The hiring process is probably one of the most tedious processes both employees and employers have to go through. After this, however, is when the real work begins. With today’s competitive job market and readily available talent, employees are constantly looking for a company to call home. Once you have built a great team, it is important to keep it. It is crucial to have good employee retention for the long-term health of any company. This not only makes the company happy, but is directly linked to customer satisfaction. Also, although there are exceptions, the longer an employee has worked a specific job, the better his or her performance.
Based on a study done by Medallia.
So how can you work to retain your top employees? We have narrowed it down to 5 crucial points.
Company culture is one of the most important building blocks for any company. “Am I happy at work?” is one of the key questions that employees ask when considering searching for a new opportunity. In order to create a healthy and positive culture, companies should establish key principles to attain the culture that they aspire to have.
The ability to communicate is a key principle. Employees should feel comfortable talking about their professional issues, opinions, and achievements. Cultivating an open and accepting space is extremely important to this and will help an employee feel valued.
Another key principle is honesty. Employees should feel that they work in an honest and transparent environment.
A great way to promote your company’s culture is to create a handbook that includes your principles, goals, and mission. Distributing a calendar that specifies monthly activities to work on skills such as team-building, communicating, innovation, and stress is also a great way to keep employees motivated.
Every satisfied employee understands his or her role in the company. Consistent expectations provide constant results. For this reason, it is important for managers to establish concrete and detailed expectations. Clear metrics and weekly goals provide an easy framework to work with. When employees lack a good understanding of their role, they often under perform and build negative relationships with management.
Employees look for companies where they know that they can grow both professionally and within the company. Offering training and seminars are often great incentives for employees. Inviting people from different branches to meetings they usually would not attend increases employee versatility. This provides them with more knowledge and different perspectives within the same company. Doing things like this makes employees feel like a more integral part of the company, which increases retention.
Manager should take the time to create a personal relationship with their employees from day one. Mentoring, listening, advising, and helping are all ways to strengthen that bond. This provides both better performance and incentive to stay. It is important for managers to be approachable and respected in order to create a healthy, attractive work environment.
People like to know their work is recognized and appreciated. A simple “thank you” could go a longer way than you would think. Employees feel motivated when they are compensated for their hard work. Rewarding top performers a couple of times a year is also a great way to increase productivity and motivate your employees to stay on board. Bonuses and gifts are also standard ways to make your employees feel valued.