Consistency is really important no matter the size and stage of a business. One of the key areas companies must be consistent in is employee retention especially when they hire remote workers. Keeping great employees will not only improve your company performance overall, but it will also reflect outwardly on your brand. This also means spending less time and resources on new hires. However, the past decade has seen an alarming turnover rate all over the world.
According to a study by Work Institute, employers are paying more than $600 billion in turnover costs as more employees decide to leave their jobs for various reasons. It also lowers the knowledge base in a company and decreases performance and productivity, especially in a remote work environment.
But how do you work towards retaining your remote employees? In this blog, we list down the 5 best practices to ensure remote employee retention in your company.
With a great onboarding program, it is easier to create a bond between new hires and the company. A study from Glassdoor proves that companies with effective onboarding processes improve employee retention by 82%.
However, the biggest issues in onboarding processes arise right when the company gives unrealistic promises that they can’t keep to their employees. Some remote employers fail to identify the differences between traditional onboarding and remote employee onboarding which leads them to more turnovers.
If you want to create a higher retention rate when you hire remote workers, it is important to prepare and educate them about what they can expect in the beginning stages of their employment. You should also instill the organization’s ideals and what you aim to achieve through their help.
This is why at Remotify, we put importance on onboarding processes and help employers build a better bond with their employees through our services that include an onboarding program for each employee hired through us.
Choosing the right technology such as equipment and software is important when you hire remote workers. It can make employees’ jobs more convenient thus improving their overall productivity. They can be more efficient with the right tools, an up-to-date computer, and a frictionless project management system.
There are also remote companies that provide internet fee disbursement and laptop procurement for their employees. Aside from improving work productivity and quality, this improves employee satisfaction within the company.
One of the factors that make employees satisfied with a company is their career growth and progression. This means that if you want to retain your remote workers, you must be able to provide them with the opportunity to grow as a professional and be promoted to their desired positions.
To make this possible, having company training programs for employees where they can learn new skills and improve their career prospects is very important. This will not only benefit your employees but can also be a great investment for your company as you acquire highly skilled employees.
You can offer them online paid courses that they can take without disrupting their work schedule. Some companies offer tuition reimbursement for their employees’ graduate education. This is ideal for growing companies that are aiming to develop their existing executive teams.
Remember that your people are the greatest investment that you can have for the success of your company so it is only fair to offer them a competitive wage. Before you decide on your salary and benefits, make sure to consider different factors, especially the amount that your rival businesses are willing to provide.
In this digital era, it is really easy to connect with other people in equivalent roles and know the salary range and other benefits that they get. If your employees realize that they are not paid within industry standards, it may push them to get on board with your competitors.
So, the best way to prevent this from happening is to offer them a salary within the average industry range or even higher. Offering a secure working contract and thinking of your employee’s benefits such as social contributions, healthcare insurance, laptop procurement, amongst other benefits will also help improve your business’ employee retention.
If you are looking to hire remote workers in the Philippines, here is an article that will help you understand the standard rates for different roles of Filipino remote workers. To keep things simple and convenient for you, you can partner with an Employer of Record company that will handle the complexities of providing benefits and managing local payroll for your remote team.
If you aim to be a people-first company, you must give importance to your employees’ voices by letting them submit regular feedback about your organization. There are a lot of positive outcomes that can be achieved by instilling this culture in your business. As it makes your remote workers feel more empowered and productive, it can also help you identify the root of your high turnover rate and find a solution for this.
However, you should also make sure to appreciate and take immediate action for the majority of your employees’ insights about your company. Let your employees know that you heard them and that you are planning to do something to resolve any issues.
Remote employment and outsourcing provide various benefits for companies worldwide. However, it is important to note that there is a big difference between traditional retention techniques and retention solutions for remote workers. But, if you follow all the tips mentioned above, it will be easier for you to keep your remote workers happier and have them stay with your company.
We understand that some might be complicated to do remotely such as the onboarding process, laptop procurement, payroll management, and getting monthly feedback, Remotify can help! Our Employer of Record services will allow you to simplify your outsourcing and onboarding processes as we handle the complexities for you. Check out the EOR services that we offer here or schedule a call with us now!