Employees and employer work hand-in-hand to achieve company goals in an interactive environment. The quality and loyalty of your employees will determine the long-term success of any company. If you wish to retain your employees, you need to ensure they feel that they are the key to achieve company goals. In a fast-paced business environment where corporate growth and profitability are critical, new strategies in retaining employees are essential. Take genuine care for your employees by investing time and resources to understand each person in developing a productive work environment. These are the 8 ways to retain your employees.
1. Employees stay when they are paid fairly
Fair payment is essential toward retaining employees. Once employees receive new roles and responsibilities, compensation should ride along with it. You can consider about offering incentive pay, retention bonuses and compensation for long-term projects. Non-monetary rewards such as benefit plans, flexible work schedules, childcare, retirement programs, tuition and even discounts can be equally significant.
2. Employees stay when there is growth, learning and development
The level of commitment to the company can influence an employee’s intention to resign. This shows that commitment can be influenced by providing opportunities towards career development. Mentoring is a great program that helps employees perform more effectively with the guidance from their peers. The onboarding process will help new hires and increasing the speed of existing employees to adopt new lines of work. Increase in job satisfaction will be significantly improved leading to higher productivity and reduce turnover. Employee retention will be significantly improved through mentoring, providing them with the ability to perform in their job effectively. Coaching will help as well by increasing morale and improving the productivity of employees.
3. Employees stay when they are recognised and respected
Exceptional employees strive to prove themselves each day. They help set and maintain the productive standards of the company. Through their contributions earn them recognition and respect across the entire organisation. Ensuring your employees feel valued, you can adopt these 4 types of engagement.
a. Be intentional with everyday conversations
b. Show them that other employees need their help
c. Put your trust to them by assigning an important task
d. Recognise each employee for their role and contribution to the company
4. Employees stay when they are motivated and challenged
Provide consistent feedback to your employees how you feel about their work performance. Giving praise is a great way to motivate employees and with constructive criticism, you can encourage employees to strive for improvements in areas that they need to prioritise. Praise and criticism should be addressed frequently instead of waiting for the annual review.
5. Employees stay when there is transparency with everyone
Holding back important information can have a demoralising effect on employees. When there is a problem or issue affecting the company, it should be addressed to everyone. The best solution may even surface from employees instead of coming from the top. Moreover, trust is necessary to keep everyone informed when a problem or issue arises.
6. Employees stay when they can voice out suggestions and solutions
Every person opinion in the company should matter, down to the lowest job position. Give employees the opportunity to voice their ideas for solving problems that need improvement and new avenues that can help the company’s business.
7. Employees stay when the company culture is a perfect fit
Employing people that do not mix in with the current or desired company culture can lead to poor work performance and reduced job satisfaction. These factors can devolve into a toxic work environment which will lead to an increase in employee turnover. Company culture can be nurtured from its inception of the organisation or through a collective sum of the beliefs, experiences and behaviours of the company. Once you are able to integrate the right employees who share the same cultural beliefs with relevant training and professional development, you will able to see a positive outcome.
8. Employees stay when they understand their purpose and objectives
Employees want to understand their position and how their work impacts the company’s business. They need to see how their daily work can help drive towards’ the company success. The factors that define these successes is known as effective goal setting or S.M.AR.T which stands for:
Specific: Well-defined to inform employees exactly what is expected, when and the cost. With distinct goals, managers can track and measure progress to accomplish the objective.
Measurable: Set milestones to monitor progress and drive employees toward success.
Attainable: Success needs to be achievable with the effort from everyone, and it should not be too complex or non-unfeasible.
Relevant: Focus on the greatest impact that could impact the overall company strategy.
Time-bound: Set adequate time to accomplish the goal, but not too time-consuming to affect the performance. Objectives without deadlines tend to be overtaken by the day-to-day crises.
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