Employee Investment: What Should HR Do to Retain Employees?
Retaining employees has become a recurring topic of discussion recently as many companies struggle to reduce high turnover rates. It's no secret that high turnover rates can lead to decreased productivity and higher recruitment and training costs. And that means internal communicators and HR need to implement strategies to retain employees.
With employee investment, there can be an increase in job satisfaction, productivity, and employee retention...which is crucial to a company's success. In this article, we look at 5 employee investment tactics to help retain your workforce.
#1. Give Professional Development Opportunities
Employee investment starts with giving employees professional development opportunities. When employees feel that their company invests in their knowledge-building, it's a great way to keep the workforce engaged and motivated. Research shows that employees want more upskill and growth opportunities, and that they're likely to see other job opportunities where they can grow when they feel their growth is stagnating. It's therefore crucial to help employees advance their careers and increase job satisfaction by making employee investment part of your strategy.
#2. Build a Positive Company Culture
A positive company culture is essential to employee investment and retention. Encourage open communication, collaboration, and a supportive environment to keep employees engaged and motivated. Regular team building activities, recognition programs, and social events can also help foster a positive company culture. Make sure that you communicate about it with your employees, and be transparent when it comes to goals and achievements.
#3. Offer Opportunities for Advancement
Employees want to feel that their careers are moving forward and that they have opportunities for growth and advancement. Employee investment strategies often include a clear growth path, helping employees better understand any opportunities they may have for promotions and/or career developments. Transparency here is key, especially with frontline workers who are otherwise more secluded from the Head Office due to the nature of their work.
#4. Provide Employee Recognition and Rewards
Everyone wants to be recognized for their hard work. That's where recognition and rewards programs come into play in your employee investment strategy. It can be a great way to show employees that their contributions are valued. Regularly recognizing employees for their achievements and milestones can help increase job satisfaction and reduce turnover.
#5. Include Work-Related Technology and Equipment
Providing employees with the technology and equipment they need to do their jobs effectively is essential. By investing in technology and equipment, you are essentially investing in your employees. It can help employees be more productive and efficient. One such employee investment strategy is to include an employee app that helps them get company information, instantly. It also helps in reducing misinformation and keeping employees engaged.