Losing your best employee can negatively affect your business. This is because the cost of filling up their position can be quite high, not to mention the delayed production as you look for the best replacement. Besides, you risk losing other good employees who may be triggered to resign as well. Retaining great employees is crucial to the long-term success of your organization.
In this article, we discuss 7 effective strategies to keep your best employees.
Offer competitive salaries and benefits
Salary is an employee’s biggest motivation to continue working for an organization. To hire and retain the best, you must be willing to pay above standard rates. Research indicates that more than 50% of employees move to other companies to receive better salaries.
This does not necessarily mean ridiculously high salaries just to keep them. But ensure that you offer salaries and incentives that are slightly above the market rate and in accordance with the employee’s contribution to the organization.
Foster opportunities for growth
The ability to grow within your company motivates most employees; whether that entails advancing into a new role or taking on extra responsibility. Providing ways for ambitious employees to expand their knowledge about the organization indicates that you’re concerned about their goal and invested in their future.
It may not always be possible for all employees to advance to higher levels within the organization, but efforts must be made to facilitate growth.
For instance, you can promote your existing employees to fill upper level management positions instead of hiring new ones. This helps maintain the workforce stability in your organization and keep your best employees from quitting.
Transparency in communication
Communication is crucial to the success of any organization. A non-transparent work culture can make it difficult for your best employees to work at your organization. Employees that feel like they don’t have the support and ear of the management team tend to leave their jobs.
It’s crucial for employees to know that they can trust you with their wellbeing and that they are valued and supported. For instance, employees have a right to know about the organization’s financial condition and all its plans and goals.
It is also important for your employees to know about their performance. Evaluating employee’s performance ensures that they understand their development and enhances their self-confidence.
Similarly, allowing your employees to give honest feedback about your leadership and organization makes it easier to identify the areas in your company that need improvement.
Provide employee benefits
In today’s competitive job market, business owners must do everything possible to protect their employees. This can be achieved by providing employee benefits or some other forms of business life insurance.
Employee benefits are a great way for organizations to prove that they are interested in the wellbeing of their employees. There are different types of these plans depending on the benefit you’re interested in.
Some of the most popular ones include shareholder protection, key person insurance, and relevant life cover. These protection policies provide financial support to your employees and their dependents should they become critically ill or pass away.
Recognize their efforts
Every person wants to feel appreciated and valued for the work they do. There are numerous ways to show that you recognize and appreciate your employees.
For instance, an employer’s gratitude can have a huge impact on an employee’s self-confidence and motivation. Recognizing employees’ efforts keeps them engaged and happy.
It can be difficult to find time to complement each employee, but efforts should be made to recognize employees that have exceeded expectations. Research indicates that organizations that follow a strategic recognition program report less employee turnover.
Avoid micromanaging employees
Great employees know what needs to be done and when it should be done. Constant micromanaging and reminders will drive them to look for an environment that empowers them to make decisions and deliver results.
The best way to manage employees is to give clear directions and allow them plenty of space to provide you with the feedback. They may take a completely different approach from yours, but they will get you positive results.
Employers who are constantly on their employee’s backs report high employee turnover. Petty rules and regulations negatively affect employees’ creativity and productivity. Besides, great employees need to know they’re trusted enough to do what they must to achieve organizational goals.
Develop a great work environment
Employees want to enjoy where they work. A work environment that celebrates diversity and is inclusive encourages employees to stay. A stressful work environment, on the other hand, negatively affects your employees’ mental health hindering their productivity.
Employers are embracing shared work spaces instead of the past permanent cubicles to encourage collaboration. Amenities that make the office environment look more attractive to retain great employees include onsite fitness centers, pool tables, and free coffee.
What other strategies are working well for you when it comes to retaining top employees? Share your feedback in the comments below.