{"id":41619,"date":"2021-02-02T00:00:00","date_gmt":"2021-02-02T08:00:00","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/employee-retention-strategies\/"},"modified":"2025-03-13T06:21:14","modified_gmt":"2025-03-13T13:21:14","slug":"employee-retention-strategies","status":"publish","type":"post","link":"\/us\/en\/blog\/employee-retention-strategies\/","title":{"rendered":"7 employee retention strategies that won\u2019t break the bank"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Small businesses understand the importance of <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/customer-retention-rate\/\"><span style=\"font-weight: 400;\">customer retention<\/span><\/a><span style=\"font-weight: 400;\"> better than anyone. But do you have a blind spot when it comes to retaining your <\/span><i><span style=\"font-weight: 400;\">employees<\/span><\/i><span style=\"font-weight: 400;\">? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Decreasing employee turnover rate can be difficult, especially when you&#8217;re on a tight budget. And it doesn&#8217;t help that there are a wide variety of reasons your employees may be looking for a new job. If you want to excel at employee retention, you have to be familiar with all the little details that make up the big picture when it comes to job satisfaction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, you might be thinking: <em>Employee retention strategies sound pretty costly\u2014I&#8217;m just a small business!<\/em> But they\u2019re actually <strong>not about hefty bonuses<\/strong> that you can\u2019t afford to offer your team members. Employee retention is about so much more than expensive perks. Businesses of any size can, and should, take steps to foster loyalty throughout their team. And we\u2019ve got some affordable ideas to help you get started.<\/span><\/p>\n<p>What we\u2019ll cover:<\/p>\n<ul>\n<li><a href=\"#What is employee retention?\">What is employee retention?<\/a><\/li>\n<li><a href=\"#The high cost of employee turnover\">The high cost of employee turnover<\/a><\/li>\n<li><a href=\"#7 low-cost ways to improve employee retention\">7 low-cost ways to improve employee retention<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>\u270d\ufe0f Need help building better employee reviews? \u270d\ufe0f<\/strong><\/p>\n<p>We made you a template that\u2019s competency based <em>and<\/em> includes specific criteria for remote team members!<\/p>\n<p><span style=\"font-weight: 400;\"><\/p>\n<div class=\"download-form-widget standart-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/documents\/performance_review_template.pdf\" data-id=\"69d0639c0eff5\" id=\"69d0639c0eff5\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d0639c0eff5.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">Get the template<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">Free template: Build your own employee reviews<\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d0639c0eff5.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Thanks and happy reading!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<p><a name=\"What is employee retention?\"><\/a><\/p>\n<h2>What is employee retention, exactly?<\/h2>\n<p><span style=\"font-weight: 400;\">Simply put, employee retention is the ability of a business to keep its employees on board. Businesses will always experience some employee turnover. But on a deeper level, retention is about employee engagement and job satisfaction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Emplify, <\/span><a href=\"https:\/\/emplify.com\/resource\/2020-employee-engagement-trends-report\/\"><span style=\"font-weight: 400;\">73% of current employees<\/span><\/a><span style=\"font-weight: 400;\">\u00a0are open to a new career opportunity. And 33% are <em>actively<\/em> seeking a new job.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of employee retention as a verb, not a noun. Businesses must work to motivate and engage each team member. Companies that actively seek to give more to their employees will get more back in return. And companies that do the bare minimum will bleed talent. <\/span><\/p>\n<p><a name=\"The high cost of employee turnover\"><\/a><\/p>\n<h2>The high cost of employee turnover<\/h2>\n<p><span style=\"text-decoration: underline;\">MYTH:<\/span> As a small business owner, you can\u2019t afford to focus on employee retention strategies right now.<\/p>\n<p><span style=\"text-decoration: underline;\">FACT:<\/span> As a small business owner, you can\u2019t afford to <em>ignore<\/em> employee retention.<\/p>\n<p><span style=\"font-weight: 400;\">According to a <\/span><a href=\"https:\/\/www.glassdoor.com\/about-us\/glassdoor-survey-finds-more-employees-expected-to-quit-in-upcoming-year\/\"><span style=\"font-weight: 400;\">Glassdoor survey<\/span><\/a><span style=\"font-weight: 400;\">, 35% of hiring managers and HR staff expect new hires to quit within just 12 months. But what are they doing to improve their retention?