Article refreshed 10/17/2019
In an increasingly competitive job market, companies are pulling out all the stops to attract the very best talent—including yours. To retain your current employees, consider the ways your business can continue to keep the best.
Treat people as you would like them to treat you
Want good people? Be good people.
A manager or senior leader who is nice to be around counts for a lot. Being in charge isn’t easy; it takes skill to manage an effective team. But, all the management training in the world would hardly matter if you didn’t treat everyone with equal respect.
Build your company’s brand
Your company’s brand is the way you’re perceived by employees, current and potential. It defines what kind of candidates want to work for you, and how desirable you are as an employer.
In a study by Deloitte, millennials were asked what they though the most important values they think a business should follow if it is to have long-term success. Employee satisfaction/loyalty/fair treatment was at the top of their list (26%), with ethics/trust/integrity/honesty a close second (25%), further ahead than having good products (7%).
This reinforces how imperative it is to treat your employees the way you would want to be treated. Having a reputation of fair treatment can go a long way.
Get your employees excited about your company’s brand by enlisting their help marketing it. After developing guidelines for social media use, encourage them to use free social media channels like Twitter and LinkedIn.
It can show people outside the company your values, philosophy, and even a sneak-peek into what it’s like working there. Not only will they feel more engaged and invested, they will be more empowered to share their personal experiences about working for your company.
Stay ahead of the competition
You want to ensure your job offerings are competitive alongside your competitors. If not, some employees are more likely to pursue other prospects. A survey from Gallup showed that 60% of millennials are open to new job opportunities.
It doesn’t hurt to check out the competition and see what other businesses are doing that could turn your employees’ heads. What you learn can give you actionable steps to continue making your company a desirable place to work.
Be creative and boost morale
A little can go a long way when it means showing your employees that you care. It can be as small as writing a “thank you” note or even offering additional benefits. Voluntary Benefits, for example, often come at no cost to you while giving your employees the opportunity to supplement their existing core medical insurance in the event something unexpected were to happen.
Make them feel appreciated
This doesn’t have to cost anything. Notice when good work is happening and be the first to praise it. A note of caution: make sure you are praising the people who did the best work, not those who shouted the loudest about it.
A good leader will help with anything that needs doing within the company. By spending some time doing each job, you can gain respect and strengthen relationships with your employees. You will understand day-to-day challenges, which can inspire you to find fixes or change processes.
Also, you get to know the way your employees work. It’s important to have a fresh perspective if you’re planning to expand your business or thinking about promotions. A clear path to career progression is a key factor to employee retention.
Everyone’s different. Get the best out of your employees by figuring out what makes them tick professionally, and what kind of environment suits them. Some thrive on routine, while others like to be able to work when inspiration strikes. Some enjoy coming into the office and working alongside a team, while others are happier working from home collaborating online.
Provided it makes sense for your business, be open to suggestions. Your employees might surprise you with solutions that improve efficiency or save on overheads.
Reward them appropriately
Keep track of salary and pay grades in your sector and be clear about how your employees can earn a pay raise. If you link pay to performance through a formal appraisal system, they will know exactly what they need to do to earn more. They’re more likely to commit to you if they know hard work pays off – literally.
Show you care
A business relationship is still a relationship. And if you’ve invested time and effort recruiting, training and developing employees, it’s because they matter. Show them they’re important by taking care of the practicalities like safe workstations, well-maintained facilities and good medical coverage.