Retention is all about keeping good people and how you manage them. You can use many different strategies to improve your retention rates by looking at the following areas of your business:
- Work environment (location, variety, flexibility, culture)
- Financial (base salary, incentive, bonuses, options, benefits, recognition)
- Personal (quality of work, skills, training, self-leadership, opportunities)
- Relationships (owners, managers, peers, mentors, customers)
A retention program might include asking employees for input before making decisions that affect their work, or keeping in touch with seasonal employees all year round.
What Will it Do for My Business?
Retention strategies have a direct effect on more than just the culture at your business. Staff who are more content tend to work harder and stay longer. The results for your business are higher spending among guests, repeat business and positive word of mouth.
