Employee retention is essential to keeping valuable talent in your business. The longer you can keep good workers, the better off your business will become.
So how do you retain the best talent at your company?
Read on for 7 awesome employee retention strategies to help you keep top talent in the long-term.
1. Decrease the Stress Level
Stress does not cultivate a positive work environment, which can frustrate employees who want to be productive.
Here are some hidden culprits of office stress.
Limited Teamwork
Friendly competition can be fun. However, sometimes employees can go overboard on it and refuse to be helpful to their fellow office workers.
To prevent this, set high standards for your business and encourage employees to help one another, rather than try to outdo one another.
Lack of Sleep
Productivity is great, but to much work can actually hinder it and cause frustration to employees who have to stay late all the time.
Ensure the amount of work given to each employee fits the hours in which they are assigned. If your business has a busy season, ensure they are properly compensated for working overtime.
Cluttered Office Environment
A cluttered office may not be your fault, but motivating your busy employees to keep their space neat and tidy can decrease their long-term stress.
Consider setting aside a "Spring Cleaning" day for your workers' offices and offer a reward for the top 3 tidiest spaces. This way, your office spaces will maintain a stress-free and professional standard.
2. Prioritize Aesthetics
If you're already on board with the first tip, then consider upgrading it to include your entire business spaces.
Enhancing aesthetics and maintaining your business spaces is a great way to show employees you care about them just as much as your customers.
Consider giving the walls a fresh splash of paint in a neutral color, and ensure the heater and air conditioner work properly so that employees won't need to purchase an expensive fan or heater for their office space.
3. Show Appreciation
One of the best employee retention strategies is to show appreciation to your workforce. A simple email can go a long way.
Here are some scenarios to consider complementing.
- Always on time
- Compliments other co-workers rather than trying to outdo them
- Encourages teamwork
- Has great ideas
- Is skillful in what they do
- Has a positive/constructive attitude
Doing this will encourage confidence and assure them that their efforts to go above and beyond are really appreciated.
4. Upgrade Resources
Another great staff retention strategy to show employees you care is to ensure they have the resources necessary to complete the tasks they are given.
For example, if your company's computers are slow and outdated, then consider investing in an upgrade.
Offer training courses and tuition reimbursement incentives to give them more opportunities.
Speaking of opportunities, Genie Payroll Plus is a great resource to help you with your human capital management.
5. Increase Incentives
One of the top reasons employees switch to another company is for higher pay. To avoid this talent retention pitfall, be generous with promotions and incentives within your company for employees to achieve.
This gives employees a tangible goal to achieve and shows them that they don't need to look elsewhere.
Here are some awesome incentives to consider:
- A better office space
- Extra vacation days
- Increase in salary
- Travel opportunities
- Leadership opportunities
- Better parking
- Remote work
- A lunch in their honor
By setting tangible opportunities in front of them, you're not only encouraging talent retention but enhancing it as well.
6. Manage Well
There are plenty of management stereotypes out there. Some are harmless, though others can deter long-term employee commitment.
Having a good balance is key. There is a difference between being firm and overbearing. That difference lies within professionalism.
Consider your own past managers learn from their strengths and weaknesses. What decisions helped the company you worked for and why? What decisions hindered the business?
7. Pay Adequately
In business, efficiency is key to profits. The cheaper your products and services are to produce, the more your business can grow and the better off you will be overall.
However, an imbalance within efficiency can lead to a reduction in talent retention over time.
For example, some employees might grow to need a higher salary if their rent unexpectedly goes up.
This may lead them to trade your company for a different opportunity even if they didn't plan to or even want to.
To avoid this pitfall, make sure you're keeping up with the career payment standards, and if possible, rise above them.
This strategy can benefit you in terms of staff retention long-term because you'll have happier employees who will, in turn, stay longer.
Those who stay longer will gain more experience and refine their skillsets.
These skillsets go back into the business through quality, which then makes the product better and more valuable. Thus, the positive cycle continues.
Employee Retention Strategies—Final Thoughts
Increasing your talent retention isn't an impossible task, and by following these employee retention tips, you're setting your business up for long-term success.
Looking for more human resources, recruiting, and employee retention strategies? Visit the Careers and HR sections of the Bootstrap Business Blog right now!