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a business owner, you know that getting a new customer is more costly than keeping an existing one. The same is true when it comes to your employees. According to the Society of Human Resource Management (SHRM), it can <\/span><a href=\"https:\/\/www.peoplekeep.com\/blog\/employee-retention-the-real-cost-of-losing-an-employee\"><span style=\"font-weight: 400;\">cost 6 to 9 months\u2019 salary<\/span><\/a><span style=\"font-weight: 400;\"> to replace an employee if they leave.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s time and money spent on job postings, interviews, and onboarding\u2014efforts <em>not<\/em> used on day-to-day operations (meaning they&#8217;re not that valuable). And don\u2019t forget all the projects that screech to a halt while you try to fill positions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Add to this the close supervision, training, and assistance new employees need (and also the increased potential for errors as they learn). These extra measures and mistakes mean more lost time and money for your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many ways to reduce employee turnover. Offering at or above market rate salaries is just one potential solution. A healthcare plan, bonuses, and stock options are other important perks that companies should consider. But some businesses simply can&#8217;t fund these types of benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Luckily, there are some easy, affordable ways to improve employee morale and job satisfaction, and diverse methods to build a team that is happy, healthy, and on board long-term. If you enact them, your company culture will be much more likely to attract top talent. Then, with the right employees, your business can expect a healthier bottom line.<\/span><\/p>\n<table style=\"font-size: 15px;\" border=\"2\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding-left: 5px; padding-right: 5px;\"><strong>How to know if these retention techniques are working:<\/strong> <span style=\"font-weight: 400;\">Fewer employees will be looking for the exit. And you\u2019ll see more positive results in your <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/employee-engagement-survey-questions\/\">employee experience surveys<\/a>. Effective employee retention strategies come with a lot of other \u201cfringe benefits\u201d for both your team and your business.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a name=\"7 low-cost ways to improve employee retention\"><\/a><\/p>\n<h2>7 low-cost ways to improve work flexibility\u2014and employee retention<\/h2>\n<p><span style=\"font-weight: 400;\">For creative business owners, there are many ways to create a flexible workplace and culture that encourages retention. And it doesn\u2019t always involve lots of spending. <\/span><\/p>\n<h3>1. Start at the beginning.<\/h3>\n<p><span style=\"font-weight: 400;\">\u201cThis isn\u2019t what I signed up for!\u201d is a great tagline for the exasperated sidekick in an action movie. But it\u2019s not something you want an employee thinking when a new project hits their desk. <\/span><a href=\"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/PR-07-2014-0156\/full\/html\"><span style=\"font-weight: 400;\">Unmet expectations<\/span><\/a><span style=\"font-weight: 400;\"> can have a costly impact on retention, productivity, creativity, and collaboration, as well as mental health.<\/span><\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><strong>Pro-tip:<\/strong><\/div>\n<p>Learn more about <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/productivity-metrics\/\" target=\"_blank\" rel=\"noopener noreferrer\">productivity metrics<\/a> and how to measure them.<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">The best employee retention strategies start with the hiring process. Start with job postings and interviews that outline the scope and nature of the position with clarity. Explain your company culture. Give an honest picture of the potential for growth. That way, candidates can have realistic expectations and make an informed decision.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And do your homework! A candidate\u2019s resume is full of vital retention information if you know how to read it. You\u2019re likely to have better luck with someone who has put in solid time at one company instead of jumping to a new job every three months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A great onboarding process leads to great employees. Effective guidance will save you from trainee errors and other productivity slowdowns. Plus, it will give your new hires the confidence they need to feel at home and empowered in your organization.