If you’ve ever worked for a company before, you have probably seen your fair share of employee turnover. That is, your fellow employees are unhappy with the company, its culture, or some other factor so they leave. In fact, more than 50 percent of organizations globally have difficulty retaining some of their most valued employees. Like in marketing with customers, oftentimes it’s more cost effective to retain your current employees than to find a new hire. While money plays a key role in the retention of employees, it’s not the only factor employees consider. Aspects like company culture or workplace culture are important factors as well.
In this post, we share five tactics you can implement to show your employees that they matter.
Invest in their professional development
Oftentimes, one of the first questions asked at an interview is how one can progress their career at the company. Forty-two percent of employees feel like their job satisfaction determines career growth. Most of us aren’t static beings; we want to challenge ourselves and grow in our careers. And many times, this is a reason why employees leave their job, seeking out another one that can offer them this kind of growth. An easy fix is to take the time to help employees map out their career, giving them the necessary tools and steps to take to reach their overall career goals. Invest in your employees by providing opportunities to learn new skills and knowledge and gain experience. Or it could be paying to send your employees to conferences and workshops, offering tuition reimbursement, or a mentorship program to get them closer to their overall career goals. And it goes without saying, but try to promote internally whenever possible too.
Offer an exceptional benefits package
One of the perks of working at a company, especially a corporate one, is the perks and benefits that come with the job. This can be commuter benefits, healthcare (including dental and vision), child care, pet insurance, and more. Benefits like these show your employees that you care about their quality of life outside of the company’s walls. Additionally, companies should offer benefits inside the company walls such as ample sick and vacation time, flexible scheduling, stock options, and more. If possible, take your employee’s feedback into consideration when looking at what benefits to offer to make sure you are offering the ones that they care about the most. Another option is creating customizable benefits packages that vary by demographic (Millennials v. Baby Boomers) to make sure everyone gets the benefits that matter most to them.
Make your employees feel valued
With employees spending the majority of their day and week at work contributing to the goals and bottom line of the company, it’s crucial that you make them feel respected and valued. An easy but effective way that you can do this is by acknowledging team members for a job well done. This goes a long way with employees and encourages them to perform. Another major way to show this appreciation is by rewarding your employees with bonuses, raises, and promotions. You want your employees to feel like their contribution to the team and the company as a whole means something. Whether you say it or show it via a kind gesture, it goes a long way with your employees’ satisfaction — and it will make them more likely to stay for the long term.
Don’t overburden your employees
Overburdening your employees is the number one cause of burnout. Even if you have a go-to person that you know can probably take on the work, chances are if you give them too much, they feel overwhelmed and burn out. Take a step back and work out a plan with your team to make sure the necessary projects are completed on a timeline that works for everyone. It’s common that other stakeholders will want projects as soon as possible, but many times, that is just not achievable. A way to combat this is by implementing Service Level Agreements (SLAs) and share them with the groups you work with to establish a process for getting work done. That being said, make sure your employees have a healthy work-life balance, such as taking vacations (and not working during them!). The work will always be there, so give your employees a chance to recharge and reinspired before coming back to the thick of it.
Give your employees meaningful work
This is especially true for new members of the workforce. Employees who are fresh out of college or a few years out want to put their skills and knowledge to use at their job. To do this, give your employees meaningful work to do. You want your employees to like the work they do — bonus points if it challenges them! Employees want the chance to make a difference within the company or in their communities. Meaningful work gives employees the opportunity to take the lead and find something they are really passionate about doing at the company. That being said, make sure this work varies from the work they do day-to-day. Give them the opportunity to work outside of their job scope. This will keep them interested in the work while expanding their own knowledge base.
Employee retention is important. If you want to retain your employees, give them a culture they can thrive in. It’s more than money; it’s about making them feel like they are a valued part of the organization.