Employee retention will always be a major issue for businesses, since keeping skilled and talented workers is often difficult because they’re in such high demand. When you’re obliged to replace a valuable employee, there’s a tremendous cost associated with talent search, background checks, interviews, and training. That makes it important that you do whatever you can to retain good employees.

Orientation

Orientation is one big part of the whole onboarding process, and it’s a good time to make a favorable impression on your new hire. Providing all the necessary information about your company and about the position will set up your new employee for long-term success.

Compensation

In order to attract good talent to your organization, you need to provide an appealing package of compensation. It starts out with an attractive salary, but should also include good health benefits, vacation time, bonuses, and a good retirement plan.

Recognition and rewards

Everyone likes to feel that their contribution really matters at work. You should have in place at your company a system for rewarding employees who go the extra mile, or who consistently do outstanding work.

Personal development

Most employees are happier when they have the opportunity to achieve personal growth on the job. This can come in the form of on-site training, mentoring, external classroom learning, or business conferences.

Balance between work and personal life

You should not expect an employee to work long hours for any extended period of time. This will create an imbalance between work life and personal life, and when this condition persists, it will generally cause a downgrade in your employee’s attitude about the job.

Good communications

It’s essential that you maintain good communications with employees on a two-way basis. Not only should you convey important information to your employees regularly, but you should also be open to their suggestions, concerns, and questions. Connecting with employees on a personal level can be an essential step in maintaining good employee relations, and in retaining employees.

For more strategies on employee retention, contact the pros at JNI Commercial Lending today!