Retaining Employees Requires Creativity
Employee turnover can be challenging and, for many business owners, an ongoing issue. As difficult as it is to terminate an employee, we often forget how difficult it can be to find ways to retain good employees.
Business owners know they must offer competitive compensation packages, benefits, incentives and bonuses in order to attract strong performers. However, retaining employees also requires some creativity. Here are some suggestions you can use in your business to keep one of your greatest assets from leaving.
Today, particularly with millennials, there is a need and desire to have a sense of being part of a community. Make your office an open and inviting one. Make sure you host regular meetings, ask for input, share good stories, applaud good work and allow employees to work collaboratively. Give them a sense of belonging and nurture that with open communication.
Share Your Plan
Make sure your employees understand the big picture and the purpose they serve in your business. Set aside time to set goals and expectations with them. If your employees understand your plan and know where their future is headed in their position, chances are they will be motivated to stay and reach the goals you’ve set. By doing this, you are showing them opportunity and giving them a role to play in creating the future of your business.
Recognize and Reward
To recognize and reward your employees does not mean doing so just once a year at their annual review. It means continually recognizing achievements by calling them out in a team meeting, sending them a personal letter or card, or taking them out for lunch. If you know that employee is a huge concert-goer, make a point to buy them tickets to a concert they’d like to attend. Communicate your gratitude and never let hard work go unnoticed.
A flexible work schedule and creating a "fun factor" could also prove a beneficial incentive for your employees. Every workplace is different, so discuss with your team some ideas of what they would like to have as a fun factor, and then you can decide which idea is feasible and appropriate for your business.