Would you imagine seeing your employee of the month handing a resignation letter, just like that? It strikes you like a nightmare because right there and then, new challenges and new responsibilities abound. Skilled professionals are hard to come by these days, and you’ve just lost one. Here, you think about who, and what you’ve just lost. It is a departure that will most definitely affect the rest of your staff emotionally and psychologically.
It is not a scenario you’d want to find yourself in, and your main focus as a manager or employer should be on how to make your employees stay at your company. Facilitating effective employee retention strategies should rank top among your priorities to minimize turnover. To succeed in your efforts, it takes absorbing every team member’s point of view, considering employees are different, and each has their unique goals and desires.
Competitive Salaries and Benefits
A study conducted recently among hiring personnel revealed that salary was the top reason why employees quit their positions, accounting for 45%. Better career advancement opportunities and location were the other two primary reasons, begging the question of whether it is always about the money.
You’ll be surprised at the answers respondents give when questioned about their motivation at work. Surprisingly, only 25 percent of employees are motivated by financial stability, while 56% are motivated by insurance and health care plans. Necessarily, you’ll need to offer your employees better, or at the very least, match what other companies in the same industry are offering.
Competitive remuneration and employee benefits are, without a doubt, huge motivators, but there is more according to the research.
Is your company culture sending the right message? If you thought getting your employees to work for long hours helps in increasing production, that is a knee-jerk thought you should do away with as fast as possible. It is outdated and qualifies to be labeled utter backwardness. Employees feel at ease working with a company that understands and respects work-life balance, and they’ll give their all during working hours. Of the respondents interviewed, a good number said that they would like to work for a company that allows them to work from home, or provides flexible schedules for a healthy balance.
More leaders, less bosses
Leaders are rare in the modern job market, what we have are bosses; a sure recipe for employees unceremoniously leaving their posts. People tend to follow leaders and despise bosses. Where leaders count their employees as their most prized assets, bosses are focused on turning numbers. Employees don’t thrive in micromanagement but rather in an environment where they have the free will to perform. You’ll need to make your staff feel confident and not to fear to showcase their abilities at work. Aggression at the workplace results in poor performance, less harmony, and before you know it, there’ll be a mass exodus regardless of how well you’re paying your staff.
How would you feel working with people you barely know, you rarely communicate with, or you share no common goals? That is what ails most corporates, and it explains why top employees are constantly swapping companies. Given how costly takeovers can be, it is a problem you should address right from the onset. Employees like it when the environment allows them to work collaboratively with like-minded colleagues who readily embrace each other’s working styles. That can be achieved through sharing team objectives, goals, and roles of every member of staff. In doing so, you’ll be creating a fully-functional unit.
Offer Valuable Growth and Advancement Opportunities
A poll conducted by Gallup showed that workers feel the need for total engagement, and they will not hesitate to look for jobs elsewhere where they feel their strengths are better utilized. When an employee feels convinced that they are indeed working for a specific goal, they will naturally get motivated to stay as part of the project.
Of what use will an employee put more effort at work, knowing that they cannot advance beyond where they are? Humans naturally have a deep desire to witness their own success through their capabilities, and environment providing they’ll be motivated to do even more.
Else, you’ll find your employees building their resumes and leaving your organization.
Is your Brand anything to be proud of?
The new generation of employees wants to be recognized more as problem-solvers, and if your business is associated with all the right superlatives, then employees will want to be part of that. Money is not always the driving force; more than ever, people care so much about their reputation. If you have been following keenly, companies that are constantly winning quality certification awards tend to appeal more to top employees, and they rarely change their personnel. When employees realize that they are working on/for a good project, they will undoubtedly aspire to see the end of it. Being part of a constructive project is a motivating factor that will make employees’ stay worthwhile.
Embrace Good Communication and Feedback
Do you know why the majority of employees in most companies hate giving performance reports? It is because employers do not have any room for employees’ voice. One of the best strategies you can ever employ for staff retention is keeping open lines of communication. It motivates your staff whenever you react positively to admissions, ideas, concerns, and possibly to suggested solutions in their reports. It makes them feel an essential part of an ongoing project, and in the end, they will draw satisfaction from it. Employees fancy a working environment where managers are always connecting with them without the haranguing approach.
So, are you keeping up with the market demands?
Even as you work towards minimizing turnover, assessing employee retention strategies on a regular basis is essential. Besides reviewing employee salaries to keep up with current market rates and benefits, most importantly, nurture a unique culture of the workplace that accommodates each and every member of staff. Foster exemplary employer-employee relations and watch the fortunes of your organization grow to greater heights.