With more than two-and-a-half years gone by since the COVID pandemic triggered “The Great Resignation,” employee retention is still a big problem. According to the Bureau of Labor Statistics, the annual employee turnover rate is 20% higher than it was pre-pandemic. Unfortunately, many businesses don’t have the budgets to increase salaries to bolster retention numbers. So, what can you offer employees to keep them from looking for greener pastures? Here are four suggestions.
Offer a One-Time Bonus
Your business may not be able to support across-the-board salary increases, but you may be able to sweeten the compensation deal you offer employees by offering a special one-and-done bonus. Adding an incentive for meeting specific individual production goals not only helps retention, but it also encourages higher productivity in the short run.
Boost Work/Life Balance with Time Off and Alternative Work Schedules
You can show a commitment to your employees’ well-being by getting creative with schedules and paid time off. This could take several forms.
- Offer flex hours to enable employees to have more time with their families.
- Add or expand employment opportunities to work from home, as business needs permit.
- Schedule half-days during slow business periods to reward employees’ efforts during the rest of the year.
- Make extra paid time off available to top performers.
Aid Professional Development Through Tuition Reimbursement and Training Opportunities
Employees who see a career path before them that includes building skills and getting promotions are much more likely to not only stick around, but to be continually engaged in their positions. You can help them realize their ambitions by reimbursing them for business-related coursework. You can also help them grow by providing them with both onsite and offsite training opportunities.
Get More Retention and Recruitment Tips from the Staffing Experts
These ideas are aimed at improving your business’s retention and productivity. To give your staffing stability and supply your company with an infusion of talent, contact Mega Force. We provide quality staffing for businesses in the Rock Hill area and throughout the Carolinas. Visit our website today.