In this day and age, it can be very difficult for both small and big companies to retain their company talent.
Individuals move in and out of jobs constantly, always seeking a better location, a higher salary, improved working conditions, and a richer package of benefits, to name a few.
What can companies do to retain their employees for the long haul and make it attractive to workers to build a long-lasting career within their organizations?
Here are a few tips to both small and large business owners and managers on how to retain their employees moving forward.
Perks & Benefits Galore!
Employees love perks, be it a gym subscription, a holiday dinner or monthly staff lunches, casual Fridays, or access to company swag like t-shirts, mugs and coasters. Regardless of the shape, size and price of the perk, it’s always nice for employees to have access to something additional that goes beyond their monthly salary.
According to a Paychex Worx blog post
, “Businesses that see successful employee retention may be those that acknowledge employees have lives outside the company,” and “provide significant workplace perks such as flexible work schedules, telecommuting options, reasonable sick leave policies, and vacation time.”
Share Shares with Your Employees
Most employees want to feel vested in their companies. Owning a small part of the workplace is a strong incentive for employees to perform at the peak of their capabilities and crank out exceptional results.
According to the Harvard Business Review
, it might be wise to “tie a part of your employees’ wages to the company’s performance. This will align their interests with the company’s revenue and profit goals and will serve as an inherent incentive to stay with the company as it grows. By making the fixed cost of payroll inherently more variable under differing business conditions, you can make your company more resilient and agile, while also treating your employees exceptionally well.”
Listen to Your Talent
Communicating with your employees is paramount to retaining them and building a stronger, long-lasting and more trustworthy relationship with them. One key to all of this is to meet in person instead of solely communicating via email or Skype.
Elena Bajic, the founder and CEO of IvyExec.com, writes
in Forbes, “Face time, however scarce, is an immensely important factor in communicating well and establishing trust. If you are managing employees in remote locations, try to meet with them in person
on a regular basis – maybe not monthly -- but at least 2 to 3 times per year.”
Another good way of listening to your employees is to conduct annual interviews or reviews. This gives both the employer and the employee an opportunity to gauge how things are going at the office, bring up contentious issues and potential areas of improvement, and express gratitude or satisfaction with the work being done. These sorts of interviews shouldn’t only be reserved for people leaving the company; they should involve all employees, as they are a great way of figuring out why they have remained with you for so long.
The Wall Street Journal suggests
, for example, to “ask questions such as: Why did you come to work here? Why have you stayed? What would make you leave? And what are your nonnegotiable issues? What about your managers? What would you change or improve? Then use that information to strengthen your employee-retention strategies.”
Recognize Strong Performance
One of the main ways to recognize strong performance is by promoting from within your organization. Instead of conducting an external search for key positions, look at the strongest members within your company and give them a chance to do the job. Employees cherish promotions since these show they are valued and respected team members. Plus, the salary hike never hurts.
In Entrepreneur, Zechariah Newman, an entrepreneur, author, coach and public speaker, frames
this quite nicely: “Company growth and the ability to promote from within will help your company retain its brightest stars. As you retain your best employees company growth will begin to increase allowing more space for employees to move up the chain.”
Keep in mind, however, that this is impossible to do if clear expectations and performance parameters have not been set from the get-go.
As pointed out
by Elena Bajic, it is imperative to “establish well defined metrics for evaluating an employee’s contribution to achieving business goals,” “expect and demand good work,” “review performance versus those metrics on a regular basis,” and “acknowledge good work when it’s delivered,” among others.
Develop Your Employees
An important part of our lives as employees involves personal and professional development. Most of us go to work hoping to acquire new skills, gain knowledge and advance our potential as workers. Companies play a fundamental role in offering these opportunities to their employees, providing them with an additional reason to stick around and grow within the organization.
According to Susan M. Heathfield writing
for The Balance, a financial empowerment website, “without the opportunity to try new opportunities, sit on challenging and significant teams, attend seminars and read and discuss books, they will stagnate. A career-oriented, valued employee must experience growth opportunities within your organization.”
What are your main tips for retaining company talent? Share them with us in the comments section!