Creating a Solid Employee Retention Plan

It's challenging to locate and recruit great employees. But once you have an awesome team in place, it's time to start thinking about retention. Turnover is not only expensive, but it also impacts productivity and employee satisfaction.

Having a solid employee retention plan in place will ensure you keep the rock star employees you don't want to leave.

Snag, one of the largest and fastest-growing platform for hourly work, has compiled these easy (and inexpensive) ideas to help retain your employees for the long haul:

Identify those with growth potential

You obviously want to keep your best performing employees for the long haul. Think about your top performers and what you envision their future to be with the company. The best managers not only encourage career growth, but actually give employees the tools they need to succeed.

Talk to those you want to stick around and see where they see themselves headed. Tell them about your company's management and/or training programs. Have them shadow you to get a feel of where they could take this job. Even if there are no immediate openings, the employee will feel appreciated and work hard knowing that there is a potential future with the company.

Provide some small perks

If you don't have a budget for pay raises, small gestures can also retain your employees. A surprise breakfast, birthday celebrations, team outings, and early leave are all cost-effective ways to show employees that you care. The more you show that you care about their happiness, the more likely they will stick around.

Pay attention to any milestones your employees might reach (ie., graduating, work anniversary, personal achievement) and celebrate with your team. You'll not only encourage team bonding, but you'll show that the company cares about them.

Recognize hard work

When one of your employees goes above and beyond their job description, make a big deal out of it. And make it public. The more your employees see you recognizing hard work, the more they will try to be recognized.

Give shout outs at team meetings, send out emails or messages praising a positive action, have spot bonuses ready to go for those who really stand out. These small and simple steps can really give your employees a confidence boost and make them want to stick with your company.

Have regular check-ins

It might sound tedious, but setting up regular meetings with your employees can really make a big difference in their work satisfaction. Everyone likes to feel like they are being heard and knowing that they have a regular chat with the boss will make your employees feel empowered.

This can be as involved as a formal weekly/biweekly/monthly meeting or as simple as remembering to pull them aside every once and awhile to make sure they are happy.

Make culture a priority

According to our surveys, job seekers absolutely care about culture when it comes to applying to, accepting, and working at a job. If you've never really thought about your work atmosphere before, now is the time to start. Having a solid, positive culture plan in place will decrease the chances that some of your top performing employees are looking for other positions.

Not sure where to start? Ask your employees what changes can be made to make the environment better. This will not only help you give them what they desire, but they will also appreciate you taking the time to better understand their needs.

These employee retention ideas are just a start to a larger employee retention strategy. Think back to your favorite boss and what they did to make you feel appreciated for even more inspiration.