What’s the advantage for companies retaining staff? Well cost for one! The cost of recruiting staff into your business is on the rise, not to mention the time it takes, so working out ways to keep the right people on board is a must.
Employee retention is one of the primary measures of the health of an organization and when it comes to effective staff retention strategies, one size does not fit all. Taking the time to discover what employees need to thrive will help to retain top performers and develop them into future leaders.
Here are some tips to keep your employees motivated, engaged and committed to your business.
For employees to succeed in their role, a sense of personal ownership in their work is essential. Communicate your company’s mission and make sure employees know what you expect of them. Where possible, involve them in decisions that affect their work and the overall direction of the company. As well as demonstrating your respect for their contribution, this also helps employees to ‘own’ their role and feel connected to the future of the business.
Listening to employees is a great way to make them feel valued and you may even come across some great business ideas. Providing opportunities for people to share their knowledge via training sessions, presentations or mentoring other staff can empower them while also passing on valuable knowledge to the business.
Frequently recognising and rewarding accomplishments is one of the most powerful staff retention strategies. Compensating employees for their hard work doesn’t always need to involve increases to salary, although a competitive salary package is crucial, providing small perks can also be a great tool to recognise and celebrate success. Free fruit and snacks and massages in the office may seem insignificant to some people, but if they help employees feel appreciated, they may be more likely to stick around.
Contests and incentives can help keep employees motivated and feel rewarded. Done right, these kinds of programs can keep employees focused and excited about their jobs.
Taking the time to say a genuine “thank you” is also an easy and effective way to make people feel valued and appreciated for their efforts.
Opportunities for growth and advancement are key to retaining your top performers so promote from within wherever possible and make sure there is a clear path of advancement. Employees will become frustrated and may stop trying if they see no clear future for themselves at the company.
High achievers tend to be life-long learners, so foster their development by providing ongoing training to keep their skills up to date and advance them to their next promotion.
Challenge your staff with new responsibilities and allow them to lead projects where they can be stimulated and acquire new skills.
The quality of an employee’s relationship with their manager and co-workers is a critical factor in their overall satisfaction at work. As a manager, ensure you are:
Foster a positive, motivating work environment and nurture and celebrate organisation traditions. Have a costume party every Halloween. Run a food collection drive every November. Pick a monthly charity to help. Have an annual company dinner at a fancy hotel. Facilitate opportunities to socialise as people want to enjoy their work and most importantly have fun!