10 effective strategies to increase employee retention and drive growth

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CEO at Loxentus Inc.providing entrepreneurs with implementable frameworks for leadership, profitability and growth.

Throughout my career, from public service to entrepreneur to CEO, I’ve invested in understanding the areas that drive business growth and success. One of the most important lessons is that leaders not only prioritize profit, but also the people, especially those in your organization who drive your business goals. Part of impactful leadership is giving employees the resources they need to thrive in and beyond the workplace. Over time, continued support will lead to profitability and measured growth.

To help leaders grow better and retain company talent, I turned to the members of gotechbusiness.com Business Council Employee Empowerment Group, an online community I lead, to share their best tips for maximizing employee retention.

Contents

1. Invest in employee development and career opportunities.

Prioritize training, mentorship programs, and clear career development paths. This shows employees that the company is investing in their professional growth and development, which can increase job satisfaction and reduce turnover. It can also help to provide regular performance reviews, recognition and rewards for good work, and open communication. – Kir Linington, Linear Roofing and General Contractors, LLC

2. Pay people what they are really worth.

With an ear to the ground in HR and recruiting, the best tip for owners to increase retention is to pay people what they’re really worth! Shocking, I know, but today’s graduates, as well as various roles with significant transferable skills between arenas and industries, will find somewhere else to pay them for the skills they currently possess. Don’t hire if you can’t afford it. – Dana Neger, HIVE Talent Acquisition Firm

3. Strengthen team culture.

Entrepreneurs can improve retention by focusing on team culture. Team building and supportive workplaces increase employee motivation, engagement and job satisfaction. Flexible working arrangements and development ladders will also help employees feel secure in their jobs. – Shaan Rizvi, plaxonic

4. Enforce transparency.

Employees appreciate when leaders share goals, plans and challenges with them, even if those challenges involve being able to pay raises and bonuses. Being direct and honest with your team and giving them something to look forward to will keep them engaged and committed, even when tough decisions have to be made. – Adi Vaxman, Scheba Consulting

5. Cultivate drives in your organization.

Look at the perspective of your middle management positions and differentiate between who is at the helm and who maintains the status quo. Frankly, every department needs to cultivate drivers through what could be a two-year economic turbulence. But here’s the thing: some people in your organization may want to drive, but they don’t have permission to do so. Discover the drivers and unlock the income to pay more and thrive. – Jeremy Finlay, Quantum. com

6. Remember that mindset leads to achievement.

Focus on what it takes to achieve business goals and strategy. If vision and strategy lead to transformation, growth and acquisition, leaders may need to prioritize their investment in employees with a “growth mindset” who have the ability to think about complexity and embrace change. On the other hand, if the goal for the next few years is survival and maintenance, invest in customer maintenance workers. – Carrie Sullivan, Culminate strategy group


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7. Use effective people analytics.

The one key factor missing from many companies’ efforts to maximize efficiency is effective and actionable people analytics. Who is the real topper? How biased is the manager’s framework for identifying top performers? What drives their productivity? What are the drivers of failure? What are the behavioral patterns that lead to higher ROI? – Grabchak denies, Performance

8. Focus on employee well-being.

In this day and age it is important to focus on the well-being of the employee. What are the main stressors of your employees? Offering benefits to support them keeps them healthy and, in turn, focused and productive, which lowers turnover. – Roxanne Derhodge, Roxanne Derhodge Consulting

9. Offer better benefits.

During the pandemic, we focused on providing better benefits to our employees rather than laying people off. In those difficult times, we are able to double our sales and continue to thrive despite the situation. Employees are assets to your company, not liabilities. If you take care of them, they will take care of your business. – Paul Stepanov, Virtudesk

10. Emphasize psychological safety.

Employers should significantly expand the open door policy and invite all departing employees to participate in management planning. Transparency is essential in times of volatility, so providing consistent, psychological safety is too valuable a commodity. – Ben Sever, Phoenix Portfolio Partners