Increase Your Employee Retention and Loyalty: 5 Strategies that can Save Your Company Money

October 20, 2023

Is it just us, or does finding the right people for your organization rank at the top of the “Business Owner’s Greatest Challenge” list? Or maybe you have found and hired great people, but you are worried that if a better opportunity comes along, they might jump ship. Hiring new employees is not something that comes naturally for many business owners, so keeping star employees around is very important.

Fortunately, with a little insight and a carefully considered strategy, your organization can put processes in place that encourage employees to stick around and prevent turnover. We will discuss five ways you can increase your employee retention and engagement in this article.  The good news is that all of these strategies are easy to create, and once you spend the time to do it, it will pay dividends in the long run.

1. Get clear about the job description.

Establishing clear job descriptions is the first and easiest thing to do when planning to increase retention. Clarity in the job description helps potential employees decide if the job is right for them. It is an easy way to clear out candidates that don’t meet your criteria because most of them will weed themselves out.

2. Offer opportunities for career advancement.

One of the best ways to incentivize top talent is to clearly define opportunities within your company for advancement. Employees take professional growth opportunities into consideration as they consider not only their next steps in their careers but also their long-term goals. Sway their decision by outlining a clear trajectory for potential hires to climb within your department or company.

3. Determine (and share!) the criteria for merit raises.

In addition to clearly communicating the job description and opportunities for career progress, your company should also share the objective measurements by which employees can earn promotions. Establishing merit-based opportunities for increased pay or other benefits can motivate employees to perform their best. It’s easier for your employees to meet expectations when they know what the expectations are.  

4. Help your employees envision their career goals.

Helping your employees determine their goals is the first step to achieving them. Many people live one day to the next without a thought of the distant future. By giving your people the opportunity and encouragement to figure out where they want to be/go, you are empowering them to make decisions that benefit their future as well as the future of your company.  

5. Create an HR structure that gets feedback from employees to facilitate organic growth.

As your company and your people grow, implementing the plan and making small changes should have a positive impact. To find out the extent of the impact, regularly requesting feedback through stay interviews or company surveys will help you to know if you are on the right track. You can also gain valuable insights about what tweaks need to be made to your company or individual goals to better align with employees and the desired outcomes.

These basic strategies work. Syndeo is proof.
In fact, over the past five years, we've successfully implemented these strategies within our own organization, Syndeo. By establishing clear job descriptions, we initially hired highly capable individuals for specific roles that matched their expertise. However, as we progressed, we engaged in deliberate conversations to uncover their passions, interests, and motivations, discovering hidden talents that aligned with Syndeo's evolving needs. Through this process, we created new positions tailored to their unique strengths, resulting in a remarkable surge in job performance and overall organizational improvement. In one remarkable instance, we even empowered an employee to craft his own job description, which further reinforced his indispensable role within our team. These experiences highlight how fostering an environment that nurtures individual strengths can lead to employees becoming truly irreplaceable assets.

Employee retention fosters environments people want to be a part of and inspires greatness.
In the ever-evolving business landscape, where talent drives success, your organization's ability to retain and engage top-notch employees can mean the difference between mediocrity and excellence. By embracing these proven strategies, you're not just fostering a workplace, but a community of growth, fulfillment, and shared aspirations. Remember, it all starts with a clear vision, a commitment to nurturing individual ambitions, and a willingness to adapt based on real-time feedback.

What strategies have helped your organization to keep employees around? Share your thoughts in the comments below.  

Don’t forget to like, share, and subscribe to our newsletter for more thought-provoking HR content from Syndeo.

If you want to learn more about how outsourced HR services can get you back to business, contact Syndeo today!

Your premier HR partner

Let us take on your HR functions so you can strive for greatness.
Contact us.