You’ve built an impressive team, and you’d like to save your best workers. So, how can you keep the great people you’ve got? Start with these three employee retention tips.
Top Employee Retention Tips
Pay Attention to the Competition
Let’s face it. If your competitor down the road pays twice as much as you do, you will lose employees. Therefore, pay attention to the market and industry trends. If pay rates are going up, increase your compensation as well. Otherwise, you’ll be scrambling to catch up while also dealing with turnover. Additionally, keep in mind, it’s NOT all about money. Many people are willing to accept a smaller paycheck in exchange for perks and non-monetary benefits. These may include stock options, health insurance, retirement plans, wellness programs, flexible working arrangements, paid time off, and professional development opportunities.
Give the Job Meaning
As former SVP at Google, Laszlo Bock, points out, “We all want our work to matter. Nothing is a more powerful motivator than to know that you are making a difference in the world.” Show and tell your employees why they are making a difference. Is your organization improving people’s lives? Designing innovative products? Or creating a more sustainable future? And don’t assume your team knows these things are happening. Provide regular updates in emails, with announcements and through everyday conversation. Publicize company awards, share positive customer reviews, and post success stories.
Offer Opportunities for Growth
Ambitious and motivated employees (and those are the ones you want to keep) are looking for challenges. They want to learn new things, tackle stretch assignments and build their careers. And if you can’t offer these opportunities at your organization, chances are, they will look elsewhere. Therefore, take the time to design a robust professional development program. Of course, this looks different for every business. For example, one company may give full tuition reimbursement while another actively promotes from within. Other possibilities include mentorship programs, on-the-job training and in-house professional development.
Are You Trying to Build a Better Team?
The recruiters at FirstStaff are here for you! We help companies across Arkansas find the people they need, so they can create successful and reliable teams. Learn more about the benefits of hiring through FirstStaff today.