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make use of coworker mentorships. The veterans can effectively guide new hires and provide honest expectations. But the experienced employees will also benefit from a fresh pair of eyes. The new team members may even coax some new ideas from their coworkers.<\/span><\/p>\n<p><em><strong>The fringe benefits:<\/strong> You\u2019ll spend less time and money fixing mistakes by newcomers\u2026 and finding their replacements.<\/em><\/p>\n<h3>2. Engage your introverts.<\/h3>\n<p><span style=\"font-weight: 400;\">Are you only hearing the first and loudest voices in the room? Chances are you might be overlooking your introverted employees\u2026 and pushing them out the door.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have employees in your office who rarely speak up in your regular meetings, that doesn\u2019t mean they have nothing to say. They might be introverts. And they might just be your most <\/span><a href=\"https:\/\/www.forbes.com\/sites\/stephaniesarkis\/2019\/01\/30\/introverts-can-be-your-most-valuable-employees\/#2a4a93a2400c\"><span style=\"font-weight: 400;\">valuable employees<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are people who keep their thoughts internal, and recharge their batteries by spending time alone. This is in contrast to extroverts. Those who express their thoughts out loud and get energy from being with others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most offices today are set up to reward and recognize extroverts. But Forbes.com has proclaimed introverts the \u201cquiet powerhouses\u201d of the workplace. So how can you tap into this natural resource? Especially if you have a remote team?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Engaging introverts at work is actually both easy and affordable. Don\u2019t wait to find out what they are thinking until their exit interviews! <\/span><\/p>\n<ul>\n<li><b>Avoid back-to-back meetings whenever possible.<\/b><span style=\"font-weight: 400;\"> Give everyone a chance to recharge so they can bring their best to each conversation. Many introverts will find it easier to share ideas when given time to consider them from every angle first.<\/span><\/li>\n<li><b>Give them more time.<\/b><span style=\"font-weight: 400;\"> Being able to write their thoughts down helps introverts with their workflow. Make use of <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/ways-to-use-free-file-sharing-in-your-ringcentral-app\/\"><span style=\"font-weight: 400;\">file-sharing tools<\/span><\/a><span style=\"font-weight: 400;\">. Cloud-based tools allow employees to go back and review items on their own time. And many productivity tools allow for employee feedback on projects and leadership.<\/span><\/li>\n<li><strong>Use technology.<\/strong> <span style=\"font-weight: 400;\">Encourage the sharing of ideas in writing via email or a team messaging app. <\/span>Encourage the sharing of ideas in writing via email or a <a href=\"https:\/\/www.ringcentral.com\/teams\/overview.html\" target=\"_blank\" rel=\"noopener noreferrer\">team messaging app like RingCentral<\/a>, which allows folks to chat in real time from any device, whenever inspiration strikes, and feel seen:<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\"><a href=\"https:\/\/www.ringcentral.com\/rcapp.html\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-large wp-image-4241\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image1-102-1024x659.png\" alt=\"RingCentral team messaging app\" width=\"840\" height=\"541\" \/><\/a><\/p>\n<ul>\n<li><b>Promote flexibility. <\/b><span style=\"font-weight: 400;\">Allow employees to choose which communication channel works best for <em>them<\/em>. They should be able to have flexibility in terms of communication whether it\u2019s through instant messaging or <\/span><a href=\"https:\/\/www.ringcentral.com\/office\/features\/online-meetings\/audio-conferencing.html\"><span style=\"font-weight: 400;\">audio calls<\/span><\/a><span style=\"font-weight: 400;\">. With the many tech options available, flexibility in communication will eventually lead to <\/span><a href=\"https:\/\/www.shrm.org\/resourcesandtools\/hr-topics\/talent-acquisition\/pages\/flexible-work-critical-retention.aspx\"><span style=\"font-weight: 400;\">happy employees<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/li>\n<\/ul>\n<p><em><strong>The fringe benefits:<\/strong> You\u2019ll see more engagement and input from your quietest employees. You will gain diverse and brand-new insights that propel your business forward.<\/em><\/p>\n<h3>3. Give employees the information and the right tools to do their jobs.