Employee retention metrics are arguably more important than ever, especially for women-owned law firms and medium-sized businesses.
Here are three critical methods for reducing employee turnover rates:
1. Foster collaboration
A study from Humanyze recently discovered that team collaboration patterns are directly linked to reducing employee turnover rates.
Having "Open-door" communication and mentorship with direct managers, company leaders, teams, and departments, all help with boosting staff retention rates.
At a women-owned law firm or medium-sized business, the most optimal way to foster collaboration is by:
Utilizing cloud-based software
Organizing workspaces to match processes
Ensuring everybody knows their individual role
Keeping tight control over workspace management
Implementing group activities like events, meetings, downtime, etc.
Deciding when to delegate is the primary driving force for improving collaboration. Therefore, creating solidified and actionable workflow processes can help improve this significantly.
2. Prioritize mental health
In 2022, businesses across America should prioritize creating a mental health-focused company culture. Doing this won't only make staff feel more engaged, but it's also considered one of the best ways to reduce employee turnover.
As an employee or business owner, setting work-life boundaries is becoming increasingly difficult. Each day we strive for more but always forget about what matters the most - our minds.
The most effective way of steering company culture to prioritize mental health is by applying the following:
Make time for listening in private
Give employees ways to de-stress
Be completely transparent with employees
Offer benefits that support mental health (e.g., counseling)
Above is one of the best tips on how to improve employee retention rates for women-owned law firms and medium-sized businesses.
However, it doesn't only offer this. You and your employees’ mindset affect business performance. Because of this, other essential business metrics can thrive by creating a company culture around this matter.
3. Re-visit employee benefits
When strategically planning to reduce employee turnover rates, re-visiting staff benefits is highly recommended.
After reviewing a comprehensive study that surveyed 350+ companies in America about their employee benefit demands from Ben, we discovered these are the most valuable "additional extras" businesses can offer.
Physical health programs
Mental health programs
Employee engagement efforts
There are many different ways to invest in a business, but employees are the most important. Therefore, consider re-visiting employee benefits to meet the latest in-demand extras.
With women-owned law firms and medium-sized businesses, there are abundant ways on how to improve employee retention rates. However, the above are the most superior solutions.