Retention of a positive and motivated employee is very important for the success of an organization. One of the best ways to keep your company growing is to retain the core talents.
Companies highly value employee retention because it costs time and money to replace employees, especially productive ones. Having talented employees leave your organization can also cause strain on existing employees that have to take on extra work until those roles can be filled. Given this, retaining your top employees should be a priority.
Here are 5 important tips for keeping your very best employees.
Pay above-average salaries
According to Forbes, offering competitive salaries to high-performing employees is the most obvious way to retain them. This can lock employees in and encourage them to stick around for the pay and perks alone. You can also provide a specific retention bonus to give incentive to stay with the company. Higher-than average salaries could help prevent turnover and your employees been lured away from your company by other employers who offer better opportunities.
“A well-compensated and engaging culture will make employees more likely to stay in their jobs long term,” author and digital consultant John Boitnott writes in Inc. “This means that you will experience less of the disruption that comes from new hires having to learn new duties. You’ll also spend less time and money looking for new hires and interviewing. The recruitment process can be costly, so avoiding it as much as possible can be a positive thing.”
Allow Remote Work
Companies should take notice of current trends and allow their employees to work remotely. This could help improve employee retention and morale. However, it is important that you have a plan in place before you allow employees work remotely. That way, when someone does work from home, they know what will happen when they make an error or when their computer breaks down. It also ensures that everyone in the company has the same expectations when it comes to remote work.
Create a great work environment
A work environment that makes people feel included and celebrates diversity will encourage employees to stay. Shared workspaces are becoming popular, replacing the gray, permanent cubicles of the past and collaboration in the name of the game.
Employees want to enjoy where they work. More companies are looking at the environment and trying to make it more attractive to retain talents.
Onsite fitness centers, for example, have become common in many workplaces where people are required to sit for many hours in front of a computer every day.
Employees don’t have to dread going into the office when it has some great amenities such as free snacks or coffees, a games table to a lounge. Celebrations of birthdays, parties as a reward for successful projects and happy hours on Friday can help to create a positive working environment.
Encourage input and feedback
Employees want to know that you’re listening and really hearing their feedback. Many bosses don’t realize the importance of communicating with employees and making them feel connected. Their response to emails from employees may just consist of a word or two and may times they may not even respond at all.
People are addicted to feedback today – when we press a button, something happens, when we send a text message, we get a response. Encourage them to also give their inputs in certain situations.
You may have been told before to not micromanage employees because it can hamper productivity, but it can also turn off high-performing employees from wanting to stick around. Micromanagement both harms morale and takes away the opportunity for employees to create better results for themselves.
Employees can look at their results and think about whether or not their process worked as well as they’d hoped. They can see what they’re doing right and what’s leading to their success, as well as how they need to adapt.”