<\/h3>\n<p><span style=\"font-weight: 400;\">We\u2019ve all seen it. You go to a meeting with the whole team. The bosses relay a well-thought out plan and delegate. Afterward, you sit down to get stuck in and realize you can\u2019t execute. Now why is that? Well, you don\u2019t have the information or the right tools for the task at hand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, we&#8217;re all aware of the pitfalls of being a micromanager. Avoid that path at all costs. Instead, encourage your team to solve problems by working together. But to do that, you have to give them the right tools. Otherwise, they will find it difficult to deliver what you want. They&#8217;ll still get the job done\u2014they\u2019re your dream team, after all\u2014but it may be through long hours and an arduous and roundabout process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, how can you be a good boss\u2014without being overbearing? Give your employees a flexible solution for cross-team collaboration and <\/span><a href=\"https:\/\/www.ringcentral.com\/office\/how-it-works.html\"><span style=\"font-weight: 400;\">communication<\/span><\/a><span style=\"font-weight: 400;\">. Encourage teamwork with a team messaging app that they can use to send each other messages and create project-based groups to stay organized:<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-42966\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/08\/team-messaging-app-e1606751088883.png\" alt=\"ringcentral team messaging app\" width=\"850\" height=\"494\" \/><\/p>\n<p><span style=\"font-weight: 400;\">An added bonus of having team apps like this is that it gives your team more flexibility on when and from where they can work. All they need is their computer or phone.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what can you do if you want to give your team more effective channels of communication with each other? Well, there are many cloud-based software options that allow you to message, <a class=\"waffle-rich-text-link\" href=\"https:\/\/www.ringcentral.com\/video-call.html\">video call<\/a>, and phone other folks (all within the same app). Which sounds nice, but it also helps you save money too since you don&#8217;t have to pay for multiple disparate tools.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Take RingCentral Office, for example. Not only does it give you messaging, video conferencing, and a <a href=\"https:\/\/www.ringcentral.com\/lp\/small-business-phone-service.html\">business phone service<\/a>, it also has built-in file sharing&#8230;<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-43590\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/09\/file-sharing-integrations-with-dropbox-and-box.gif\" alt=\"file sharing in RingCentral's cloud collaboration solution\" width=\"800\" height=\"699\" \/><\/p>\n<p><span style=\"font-weight: 400;\">And even task management. Need to help your team sort out their tasks and stay on schedule? You can create, assign, and even color-code tasks in the RingCentral app, right in your group or team chat:<\/span><\/p>\n<figure id=\"attachment_45695\" aria-describedby=\"caption-attachment-45695\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-45695 size-full\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/12\/ringcentral-app-for-real-estate-new.png\" alt=\"new task in ringcentral app\" width=\"1000\" height=\"539\" \/><figcaption id=\"caption-attachment-45695\" class=\"wp-caption-text\">And yes, the app comes in Dark Mode too.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Sounds like a lot of fancy features, but the end goal is simple: To make sure your employees feel empowered to do their work. (And improve retention rates, of course!)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An online workspace can be a real boon for productivity by making it easier for employees to do their work. But you shouldn\u2019t stop there. Today, the internet is full of amazing online tools that can help in all areas of your business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Take customer support for instance. Of course, you can establish friendly service through proper recruiting, hiring, and training. But what about fast and effective customer service? A platform like<\/span><a href=\"https:\/\/www.ringcentral.com\/engage.html\"><span style=\"font-weight: 400;\"> RingCentral Engage Digital<\/span><\/a><span style=\"font-weight: 400;\"> can make this easier for your team whether they&#8217;re working remotely or in the office. During any call, the platform can display relevant data related to customer relationship history, making it easier for the contact team to identify and fix any problems:<\/span><\/p>\n<div class=\"rc_custom_video\"><a class=\"rc_custom_video__link\" href=\"https:\/\/www.youtu.be\/PZC3o5YN90E\">\n\t\t            <picture><source