Lack of employee retention can be one of the many reasons why businesses fail long-term. The cost of training new employees constantly can be a drain on cash flow which could be utilized to grow the business. Keeping every employee simply is not going to be possible as employees could leave for personal reasons or an opportunity they could not pass up. Putting employees first is a great way to reduce the likelihood that current employees are even looking for a better opportunity. Creating an environment where employees not only feel valued but feel like their work is valued is a balance that is required. The following are tips to help increase employee retention by putting staff ahead of profits.
Employee IRA Contribution Match
Retirement investments are in the back of the mind of some employees while they are a main priority for others. Even young employees will appreciate a 401K matching program in order to maximize their retirement accounts. Not all companies offer this and those retirement-minded employees will think the world of this policy. Being able to educate employees about finance can be done by inviting financial advisors to speak with employees. Employees are their most productive and happy when they are financially healthy.
Work From Home Days Or Permanently
The ability to work from home is one of the best perks that a company can offer to a professional. This allows the employee to live wherever they desire as long as they work their required hours. The ability to move to a city or country with a far lower cost of living can allow a person to save up immense amounts of money. Even being able to work from home once or twice a week can go a long way as a commute for many people is the worst part of their day. Productivity should not suffer on these days or with employees working from home so a watchful eye is important. Perks should not come at the cost of the company but rather help employees get more done while keeping morale high.
Bonuses For Superior Jobs Done
The employees or team members that help earn the company a huge new contract should be rewarded. Keeping star employees happy is important as these employees close the large deals or hit productivity numbers that multiple people fail to do. Do not forget everyone on the production team for a project or campaign that went extremely well. Keeping stars happy is important but recognizing those that help keep things running smoothly can go a long way. Contests in the sales departments is a great example of something that will drive sales as well as reward those that have done incredible jobs. Production numbers for all production-based jobs need to be tracked in order to see who is excelling beyond expectations.
Clear Career Options And Path
The frustration for many younger employees working at a small business or startup is the lack of clarity of career path. Lack of this structure can lead the more career-oriented employees to head to a larger or more established business. Requirements for the jobs like that of education need to be made very clear as a person working towards a job that don’t understand this could end up leaving the company. Education can also be a bit more clear as certain certifications or licenses need to be held in particular positions.
Retaining employee also comes down to how you hire as it is easy to see from a person’s work history whether they stick around jobs for a certain amount of time. List out the ways that the company could be treating the employees better that will boost employee loyalty. A proactive approach is at times all that is needed as employees just need to see the company is trying to make them happy!