Catena is now Pearl Talent! Same mission, new name.
If you’re struggling to retain your employees, the problem might not be them; it might lie in the type of work environment your company offers. Though remote employees are less likely to jump ship than their in-person counterparts, being overworked, being unhappy with management, or not being recognized for their work can lead to dissatisfaction and cause remote employees to quit.
Having a strong employee retention strategy in place can help you hold on to talented employees. In this guide, we cover the consequences of remote employee turnover and what you can do to build a high retention remote team.
According to Gallup, replacing an employee can cost the company anywhere between 40% to 200% of their salary. While this financial loss alone is massive, it doesn’t factor in the time and resources you’ll have to spend on hiring and training the replacement.
Additionally, when an employee leaves, it:
Overall, when valuable employees leave your organization, it puts you at a disadvantage.
Here’s what you can do to get your employees to stay with you longer.
Your new employees need to know how your internal systems and tools work, what they’re supposed to do, who they should report to, and what your company culture is like. This is especially important in a remote workplace where your employee isn’t connected with anyone else from the team yet.
Failure to properly onboard and train your new hires often results in frustration, confusion, and devaluation, which can push them out the door. A Paychex survey found that 80% of new hires who feel undertrained due to poor onboarding practices plan to quit soon.
How can you structure your remote onboarding process to increase employee retention?
Pearl Talent not only helps you find your next remote hire, we also take care of the onboarding process, making your new hire feel part of your team from day 1.
Compensation is one of the most important things that employees consider, with more than 63% of people being open to new opportunities that would pay them more. This means if you don’t pay at least the going market rates to your employees, you’re more likely to lose them to your competitors who might.
Aside from needing money to make a decent living (instead of living paycheck-to-paycheck), being paid well makes your employees feel valued and appreciated. A happy employee is a loyal employee who sticks with you.
At Pearl Talent, we pay each of our remote candidates 2x their local market rates, which explains our clients’ 90%+ employee retention rate. Get hand-picked candidate profiles.
When you and your competitors offer similar salaries, your benefits package might be what sets you apart, attracts top talent, and makes them stay. Medical insurance, PTOs, and 401(k)s have become the norm. To enhance employees’ job satisfaction and foster their loyalty, you need to go beyond these benefits.
Think mental health support, personal development stipends, travel perks, restaurant coupons, discounted gym memberships, student loan assistance, and so on. When you offer top-tier benefits, it reduces employee burnout and increases retention.
Remote work environments can often make employees feel isolated or disconnected from the rest of the team, tanking their productivity. There’s a reason in-office breakroom chats and watercooler talks are a thing.
To prevent this, regularly check in on your remote employees at least once a week without micromanaging them. It doesn’t have to be a formal standup meeting; an informal check-in via Slack works, too. Gallup found that employees who have regular chats with their managers are 3x more likely to be engaged.
You can (and should) encourage informal virtual coffee meetings between your employees.
It’s also important to communicate effectively with your remote employees. Give clear instructions on what they’re supposed to do and be empathetic when giving feedback.
Employees want to grow and advance in their careers to earn more and achieve a higher rate of job and personal satisfaction. So, if your company doesn’t offer development opportunities, your employees are going to feel stagnated and look for other options.
Research conducted by Deloitte found that here’s what Gen Zers and millennials expect in terms of growth opportunities at the workplace:
You can invest in your employees’ career growth by:
At Pearl Talent, we set up each of our candidates for success through regular performance coaching, career development, and check-ins. Our hires have gone on from being the “new employee” to leading entire teams. Get hand-picked candidate profiles.
Employees who don’t feel appreciated or get credit for the things they’ve accomplished are 2x more likely to quit in the next year. So, publicly appreciate your employees for the hard work they put in. Did your virtual assistant come up with a better file management system? Acknowledge their contribution.
You should also reward them tangibly, as they can enhance employee motivation and lead to higher-quality work. Offer performance-based bonuses, extra time off, or other small perks like gift cards.
Research by Great Place to Work found that inclusive companies have a 5.4x higher employee retention rate than non-inclusive companies. In a remote team, you’re likely to have a diverse set of employees, which makes fostering inclusivity that much more important.
Your employees need to feel like they belong, like their voice matters. Inclusive workplaces make employees feel valued and safe, which can directly lead to higher retention rates by improving their morale and enhancing their productivity.
To improve workplace inclusivity, you can organize diversity training, establish employee resource groups, and consciously address biases.
When employees don’t feel heard or don’t have their concerns addressed, it can lower their morale, cause disengagement, and increase turnover rate. To make your employees feel valued, foster an environment where voicing their concerns is encouraged (and not punished), and address those concerns.
For instance, if an employee shares their concerns about a team member acting hostile, you can set up an intermediary and have them talk it out.
When you solve your employees’ problems proactively, it signals that you care about them, which builds trust and increases retention rates.
Pearl Talent is a talent acquisition partner that specializes in helping US/ EU companies find their next remote hires. We handpick each candidate and retain only the top 1% in our talent pool. You get pre-vetted, AI-trained candidates from the Philippines, Latin America, and South Africa.
The benefits of partnering with Pearl Talent include:
Skip the search. Go from signing up to interviewing your chosen candidates within 24 hours. Get hand-picked candidate profiles.
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