srcset=\"https:\/\/i.ytimg.com\/vi_webp\/PZC3o5YN90E\/maxresdefault.webp\" type=\"image\/webp\"><img decoding=\"async\" class=\"rc_custom_video__media\" src=\"https:\/\/i.ytimg.com\/vi\/PZC3o5YN90E\/maxresdefault.jpg\" alt=\"\">\n\t\t            <\/picture>\n\t\t        <\/a><br \/>\n\t\t        <button class=\"rc_custom_video__button\" aria-label=\"Play video\"><svg width=\"68\" height=\"48\" viewBox=\"0 0 68 48\"><path class=\"rc_custom_video__button-shape\" d=\"M66.52,7.74c-0.78-2.93-2.49-5.41-5.42-6.19C55.79,.13,34,0,34,0S12.21,.13,6.9,1.55 C3.97,2.33,2.27,4.81,1.48,7.74C0.06,13.05,0,24,0,24s0.06,10.95,1.48,16.26c0.78,2.93,2.49,5.41,5.42,6.19 C12.21,47.87,34,48,34,48s21.79-0.13,27.1-1.55c2.93-0.78,4.64-3.26,5.42-6.19C67.94,34.95,68,24,68,24S67.94,13.05,66.52,7.74z\"><\/path><path class=\"rc_custom_video__button-icon\" d=\"M 45,24 27,14 27,34\"><\/path><\/svg><br \/>\n\t\t        <\/button>\n\t\t    <\/div>\n<p>&nbsp;<\/p>\n<p><em><strong>The fringe benefits:<\/strong> You\u2019ll have improved turnaround time on complex projects and less confusion between teams. This gives your customer service team the time to do their job effectively. All this makes for happy customers because they\u2019ll get faster results and fewer mistakes!<\/em><\/p>\n<h3>4. Nurture psychological safety (key to employee wellness).<\/h3>\n<p>Science has spoken: <a href=\"https:\/\/hbswk.hbs.edu\/item\/make-your-employees-psychologically-safe\" target=\"_blank\" rel=\"noopener noreferrer\">employees who feel a strong sense of psychological safety are more engaged, productive, and loyal to their company<\/a>, according to Harvard Business School\u2019s Professor Amy C. Edmonson. \u201cPsychological safety\u201d sounds daunting, but what it really means is <em>inclusion<\/em>, something that\u2019s easier to nurture within your organization than you might think.<\/p>\n<p>Here are a few ways to do that:<\/p>\n<ul>\n<li><strong>Set the tone for inclusion.<\/strong> Create a sense of belonging by setting the example. Bake the importance of psychological safety into your onboarding process by implementing online courses in inclusion and unconscious bias. And be sure to take these courses yourself!<\/li>\n<li><strong>Give everyone a voice.<\/strong> In addition to the strategies for introverts listed above, <a href=\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/employee-engagement-survey-questions\/\">employee engagement surveys<\/a> are another great way to take the pulse of your organization. Be sure to include a few questions geared toward psychological safety, like: \u201cDo you feel comfortable bringing your whole self to work?\u201d and \u201cDo you feel your voice and input are valued?\u201d Ask the same questions year over year (or however often you plan to survey) to get the clearest data. Surveying your team doesn\u2019t have to be time or cost prohibitive, thanks to helpful tools like <a href=\"https:\/\/www.qualtrics.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Qualtrics<\/a> and <a href=\"https:\/\/www.surveymonkey.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">SurveyMonkey<\/a> that track and compile the responses for you.<\/li>\n<li><strong>Rinse and repeat.<\/strong> Inclusion and belonging aren\u2019t just boxes you check; they are ongoing processes that enrich your team, encourage loyalty, and improve morale. Make inclusion part of your strategic plan, with regular check-ins and evaluation. You can even appoint and train an \u201cInclusion Ambassador,\u201d someone on your team who has shown interest and can spend a small amount of time reading up on the topic and sharing information with their colleagues. Psychological safety and professional development in one!<\/li>\n<\/ul>\n<p><em><strong>The fringe benefits:<\/strong> Increased focus on psychological safety should result in greater productivity and participation, especially in folks from underrepresented communities who bring valuable thought diversity to the table.<\/em><\/p>\n<h3>5. Create opportunities for professional growth.<\/h3>\n<p><span style=\"font-weight: 400;\">Investing in your team is a <\/span><a href=\"https:\/\/www.inc.com\/chad-halvorson\/5-reasons-you-should-be-investing-in-employee-development.html\"><span style=\"font-weight: 400;\">net positive<\/span><\/a><span style=\"font-weight: 400;\"> for everyone, and it doesn\u2019t have to break the bank. Career development is one way to help employees feel valued and engaged. It can be as simple as offering stretch projects to standout employees or the chance to lead a small team on a new office initiative. Paying for professional qualifications and certifications can also be mutually beneficial.