There is a big problem these days for lots of companies with regard to staffing. Since the pandemic people have been leaving their jobs in droves. Employee retention is one of the biggest problems that businesses are facing these days in addition to things like inflation, supply chain issues, and rising energy costs.
Retaining employees these days gives a company a huge strategic advantage over the competition. It saves money and keeps growth going. Good employees are hard to come by so once you have them you want to make sure that they don’t leave. In this article, we will go over several ways to retain your best employees.
1 – Hybrid working system
Many companies are bringing their employees back into the office after two years of working remotely. After seeing the benefits of working remotely, many workers are quitting rather than go back to full time in person work. These companies have lost a lot of good employees as a result.
There are some benefits that come from having employees in the office at least part of the time. If you have a client facing business then having them work together in person is a big one. However, it is best to offer a sort of hybrid system in which people only need to come into the office on occasion or regularly with them mostly working from home.
It’s a bit more of a challenge to run an operation like this but with platforms such as the ServiceNow Employee Experience the transition can be very smooth.
2 – Have a defined company culture
Some companies think that the company culture is just what the goals of the company are and how much you pay employees for their salary. The culture of the company should go beyond that with a very clear job description that everybody understands. This is not just so that people just do their job and that’s the end of the story.
Make sure that every employee gets a handbook that not only outlines how the company operates, but also what the mission statement is for the company. Then make sure the employees understand how they fit into the picture.
3 – Tap their potential
Nobody wants to feel like another cog in the wheel that is easily replaceable. As soon as an employee feels that way, they will do the bare minimum and that leaves a lot of their potential untapped and wasted.
Give them some leeway to be autonomous and make decisions themselves. This will allow them room to grow and actually contribute to the growth of the company. Avoid micromanaging at all costs as that is a surefire way to get an employee to want to leave.
If they feel that they are able to get their work done in the way they see fit then let them do so. As long as things are done on time and the way they need to be then it doesn’t matter how they are able to make it happen. If you hire good people then you won’t have to worry about them making poor decisions.
4 – Give them incentives
Everybody wants to feel that they are getting something out of their employment besides just a salary. There should be benefits that they enjoy as a reward for their hard work. If you don’t give people a reason to stay then they will leave at some point when a competitor gives them a reason to.
For instance, if you aren’t giving people promotions and raises then they won’t see a reason to stay for the long term. Without the promise of growth in their career then people tend to move on. This is expensive for the company as replacing their experience and knowledge is not easy.
There should be other benefits as well. A robust healthcare plan that doesn’t have a big deductible will also go a long way. People can fall in love with their plan and not want to risk going to another company that has a different insurance provider.
Lastly, a good pension package is a good way to retain people since they will want to continue to contribute to their retirement with your plan.
And don’t forget meaningful work anniversary surprises such as bonuses, gift cards, and other tokens of appreciation can also go a long way in retaining employees. People want to be recognized for their hard work and dedication to the company, and a meaningful work anniversary surprise can do just that.
5 – Give them breaks
Vacation time is extremely important as it helps people unwind from the stress of work and their daily lives. Unfortunately, some employers don’t see vacation as an essential but instead as some kind of privilege.
When people take vacations they are going to be more happy and productive at work. If they don’t then they will burn out and be less productive. Some may end up leaving the company since they can’t handle the pressure anymore. That can be avoided by granting vacation time.
What should be avoided is giving employees unlimited vacation time. This is so vague that people will never decide to take a long time off. In fact, the result is that people take less vacation time since it isn’t structured. They feel guilty taking time off and end up burning out instead.
Make it clear how much vacation time is allotted and make sure that vacations are being taken.
6 – Give them a voice
Employees that feel like they have some ownership in the business are ones that usually thrive and stay with the company long term. Ones that feel like they have no say in things and are simply cogs in the wheel tend to underachieve or move on.
It’s in everybody’s best interest to make sure that employees have a voice and some say in the operations of the business. When meetings take place, ask employees what they think and if they have ideas on how things can be done better. Since they are on the frontlines they often have a perspective that allows them to clearly see what changes can be made to make things more efficient.
Giving the employees an opportunity to voice their opinions and ideas will keep them on much longer.