Technology may advance and business practices may change, but one thing that still remains the same is the importance of retaining your most skilled employees. Many business owners focus on the product and forget one of the most important components to their success: having an engaged and satisfied workforce. Investing in people who will stay loyal and committed to your company is half the battle. By keeping your employees happy, you are driving better results to your business and ultimately building a family culture. Not to mention that the longer your employees stay with you, the less financial costs you have, since you don’t have to constantly train and teach your staff from the ground up.
Here are 5 ways to keep your employees content, and improve your retention rates:
1. Compensate Your Employees Fairly
A satisfactory salary is the number one motivational factor for any employee. People work to be able to pay their bills and sustain their families. Most employees will start job-hunting if they haven’t seen even the slightest increase on their salary after a year. Make sure to always show that you value them by giving them a salary they deserve, even if you have to cut back on other costs.
2. Offer Continuous Education and Training
Most jobs contain a lot of tedious and repetitive tasks that eventually result into unmotivated employees. Subsequently, it is good to have a training program in place, so that your most productive workers get the additional education and training they need, something that will introduce to them new challenges, and break the monotony of their routine.
3. Encourage Communication and Creativity
One of your most important jobs is to cultivate effective communication and foster creativity. Providing your employees with an environment which allows them to express themselves freely and introduce ideas, is a good way to keep them engaged and create a family culture at your workplace. In an environment where people feel comfortable to develop new ideas and concepts, a company benefits by not only keeping good retention rates, but also generating better results, especially when those ideas come from your best and brightest team players.
4. Show Your Appreciation Regularly
Offer rewards and initiatives to your most productive employees. It is critical to show your appreciation even with the smallest gestures. Of course, you don’t need to go overboard. Start with a dinner, a day off, or a bonus; it will go a long way. People want to be reminded that they are being valued, and when they feel the appreciation, they will move mountains to produce results for your organization.
5. Stimulate Internal Hiring Opportunities
Letting your employees know that they can grow within your company is essential. The majority of any company’s staff would welcome the opportunity to advance in the same company and re-establish their position. Whether it is a promotion or a position in a different department, employees value internal hiring, which subsequently results in better job performance rates. Therefore, make sure to give your existing employees a fair chance first before advertising job openings externally.