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You might opt for low-cost online courses through <\/span><a href=\"https:\/\/brainstation.io\/\"><span style=\"font-weight: 400;\">Brainstation<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/coursera.org\/\"><span style=\"font-weight: 400;\">Coursera<\/span><\/a><span style=\"font-weight: 400;\">, or send employees to local conferences. You could even fund a subscription to the professional publication of their choosing. However you choose to do it, getting employees actively learning will make them more engaged with the company.<\/span><\/p>\n<p><a href=\"https:\/\/brainstation.io\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-large wp-image-4243\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image3-6-1024x768.jpg\" alt=\"Brainstation dashboard\" width=\"840\" height=\"630\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also important to\u00a0<em>share<\/em> how growth happens in your business. Transparency about advancement opportunities is an important factor\u2014you want your employees to see how they can advance their careers, which can go a long way in helping you increase employee retention.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Create a leadership ladder so employees understand the hierarchy and what they need to do to move up. This can be a simple flowchart or timeline of the promotion process. Make employee career plans part of your annual review process and share important <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/team-knowledge\/\"><span style=\"font-weight: 400;\">team knowledge<\/span><\/a><span style=\"font-weight: 400;\">. And you will know how best to support each team member in their pursuits.<\/span><\/p>\n<p><em><strong>The fringe benefits:<\/strong> You\u2019ll see more employees taking advantage of the professional development opportunities you offer. And in return, they will be putting that knowledge to work solving problems on the job.<\/em><\/p>\n<h3>6. Celebrate a job well done.<\/h3>\n<p><span style=\"font-weight: 400;\">There\u2019s a proven connection between employee recognition and greater retention rates. It makes sense: people stay where they feel valued and appreciated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And the best approach to employee recognition? It just might be a creative one. Think about ways to get your whole team involved in showing appreciation for one another. Keep a whiteboard where team members can write compliments to one another. Or instead, use an online whiteboard or <\/span><a href=\"https:\/\/www.glip.com\/feature\/team-chat\"><span style=\"font-weight: 400;\">group chat tool<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The easier it is to use, the greater the participation you will get. Many collaboration and productivity tools will have appreciation functions. Some platforms come ready to integrate with employee-recognition tools like <\/span><a href=\"https:\/\/www.15five.com\/\"><span style=\"font-weight: 400;\">15Five<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.kudos.com\/\"><span style=\"font-weight: 400;\">Kudos<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"https:\/\/www.15five.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-large wp-image-4244\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image2-87-1024x576.png\" alt=\"15Five peer recognition\" width=\"840\" height=\"473\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Peer recognition outlets are important. But don\u2019t forget to implement some more formal, leadership-driven appreciation! Heartfelt acknowledgment from the boss can go a long way toward keeping your best and brightest. Also, take the team out to lunch or for drinks as a reward. The costs of these activities will be far outweighed by their benefits.<\/span><\/p>\n<p><em><strong>The fringe benefits:<\/strong> You\u2019ll get enthusiastic participation and create a culture of appreciation. Employees will reward appreciation with more engagement.<\/em><\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><strong>Pro-tip:<\/strong><\/div>\n<p>Learn more about <a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/collaborative-leadership\/\" target=\"_blank\" rel=\"noopener noreferrer\">collaborative leadership<\/a>.<\/p>\n<\/div>\n<h3>7. Focus on work-life balance and provide greater work flexibility.<\/h3>\n<p><span style=\"font-weight: 400;\">Today&#8217;s workforce is less motivated by titles, and <\/span><a href=\"https:\/\/www.nytimes.com\/2019\/09\/17\/style\/generation-z-millennials-work-life-balance.html\"><span style=\"font-weight: 400;\">more interested in the work environment<\/span><\/a><span style=\"font-weight: 400;\">. Some small businesses might not be able to offer a competitive salary, but they can offer a competitive lifestyle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What you can\u2019t afford in bonuses or an employee\u2019s salary, make up for in a commitment to employee wellness and other non-monetary perks. Say \u201cyes\u201d to modified workweek schedules, like four 10-hour days and flextime. Say &#8220;no&#8221; to emails after 5:00 p.m. Work with parents of young children on flexible schedules.