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5 Critical Factors For Retaining Team Members
Posted on November 8, 2021
One critical aspect of running a successful company is being able to retain your team members. An effective team member (employee)retention program may help attract and retain key personnel and lower turnover rates and the associated expenses. These factors contribute to an organization’s productivity and overall business success. Retaining a competent individual is more cost-effective than hiring a new employee.
National staffing agencies like Spark Packaging are intimately aware of the factors affecting employee retention and can help you develop effective strategies for retaining team members.
The following are five critical factors affecting employee retention.
Competitive Compensation
With the growing acceptance of remote working, access to talent has become less of a barrier; as a result, employers are competing with each other more than ever before, and salaries are adjusting in response. Organizations are now proactively assessing pay scales to ensure that they are as competitive as required to retain talent. They must also ensure that their compensation system is fair, competitive, and equitable across the organization.
Showing Respect and Appreciation
It’s essential to show your team members that they are appreciated. Thank them for a job well done by publicly recognizing their accomplishments, celebrating achievements, giving bonuses, and encouraging feedback. There are several ways to show appreciation, such as sending them a care package or giving a substantial bonus.
Research shows that workers who are respected at work are satisfied with their jobs and more productive, loyal, eager to contribute ideas, and likely to remain with the company. The opposite is also true. When team members feel disrespected at work, they are more likely to fail or quit their jobs. Being respected means that your opinions and ideas count just as much as those of managers or executives.
Giving Importance to Team Member Feedback
There is a higher chance of team members leaving an organization that doesn’t value their feedback and isn’t transparent about their values and expectations. They want to ensure that you’re listening to and considering their feedback. Organizations must foster a culture of asking team members for their input and showing that their input is of value to the organization.
Providing Career Development Opportunities
When there is a fierce talent competition, investing in your team members education and career development will help to retain them. The opportunity for professional and career development should be tailored to each individual. This should start with an assessment, followed by coaching feedback and a clear understanding of one’s strengths, risk factors, and motivators. The development should be molded to meet each person’s requirements, profile, and career objectives based on the evaluation.
Flexible Work Options
Providing greater flexibility in terms of work hours and workplace location helps boost team member satisfaction, which leads to retention. It increases an employer’s competitiveness and attractiveness to hire and retain top talent. Flexible work options may include part-time work, career breaks, and the ability to work from home, from a client’s office, or a coffee shop.
If your organization is facing retention challenges, contact Spark Packaging to discuss your strategies to improve team member retention. We provide staffing and recruitment services nationwide across the US.