR platform and performance review tools to see how powerful they are. Invest in professional development, offer competitive benefits, streamline recognition programs, and make clear job paths to raise the retention level of your workplace.
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