Keeping key employees around is beneficial for numerous reasons. Businesses with long-term employees tend to have a lower cost per hire because there are less resources and money spent training and recruiting new employees.
Companies with low staff turnover also find there is greater satisfaction among employees and higher morale in the workplace, as a result of more productive, knowledgeable employees who are experts in their role.
While there may not be a way to guarantee your employees stick around for any period of time, there are things employers can do to prevent employees from leaving due to dissatisfaction in the workplace.
Here are some methods for keeping around your best talent:
1. Use positive reinforcement
Positive reinforcement is scientifically proven to increase employee satisfaction on the job, and is the best investment an employer can make in his or her employees.
A “good job” or “excellent work” comment often propels an employee to churn out even more quality projects.
Employers who use encouragement as a tool for motivation see the positive effects it has on their workers, finding that simply commending an employee on a “job well done” increases goodwill between both individuals, resulting in a more effective, communicative relationship, where employees feel comfortable approaching their superiors for help.
2. Develop and fill meaningful roles
As a startup business, employment roles may begin as catch-all positions where duties are not usually limited to one area. This does not mean you shouldn’t set expectations and provide each employee with a job title and full description. Not only does a formal role instill a sense of pride and purpose, but it gives employees a structured experience in the workplace.
Beyond developing meaningful roles, know how to fill these roles with the proper talent. Recognize skills in your employees and place them where they are likely to shine. One key component of successful management is capitalizing on employee strengths, not correcting their weaknesses.
3. Ask for employee advice and value it
Employees are often the best people to ask for advice on projects, investments or initiatives because their day-to-day work may make them more in touch with the areas of business that may need to be improved. Also, asking their opinion shows you respect their ideas, which adds a sense of purpose to their role. Once you enlist their opinion, be sure to listen to their feedback carefully and reward good suggestions.
4. Offer promotions and opportunities for advancement
Most employees are keen on learning, enhancing their skills and contributing to the company in a positive way. Opportunity for advancement gives workers a goal to aim for and work towards. It also holds the promise of greater responsibilities and rewards, something that motivates employees to stick around.
Retaining employees in a business depends on many different factors, some of which are outside your control as an employer, such as the employee’s personal life or career goals. With that said, there are many ways you can take control of your corporate culture and make it a place for employees to want to work and remain at for extended periods of time.
Along with offering encouragement, opportunities for advancement and challenges at work, the employer should be open, communicative and respect his or her employee’s unique needs.
A manager who is open to feedback and goes out of their way to make an employee feel valued is likely to retain more employees than one that does not.
Whether you are new to being an employer or you have been a supervisor for years, the conclusion for most employees is the same: be cognizant of their needs and above all, support and respect them, for they will surely do the same in return and stay loyal to your business that much longer.
We want your feedback:
Employees: What makes you stay at a company?
Employers: What methods do you employ at your business to retain your best talent?
Add to the conversation by commenting below!