Good employees deliver significant value to a business. This is even truer when you have had them for a while, and they know the company. If your business is having trouble keeping its best employees, you need to look at steps you can take to keep them.
It is even tougher during a tight labor market. You’re competing with other employers for the most talented individuals. Many of these workers can find opportunities elsewhere if they are not satisfied with their current work situation. If you aren’t careful, it can lead to a constant cycle of turnover.
What can employers do to increase retention of their top employees? There is no single answer to that question. Several factors can have an impact on employee satisfaction and retention. This post will look at a few tips employers can use to enhance retention efforts.
Fair Compensation
This is an obvious factor, but it is probably the one that will make the biggest difference. You don’t have to overpay employees, but if they are underpaid, they are likely to feel unappreciated and unhappy at work. That means you need to assess industry and local trends for companies like yours and make sure the compensation is competitive.
And you have to consider more than just the bottom-line salary you offer employees. Top performers expect other forms of compensation. They want good health coverage and retirement plans. Make sure that you are not only offering these types of benefits but also that they are comparable or better to similar companies.
Career Development
Most people don’t want to feel like they are at a job that is taking them nowhere. This is especially true of top performers. If you want to keep your best people, they need to see that there are opportunities to grow and build a career with your company. Otherwise, they will leave and go somewhere they feel offers more or better opportunities.
One way to do this is to prioritize promoting from within. When employees see co-workers advancing, it shows that there is a path forward. You could also provide training programs to help employees build their skills. It can also help to have clear career paths outlined so employees can see the opportunities for advancement.
Open Communication
Poor communication can be the cause of many retention issues. You want to foster an environment of open communication. Develop a communication strategy that keeps employees aware of what is going on at the company. Along with that, you want to let employees know that leadership is always open to communication.
Companies should also have several communication channels employees can use for different situations. Email and phones are good options for communication. You could also use group chat platforms to assist teams with collaboration. Video chat and SMS can be other options. You not only want to promote clear communication to and from employees and management, but you should also encourage open communication among employees.
Work-Life Balance
Employees need a life outside of work. Along with being good for the employees, promoting work-life balance can be good for the business. Better work-life balance can prevent burnout and increase satisfaction. Employees with a better work-life balance are also more productive and generally provide better results. Most important, it is a way to ensure better retention.
The first point in this regard is to focus on results instead of the hours they spend at work. If an employee is meeting their obligations and performing well, the number of hours in the office should not be as much of a concern. You could also consider offering remote work as an option. Even if you need employees in the office for a minimum number of hours, it can offer more flexibility and a better work-life balance to allow some work from home.
Listen and Act
No one will be able to tell you more about what you could do better than your employees. Having open communication can be one way to get their opinions, but you might want to do more to encourage feedback. For example, you could have surveys to measure employee satisfaction or group meetings to learn about ways to improve the workplace.
According to an expert from Talent Keepers (https://www.talentkeepers.com/), asking employees for feedback can be one of the best ways to build a strong team. It shows employees that you care about their opinions. It can also provide valuable insights into how you can create a better workplace. However, you will need to acknowledge and act on feedback.
Invest in Team Building
You want your employees to feel good about their relationship with the company. However, the relationships they have with each other can be just as important. People will appreciate and work hard for a good employer, but being a part of a team can bring out the best in an individual. Having a strong team environment can also create a stronger personal investment in the workplace.
To start, you should identify teams and create goals they can share. You can also incentivize team performance. Encouraging employees to spend time together can also build stronger teams. For example, taking meal breaks together can help form stronger bonds. You could also try various team-building exercises to create a better team atmosphere.
Be Supportive and Show Recognition
A supportive work environment can go a long way toward increasing employee satisfaction. Creating a supportive work environment starts with developing a company culture that is positive, open, and inclusive. Learning about and supporting the goals of employees is another step toward a supportive work environment. Previously mentioned steps like good communication and focusing on career development can also help.
Beyond being supportive, you should also show employees recognition. Your top performers work hard for your company. A lack of recognition and appreciation can be demoralizing. It can be as simple as telling employees they did a good job after completing a big project. Rewards and bonuses can also be effective for showing appreciation.
Offer Employee Perks
The top employers are going beyond by offering their employees various perks to increase satisfaction. This is more than just offering good pay and benefits; perks improve quality of life or enhance the work environment. These extras also serve as a way to show employees you care about and appreciate them.
Some employers might offer free meals or snacks in the workplace. Employees will enjoy the free food, and it can also make breaks more convenient. Another popular perk is fitness memberships. It can be a good way to show appreciation while promoting a healthy lifestyle among employees.
Losing good employees will cost your company in the long run. With the tips in this post, you can improve retention and keep your best employees. Along with that, many of these tips can also increase productivity and add value to your employees.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
