10 Tips on Retaining Valuable Employees
Talented, hard-working employees are hard to find and easy to lose if you don’t play your cards right. High turnover rates can drain your time and resources; ultimately hindering growth and profitability. In today's competitive market, retaining valuable employees should be a priority, and here are ten ways to do it.
A stagnant career path is one of the top reasons talented employees leave their jobs. Provide plenty of continuous education, training, and mentorship opportunities. Give them the flexibility to move up in their current position or transition to a new role as they develop new skills.
Uncomfortable chairs, small cubicles, and dim lighting can hinder performance, increase stress, and leave your employees looking for better opportunities. Invest in quality ergonomic office supplies and make sure your employees have plenty of space to stretch their legs and walk around.
Respect can make all the difference between an oppressive work environment and a fulfilling one. Be honest, but kind when giving feedback, and be accessible. You want your employees to trust you and feel valued, not anxious and fearful. Showing respect will boost morale, productivity and performance, which will create a positive company culture.
Most employees will not sign with a company, let alone stay with them for years, if they aren't offered a comprehensive benefits package. At a minimum, you should make sure you offer quality health insurance and a retirement savings plan. Try to offer multiple options and let your employees choose the level of coverage and the savings plan they prefer.
Whether it's a free weekly lunch, a monthly company field trip, or telecommuting options, perks go a long way in retaining valuable employees. Offering perks shows that you value your employees' well-being and life outside of the office.
Your employees attitude and quality of work should be far more valuable to you than the number of hours they log. While it's important to set high standards for performance, no human being is capable of producing flawless work continuously. Give your employees the breaks they deserve. Allocate ample time off for illness, family events, and mental wellness. Allow multiple small breaks throughout the work day and refresh and recharge energy levels with team-building activities and company events.
From a simple pat on the back to a company-wide acknowledgement of an employee's performance, recognition will help keep valuable employees loyal to your cause and encourage even greater efforts in the future. Company-wide contests can also boost morale and liven up the daily grind.
While praise and recognition are essential, high-performing employees would also appreciate tangible rewards such as an annual raise, yearly bonuses, stock options, and other financial rewards for their hard work. Having a shared rewards program can encourage top-tier performance and provide employees with another reason to stay on board.
The occasional challenge not only gives your employees an opportunity to learn and grow, but also shows them that you have confidence in their abilities. For example, you might challenge teams to tackle a project outside of their expertise. This also encourages employees from different departments to learn from one another and foster a greater sense of unity.
One of the best methods of retaining valuable employees is to talk with them directly. Find out what they value most about the company culture and areas in which your business can improve. Their feedback will help you to create a better working environment, develop star performers, and keep all-stars on your team.
Retaining valuable employees is not only important for morale, but also saves you valuable time and money. By following these helpful tips, you will continue to maintain and grow your company’s culture to its fullest potential with your very own dream team!