Employee retention is always a topic of concern for employees. The economy is uncertain so when you get or have good employees you need to keep them happy and
Company Culture
Your company culture is a large part of employee retention. Employees work more productively and want to stay working in places where they feel comfortable, respected and secure. To build your company culture, think about different ways to encourage your employees to feel settled. Host casual Friday’s, or have monthly team brainstorming sessions where you allow your employees to speak openly about their concerns and wins. You want your company to be recognized as somewhere people want to work.
Compensation
This is the obvious one in the list. You need to adequately compensate your employees. Take a look at the salaries other companies are paying for the same position and figure out a number that is fair, but works for you too. Ensuring you are paying a fair salary is going to make your employees feel valued and encourage them to stay. If someone is working for you, and they can be enticed by a higher salary, there is a good chance they will leave.
Top Performance
Recognize your top performers. If you have someone who is doing an outstanding job, closed a major deal, or whatever else drives your business, recognize them. Sharing your employees accomplishments and celebrating them publically is a great way to boost morale and create a positive workplace vibe. Showing your employees that you value their hard work, is a motivating factor for others to push themselves harder too.
Perks
Perks are always an appreciated part of any job. What are you currently offering your employees now? Perks can be anything from vacation time, working from home, and benefits to cell phones, event tickets, transportation coverage and more. Think outside the box on this one and offer your employees something out of the norm or something that makes you stand out against the competition.
Opportunities for Growth
No one wants to start in a position and never move up the ladder. Employees are going to want to see that you promote from within as they learn more skills and grow out of their current position. Consider giving your own staff the first opportunity to apply when new positions open up, and give promotions to new positions are you see fit based on performance.
Flexibility
A significant amount of the population in North America, are leaving their 9-5’s in pursuit of the flexibility of a remote work situation. Your employees want flexibility too. Flexibility plays into company culture and as long as the work is getting done you have no need to worry. For many businesses, flexibility starts by allowing employees to work from home if they’re feeling under the weather or miss a short period of the day to tend to a necessary appointment. Giving your employees the opportunity to work with a flexible schedule, will give them one major reason to stay at your company long term.
Employee retention is one of the biggest struggles businesses deal with. It’s costly to constantly be training new individuals, so focusing your efforts on keeping the ones you have should be at the top of your priority list. If you need support in improving your employee retention, contact Meadows Resources.
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