Employee retention is a difficult nut to crack. If you get it wrong, you run the risk of losing your best employees at a time when you need them the most. For smaller employers, it is even more difficult, as they can’t pay top wages or offer expensive benefits such as free gym membership or comprehensive health insurance. Luckily, there are plenty of low-cost ways to support hard-working employees if you would prefer them to stick around.
You might be thinking at this point, why bother? After all, easy come, easy go. Well yes, in today’s competitive job market, there are bound to be scores of people queuing up for a job if you have a vacancy, but what you need to remember is that there is no guarantee any of them are right for your company. There is also the cost of staff training to factor in – it typically takes several months to bring a new employee up to speed, so having a revolving door of new starters and leavers is draining on productivity and staff morale.
Now we have persuaded you to look at strategies to keep your employees on board, read on for some advice.
Listen to Employees
Always listen to your employees, no matter how trivial their concerns appear to be. Let them know that your office door is always open and if they have any concerns, they are free to come and talk to you. By creating a comfortable environment where employees can voice concerns and ask questions, you give them a sense of ownership and make it easier to deal with issues before they snowball out of control.
Invest in Employees
Investing in employees makes them feel valued. Encouraging education and professional development is an easy way to do this. For example, if one of your employees expresses a desire to become a family nurse practitioner, don’t dismiss them on the basis that they will clearly be leaving within a short time. Instead, support their plans to look at FNP programs online, and make it easier for them to study. Yes, if all goes well they will leave eventually, but in the meantime, you will enjoy having a hard-working, super motivated employee who is immensely grateful for your kind support of their career aspirations.
Small businesses are better placed to encourage an ‘everyone together’ environment. Share your enthusiasm about the business with your employees and get them on board with new ideas. The more invested they feel in future company developments, the harder they will work to ensure the company’s future success.
Recognize Hard Work
Employee of the Month award is a bit cheesy, but this doesn’t mean that you should ignore good work. If one of your team does an outstanding job, or is praised by a client, tell them – preferably in front of the entire team. They will feel appreciated and everyone’s happy.
The small things make a difference, so if your employees keep leaving, find out why and take steps to stem the leak.