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Implement telecommuting with the help of all-inclusive, cloud-based tools that keep everyone in the loop. RingCentral has a plethora of options to help your business run <\/span><a href=\"https:\/\/www.ringcentral.com\/remote-work.html\"><span style=\"font-weight: 400;\">remotely<\/span><\/a><span style=\"font-weight: 400;\">. You and your team will have all of the lifestyle benefits from being able to work from anywhere. But you can expect to see an increase in productivity with effective collaboration tools like online file-sharing and storage. But also via effective communication tools like HD video conferencing and team chat messaging.<\/span><\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><strong>Pro-tip:<\/strong><\/div>\n<p>Learn<a href=\"https:\/\/www.ringcentral.com\/small-business\/blog\/collaboration-hub\/\" target=\"_blank\" rel=\"noopener noreferrer\"> how to create a remote work hub to support distributed teams.<\/a><\/p>\n<\/div>\n<p><em><strong>The fringe benefits:<\/strong> A commitment to work-life balance will attract an even wider pool of talent to your door\u2014top talent who have incredible skill sets but can\u2019t be in the office every weekday from 9 to 5.<\/em><\/p>\n<h2>Employee retention strategies don\u2019t have to break the bank<\/h2>\n<p><span style=\"font-weight: 400;\">Employee retention strategies are good for business, and they don\u2019t have to bust your budget. It starts with a little creative thinking. And with the help of affordable and versatile <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/employee-engagement-apps\/\"><span style=\"font-weight: 400;\">employee engagement apps<\/span><\/a><span style=\"font-weight: 400;\">, you can build a loyal team that will take your success to the next level. And the work you do will attract better talent, boost employee morale, and improve your customer experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RingCentral offers affordable, one-stop-shop <\/span><a href=\"https:\/\/www.ringcentral.com\/office\/how-it-works.html\"><span style=\"font-weight: 400;\">communications and productivity<\/span><\/a><span style=\"font-weight: 400;\">, cloud-based tools that allow your team to connect and collaborate like never before.<\/span> Get a hands-on look at how RingCentral works by booking a product tour:<\/p>\n<p class=\"p1\"><button data-href=\"#leadform-popup\" class=\"js-open-popup-activator btn primary\" >Choose a time<\/button><\/p>\n<p class=\"p1\"><span class=\"s1\">\ud83d\udcb0<\/span> You can also <a href=\"https:\/\/ringcentral.valuestoryapp.com\/roi-calculator\/\"><span class=\"s2\"><b>use this calculator<\/b><\/span><\/a><b> <\/b>to see roughly how much your business could save by using RingCentral to support your team&#8217;s communication with each other, clients, freelancers, and more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small businesses understand the importance of customer retention better than anyone. But do you have a blind spot when it comes to retaining your employees? Decreasing employee turnover rate can be difficult, especially when you&#8217;re on a tight budget. And it doesn&#8217;t help that there are a wide variety of reasons your employees may be &#8230;<\/p>\n","protected":false},"author":29,"featured_media":47483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901],"tags":[3129,18099,18100,18101],"class_list":["post-41619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","tag-employee-retention","tag-employee-retention-strategies","tag-keeping-employees-around","tag-retaining-employees"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>7 employee retention strategies that won\u2019t break the bank | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"Learn about 7 affordable, low-cost employee retention strategies that\u2019ll keep your staff 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layout=\"fixed\"><\/img><\/span><span class=\"by-author-name\">RingCentral Team<\/span><\/a>","rc_author_full_name":"RingCentral Team","rc_author_avatar":"\/us\/en\/blog\/wp-content\/uploads\/2022\/02\/ringcentral-logo-new.png","rc_author_link":"\/us\/en\/blog\/author\/ringcentral-team\/amp","rc_post_categories":"<a href=\"\/us\/en\/blog\/category\/trending\/business-leadership\/amp\">Business &amp; leadership<\/a>","amp_link":"\/us\/en\/blog\/employee-retention-strategies\/amp","excerpt_title":"7 employee retention strategies that won\u2019t break the 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