People are often told that they should find a job they love. Unfortunately, circumstances don’t always allow the luxury of waiting for that one dream position. And some people think they’ve found their dream job, only to find that things start to go sour. There are a lot of reasons this can happen: a bad boss, a toxic team, stagnant career growth, or lack of recognition.
Losing your employees to resignation is an expensive problem. The better you can retain your employees, the better you’ll be able to save money, and more importantly, save the knowledge and talent your employees bring to the table.
A competitive salary is the bare minimum that you need to provide to keep employees satisfied. Beyond compensation, your employee retention strategies should factor in the total rewards package you offer, the quality of your leadership, and the power of your social recognition strategies.
Making sure your employees are thoroughly engaged should be a key step in your employee retention strategy. Here are 3 practical ways to start:
- Offer a generous and unique benefit package
Competitive wages will always be an important factor in retaining high-quality employees. In today’s employment market, individuals are also placing a high value on the benefits an employer offers. Health insurance coverage and paid vacation time are considered standard, so going above and beyond that minimum can go a long way toward improving your retention rate. Flexible work schedules, work-from-home opportunities, generous maternity and paternity leave, and paid fitness club memberships are just some of the popular benefit options that communicate value with today’s workforce.
- Emphasize leadership within a team – not “boss” and employees
A “boss” who cracks the whip does not encourage loyalty. A team leader who works side by side with those they lead is more likely to generate the commitment and attitude you’re looking for. If you invest in your managers to ensure they’re well trained, you’re investing in your employee retention as well. Good managers will train and inspire their team, and they will help their direct reports find their strengths and grow their careers.
- Appreciation and recognition go the distance
Finally, showing recognition and gratitude go a long way toward making an employee feel appreciated. Make sure you have a rewards and recognition strategy in place across your organization. Encourage managers to give their reports positive feedback on a regular basis, and foster a culture where peers are encouraged to recognize each other for good work. Regular, authentic recognition within your teams will help your employees feel more engaged, valued, and aligned with the organization. Make sure every employee knows that their work is meaningful to the company.
Don’t let high employee turnover hurt morale or your business’ bottom line. Smart employee retention strategies will help you keep your employees engaged, activated, and working toward your business’ goals.