Unemployment all over the world has been a pain for today's youth. Billions of companies registered under the eyes of the law were willing to employ more and more employees even after the pandemic. But there are some policies and cut-offs (budgets) in every firm that the management should maintain, known as retention.

But, to be more clear, let's know more about it:

What Is Employee Retention?

The ability of an organization to reduce employee turnover or the amount of employees who quit their jobs either freely or unintentionally, is known as employee retention.

Boosting employee retention correlates with the prosperity of a business, as it facilitates achieving the desired business objectives by providing a sufficient number of qualified personnel.

In the subsequent text, we will explain the process of calculating employee retention, which represents a percentage.

How To Calculate Employee Retention?

Well, there's an easy formula to calculate employee retention:

Total Number of Remaining Employees

----------------------------------------- * 100

Total Number of Original Employees

Suppose you started the first quarter with 43 employees and ended with 39 staff. To calculate your employee retention rate, you would use the following formula:

(39/43) x 100 = 90.69%

Therefore, your employee retention rate for the quarter will be 90.69%, that round off to 90.7% to nearest tenth.

Now, let's have an eye on some engaging ways to improve employee retention:

Positive Work Culture:

Having a positive work culture motivates employees to work dedicatedly in the workplace. When your workers are happy with the management, the organizational productivity increases and improves employee retention rates which enhances business performance.

Rewarding Employees:

Every employee feels to get praised and rewarded for the great work they do while performing their work and completing assigned projects on time. If management appreciates every employee's hard work, you can be very close to improving employee retention in the workplace.

Onboarding & Orientation:

Employee onboarding process is one of the best ways to enhance employee retention at a workplace. The process helps the employees get settled in with the company's work environment, rules, regulations, significant policies, etc. Hence, providing exceptional training and development will help you maintain dignity in the workplace.

Flexible Working Hours:

When you have flexible working hours in a workplace, it becomes pretty convenient for the employees to work as per their flexibility. Every firm should allow flexible working hours for improved work-life balance, reduced stress levels, productivity increment, and enhanced employee retention.

Employee Wellness Programs:

Employee wellness programs are conducted in firms to motivate employees for assisting them perform well in the workplace. It gradually increases the productivity rate depending on the employee's efficiency. Your firm could explore offering stress management programs, retirement planning services, and fitness class reimbursements among various other perks to its employees.

Allow Work From Home:

When you allow your employee to work from home, they feel flexibility in working for the firm. Since an employee is delegated their responsibilities at home, they are stress-free working from home. While remote work may not be a permanent solution for several businesses, the employees return to their physical workplaces each month. Nevertheless, providing flexible work-from-home options could be an attractive incentive to retain the top-performing employees within your organization for the long term.

Build Employee Engagement:

Consider creating a safe environment for your employees to provide candid feedback. Your team members may have more experience in accomplishing specific tasks, and they might have better insights into improving workflows or the work environment. Providing them with the chance to communicate and collaborate on enhancing the company culture will not only help them feel more engaged with the organization but will also ensure that they feel valued and invested in the company's success.

You can also watch: EmpMonitor | Leading Engagement & Workforce Productivity Tool

Wrapping Up:

So we hope the users understand these intriguing strategies to improve employee retention in the workplace without hassle.