6 Employee Retention Ideas Using Positive Reinforcement

You want your best and brightest to stick around for the long haul.

That’s why you need employee retention ideas that go beyond just a paycheck.

Not convinced yet?

Just take a peek at the numbers.

According to recent Gallup research, employees are 2x more likely to quit their jobs if they don’t feel appreciated at work, and “engaged and thriving” employees are 60% less likely to quit.

This data is sending a clear message to CEOs—positive reinforcement works.

And to drive it home, employee retention programs are shown to decrease turnover by as much as 31%.

We don’t have to tell you how expensive turnover is. Let’s dig right into the 6 employee retention strategies you need to know.

Strengthen Your Company Culture

Employees want fulfillment beyond payday.

If your company culture consists entirely of clocking in and out, then you’re at risk of letting some great talent fall through the cracks.

In fact, 83% of companies do not feel they have a culture that inspires their employees. Fortunately, Harvard Business Review offers a few tips on how to fix that:

• Build your company culture around a purpose.
• Create a set of common values that uphold that purpose.
• Lead by example. Be the “strongest representation” of your company’s purpose.
• Notice great talent and nurture it.

Notice & Nurture New Company Leaders

The last point offered by Harvard Business Review is definitely worth expanding on, as 70% of employees are likely to quit to advance their careers.

Let’s take a look at few tips from CareerBuilder.com on how to spot and groom leadership:

• Identify individuals who “thrive on change.”
• Implement a leadership mentor program.
• Communicate “leadership paths” with strong employees.
• Provide challenging projects to promising employees.

Employee Retention Ideas For Incentive Programs

The best employees love a new challenge to flex their skills but that enthusiasm fades when there’s no reward at the end of the tunnel.

To challenge your team to work harder, you need to implement attractive incentive programs that reward your best employees for their hard work.

Consider the following employee retention ideas for your incentive program:

• Commission earnings on sales.
• Team-based incentive challenges.
• Holiday bonuses.
• Profit-sharing programs.

Invest in Team Building Programs

Holding a team building retreat is a great way to kick off your new employee retention strategy.

Here, both management and staff can let loose through activities that strengthen their network, company purpose, and skills in the process.

Try these ideas at your next team building retreat:

• Bowling
• Trivia games
• Obstacle courses
• Hiking
• Board game nights
• Ice cream socials

Help Grow Your Employees’ Skills

The more skills your employees have, the more they can contribute to your bottom-line.

This is a win-win opportunity for both employer and employee as 80% of employees surveyed are not passionate about their jobs.

You can turn this attitude around by trying the following ideas at your company:

• Cross-train employees to work in multiple areas.
• Offer to pay for specific courses, such as business or accounting courses.
• Teach new skills at team building retreats
• Periodically assign new responsibilities to your team.

Say “Thank You” More

The simplest ideas are often the best ones.

Ask yourself, when was the last time you said “thank you” to your employees?

If it’s been awhile, now’s the time to get back in the habit of saying “thank you” on a daily basis.

A recent study found that more than 50% of employees believe that saying “thank you” improves trust and communication in the workplace.

Making this simple change can make a world of difference along with the five other ideas discussed in this post.

If you’re ready to conquer your high turnover problem, make sure to review these employee retention ideas before you go back to the drawing board.