The 90 Day Retention RuleBosses lean on 90-day retention rule
Between remote work and covid and more employee retention has crumbled. It is now harder than ever to obtain and retain employees. Help wanted signs litter the windows of many storefronts and businesses and a need for workers is at an all time high. Having a 90-day retention rule can actually help you keep your employees and increase satisfaction. If your company is struggling to retain employees, added perks including bonuses, sense of purpose/community, training opportunities and other benefits can help your company retain employees past that 90 day threshold. With all of that being said, you can have all of the perks in the world, and if your culture is bad, it won’t mean anything. Statistics have shown if an employee stays for 3 months they will stay for at least a year! If retention rules are properly put in place they can immensely impact your business.
What is the Retention rule?
As the name suggests, employee retention rules are set in place to help retain great employees and prevent them from quitting. As the employer it is your responsibility to set guidelines and regulations that keep employees happy.
The goal is to have high satisfaction amongst great employees in order to keep them loyal to you and your company. Ensure you are meeting your employees needs and recognize their accomplishments and if you don’t know what your employees need, ask them!
Your business’s retention rules need to be tailored around your company’s needs and vision. Retention rules are not one size fits all and must be customized to your workforce.
What are pros to employee retention rules?
Retention rules mitigate employee turnover. They keep your workers happy and your business running smoothly. Retention policies should be straightforward and transparent so, the easier for an employee to understand the policy the better. The policy should be beneficial for both new and existing employees. You can even get employee feedback on the policy so everyone’s onboard. Here are the pros of a retention policy.
Happy employees want to stay at their job. A retention policy will mitigate employee turnover and help you create long term and positive working relationships with your employees.
Retention policies clearly outline what behaviors are acceptable in the workplace. They set a standard for what’s ok and not ok for employees at work.
Retention policies help management! Managers jobs become easier especially when employees give feedback because this creates a direct line of communication about what an employee expects in their employer.
What are cons to employee retention rules?
If retention rules are not laid out fairly, succinctly and clearly they can cause confusion for employees and can actually be detrimental to your retention. Here are the cons to employee retention rules.
Retention rules may work for one department but may not encompass the needs of all departments. It can be difficult to write straightforward succinct rules when it seems every department seems to need nuances.
Some employees may see retention rules as limiting their freedom. Instead of a set of guidelines to be helpful to employees this can be viewed as regulation and controlling employees through retention rules.
Retention rules need to meet employee needs or else they will be ineffective. It can be difficult finding a set of rules that meets everyone’s needs.