A low employee retention rate is very bad for business. It means losing out on valuable talent, and constantly incurring costs to train new employees. While you can’t force employees to stay, there are things that can be done to significantly decrease their chances of leaving. 

Here are 4 top tips to improve employee retention rates.

Pay Competitive Salaries

Constantly underpaying employees is a good way to lose them. 

The job market is more transparent than ever, and it doesn’t take much digging for employees to find out if they’re making significantly less than their colleagues in other companies. And once they feel undervalued, they’ll start looking for other opportunities.

To keep talented employees from leaving, it’s important to make sure they’re being paid fairly. The best way to do this is to conduct regular salary reviews to ensure that your employees are keeping up with their industry peers. 

The higher people are paid, the more motivated they are to stay and do a good job.

Offer Fair Benefits 

Employee benefits are another key factor in retention. 

In addition to offering health insurance to cover increasing healthcare costs, retirement accounts to pay for future assisted living facilities, and other traditional benefits, more and more companies are starting to offer things like unlimited vacation days, flexible work hours, and free snacks and drinks.

While these types of perks might seem frivolous, they can make a big difference in employee satisfaction. So, consider implementing less traditional benefits like a lunch service, casual wear days, or a working only from home option.

If your company doesn’t offer competitive benefits, employees will start looking for somewhere that does.

Encourage Professional Development 

Most employees want to feel like they’re doing more than just punching the clock. 

They want to feel like they’re developing professionally and making a difference in their company. If your employees don’t feel like they’re growing in their roles, they’ll start looking for opportunities elsewhere.

To keep your employees engaged, invest in their professional development. A great way to do this is to offer training and mentorship programs. Also, encourage them to take on new challenges and roles. 

The more you can help them develop their skills, the more likely they are to stick around.

Promote a Positive Culture 

Last but not least, employees want to work in a positive environment. Toxic workplace culture is a major turn-off and is often a major factor in employees leaving.

To create a positive culture, start with open and honest communication. Encourage feedback, and make sure employees feel like their concerns are being heard. Then, enforce company policies that promote a collaborative and positive environment. 

If employees feel like they’re part of a positive community, they’ll be more likely to stay.

Following these tips can help you keep your best employees from leaving. Invest in your team, and you’ll see the payoff in lower turnover rates and a more engaged workforce.