How to Increase Employee Retention

The current job market has left many employers wondering how to increase employee retention.  Even though quit rates are slowly returning to pre-COVID-19 levels, the balance of power still favours workers. For cleaning and security industries, in particular, the market remains challenging and may stay that way for some time. 

That fact means many employers are chiefly concerned with staff retention and employee turnover-related issues, since better retention of existing employees takes the pressure off constantly hiring and training new talent. Amid this economic climate, there are areas businesses can leverage to improve hiring and retention.

Effective site management and employee incentives are two proven techniques that can help increase employee retention. In turn, an integrated software solution can support both efforts with an inclusive approach designed to help site managers better meet the needs of their distributed workers. 

Direct communication 

Employee retention can be impacted by employee engagement, which simply means ensuring that workers feel satisfied with their current role. To create a company culture that encourages this type of relationship with employees, site managers need to regularly listen to the needs of employees and ensure that regular touchpoints are addressed directly.

Approximately 22% of workers reported that a lack of advancement opportunities was a reason for quitting. However, only 40% of employees reported that their manager encouraged them to learn new skills. Part of retaining workers means communicating with employees about ways they can advance or gain additional skills.

Allowing employees to regularly discuss career development and goals in addition to work assignments opens the door to a more communicative environment. Create a time and space where questions can be asked freely and answered on the spot. Use direct communication wherever possible to also make sure employees are working closely together. Naturally, encouraging a team atmosphere is another way to increase retention. 

Self-scheduling 

While reports on work statistics show that roughly 12.7% of full-time employees work from home and 28% work a hybrid model, those incentives may not be feasible for a distributed workforce. If incentivising workers with a work from home approach is impractical, self-scheduling has been able to improve employee retention, specifically in the cleaning and security industries. 

With self-scheduling, employees can gain more control over their time, since employees can offer their shifts via a communal job board to other employees without involving a scheduler or site management. Another employee can take on the extra work, which keeps shifts filled and closes scheduling gaps without demanding time and attention from supervisors. 

A self-scheduling model integrates with time and attendance software so shifts are available for vetted employees to claim. Time and attendance information then connects directly to payroll for accurate clock in and out information. Another benefit to this type of flexible working arrangement is that it simultaneously reduces the risk of vacant shifts while potentially increasing retention, since self-scheduling opens additional shifts to individuals seeking additional income. 

Earned wage access

Another way to increase employee retention is by implementing earned wage access, also known as on-demand pay. This incentive allows employees to get paid for hours they have already worked without waiting for their pay cycle to process. Employees can utilise earned wage access instead of third-party lenders who can charge high-interest rates and create a vicious debt cycle.

With earned wage access, employees can access their funds as early as the day after their shift. However, there is no interruption in the pay cycle which continues without any changes. Employees can use the funds at their own discretion to pay for necessary expenses, such as food and transportation. 

Companies that have implemented earned wage access have been able to reap employment retention benefits. Workers respond positively to being able to receive their funds as early as the day after their shifts. Earned wage access can also encourage electronic timekeeping habits while improving retention rates. 

Earned waged access collects a small fee on each transfer that an employee initiates on their earned income. The fee applies to the bank account or debit card the worker has on file. It is also much lower than traditional salary lenders or interest on credit cards or loans. The integration only offers access to earned wages, which eliminates risk associated with compensating for services not yet performed. It also minimizes employees asking for an advance in pay, which can be an uncomfortable conversation.