A survey conducted by Watson Wyatt revealed an alarming statistics, which is more than 50% of employers had no formal strategy for retaining employees. On the other hand, a 2008 survey by the Yukon Bureau of Statistics shows that employers demonstrating value to their employees and placing practices and policies that reflect effective retention strategies, in turn, benefit from worker commitment and productivity. These employers allow reasonable salary increases and offer benefit packages to achieve such a goal. However, these actions can be costly for small businesses to shoulder. Thankfully, these are not the only options. There are other creative strategies, which are as effective as raises and benefits, you can employ to attract and retain employees. To keep your employees working for you, you can consider the following recommendations:
1. Hiring the Best Candidates.
Effective worker retention starts with the job interview process. However, remember that this is not only about making a good first impression, but also making sure that you are hiring the best applicants. No matter how much you try to keep an employee and influence his decision to keep working for you, the ultimate decision to stay or not still lies on him. So, you have to do some kind of balancing act, where the only time you can directly influence a candidate’s side of the equation is when you hire him and not afterwards. With this in mind, make sure you hire retainable employees.
2. Being the Best Company As You Can Be.
Indeed, you want your company to be at its best all the time, especially when compared to your competitors, and the same goes for your employees. Remember that people like to work for the big players, so if your business is at the top of its game, you will be assured of employment longevity and a sense of pride. Understand your competitive advantage and take the time to define it. Whether it is about a top-tier product or great customer service, make sure it is known by not only your customers, but also your employees.
3. Recognizing a Healthy Work-Life Balance.
Do not expect your people to work like robots, and in order for them to perform most efficiently and be kept from harboring ill will against your company, you must help them realize a healthy balance between work and personal life. This can be easier to say than done, but you can do it with effective scheduling and helping employees realize that they are overworking themselves. As the leader, it is your job to make sure that they are getting enough time to rest and recharge for the next day and to give them leaves to have a break and take away the stress they get from long periods of hard work. Finding such a balance will keep your employees happy and productive, as well as strengthen their bond with your company.
4. Giving Employees the Necessary Metrics.
According to studies, people have a strong desire to feel that they are succeeding and that their capabilities and talents are being utilized in a way that makes a difference to an organization. And when they sense that their actions are making this desire happen, they will start to feel that they belong and that your company is theirs. So, avoid giving vague feedback and let your people see the actual results of their work instead. They would want to see results with their own eyes and have that concrete object that they will be proud of.
5. Offering a Clear Career Path.
The best employees would want to know whether they have a future working for your business or not, so make sure you regularly meet with your staff members and discuss their career goals. By letting them envision a future with your organization, you are setting out a clear progression path for them. Your decision to offer your people the opportunity to upskill will surely benefit them and your bottom line.
6. Giving Your Employees the Chance to Develop and Grow.
On-the-job training opportunities will not only help your employees get better at what they do, but will also help them to grow. To do all you can for them, your training should not only focus on increasing performance in their current roles, but also opt for cross-training and mentorship programs. Create a leadership ladder that helps them learn the skills necessary to move up.
7. Closely Watch Your Management Team.
According to the managing director of the Center for Advanced Human Resource Studies at the Cornell University, Steve Miranda, “Employees don’t quit jobs. They quit managers.” She based her idea on research showing a direct correlation between manager impression and employee job satisfaction. She said that a huge number of employee turnovers are directly caused by overly hostile or ineffective management. This means that you should include some “soft skills” in training your managers.
8. Building Rapport with Employees.
Having some kind of transparency in your company is important, and the same goes to full employee engagement. Remember that some people cannot really express themselves due to fear of reprisal or embarrassment, even with an open door policy in place. Instead, you and your managers should actively create an open rapport with your employees.
9. Using a Cohesive Strategy.
Everything you do in retaining employees should be part of a complete strategy. While this will certainly net you results, creating an inviting and friendly work environment is one of the most effective ways to keep your top employees.
10. Cultivating a Culture of Freedom.
While it is important to supervise your people, it would also be difficult for them to feel trusted or productive if someone is often looking over their shoulders all day. Remember that most strong performers value a certain degree of freedom, where they are free to explore their own innovative ideas. And if you have done a good job in recruitment, you should be able to rely on your employees to successfully accomplish their tasks.
By considering these strategies, you will be able to effectively engage and retain employees, as well as solidify motivation and loyalty. Not only this, but it can also benefit your business with increased productivity and a harmonious and likeable working environment.