Employees act as the primary engine for any organization. Their hard work and dedication are what take a company to new, greater heights. Talented employees are no less than an asset for businesses. However, it is equally true that employees leave companies very often. So if the best-performing employee goes, it not only affects a company’s bottom line but it affects productivity, morale, and mindset of other employees also.
The reasons behind resignation could be many like better growth opportunities, frustration, workload, constant friction with superiors, or stress. But when best employees resign, it becomes a nightmare for managers and business owners. As per a conservative estimate, 3 million Americans quit their jobs in search of something better.
That is why employee retention tactics hold so much importance for businesses. It is crucial for the management to incorporate strategies that are aimed at improving and incentivizing all aspects of employee experience. Managers need to ensure that the employees are fully satisfied with their roles and responsibilities. Plus there are other areas that should be reviewed as well.
Here is how you can retain and nurture your best-performing employees:
1. Invest in your employees’ professional development
According to a study, employees feel that their job satisfaction depends on whether they are given career development opportunities. Professional development of your employees encompasses many things such as opportunities to learn more, acquiring new skills and furthering career growth. You started your organization with a dream to make it successful, much in the same way your employees can harbor personal ambitions to make it big in their respective careers. So investing in their present and future career growth will repay you in a big way. Moreover, your employees will take note of your genuine investment efforts on them, and they will surely reciprocate it by being loyal, long-term employees.
2. Salary and benefits must be competitive
Every employee desires a better salary and more benefits, make no mistake about it. It’s an industry-wide trend that people switch their jobs for better money because it is one of biggest motivations. You need to make sure you give fair and just appraisal to every deserving candidate. This is not to suggest that you should splurge money on them mindlessly to retain them. What it means is the salary and benefits should be competitive. According to a recent survey conducted by Glassdoor, 45% of employees who quit cited salary as the top reason. So what you offer your employees in terms of salary and perks must be comparable to other businesses in your industry and your region.
3. Show your appreciation
A word of appreciation can work wonders toward making your employees happy and motivated – the key elements for retention. Your workplace isn’t an assembly of lifeless humanoids; rather they are living, breathing, and emotional individuals with aspirations. A genuine gesture of praise and appreciation, therefore, can make them comfortable with you. It is often said that employees don’t quit their companies, they quit their managers. So be mindful of the fact that showing appreciation and recognition with regards to their efforts can motivate them to perform even better. There could be many ways to appreciate their work like giving gifts based on their performances. You can also celebrate their achievements by having toast with custom champagne labels so that they will always find a reason to work for the company.
4. Communication and feedback
Healthy communication with your staff is an immensely important factor in establishing trust with them. Thus, keeping open lines of communication is essential for employee retention. Remember while communicating, your body language, tone, and attitude play a key role in healthy interactions. So the interaction should be such that they can come up to you with ideas, questions, and concerns. Similarly, they expect you to be honest and open with them about improvements they need to make in their performance. Furthermore, to make them even more comfortable, you can ask for their feedback and suggestions about how you can bring improvements in various processes or strategies.
5. Show them you care
You should understand that your employees also have their usual share of problems, setbacks, and misfortunes as no one in the world is free from them. Maybe there are genuine issues that are making some of your employees commit mistakes. So without jumping on conclusions, have them confide in you their problems. Just set up casual, one-on-one meetings and ask them what is bothering them, or what their goals, hopes, and dreams are. See if there’s anything you can do to help them work better. They might be facing financial problems, illness, depression, etc. in their lives. If you notice any of this going on with them, you can incorporate employee assistance programs (EAPs) in your workplace where they can avail intervention options to recover. The logic is simple when you show them you really care about their health and well-being; it leaves a positive impression on them.
The people who are working for you are the crucial part of your journey to success. They work hard, give their time, and put their efforts into the company. Hence, it is your responsibility to make them feel important, valued and respected. Remember the wise words of Richard Branson, “Take care of your employees, and they will take care of your business.”