Turnover at many companies is extremely high, and you want to make sure that this is not true of your business. You want to retain as many of your star employees as possible. Turnover is expensive and drastically interrupts the flow of production or services provided. Knowing how to improve employee retention and keep your most important assets, your employees, includes the utilization of the following three steps:
Provide Rewards and Recognition
Let your employees know how much you appreciate their efforts and successes. Give consistent reviews and raises throughout their employment and base monetary rewards on performance and seniority. Supply staff with great benefits including health and life insurance, retirement packages, and maybe even stock options.
Even simple gestures and statements will go far in motivating them to stay and do even better. A lack of appreciation is one of the number one reasons for employees to leave their current jobs and seek opportunities elsewhere. They need to feel important and that their contributions matter. Management can fill that need in so many ways.
Celebrate the longevity of all of your employees. One of the best ways to reward employees is by celebrating their milestones with the business. Every year that they spend helping you grow your bottom line should be recognized in some way, shape, or form. A yearly meeting where pins are handed out to those who have reached their one year, five-year, ten-year, or even twenty-year marks can be something that everyone looks forward to. Bonuses and/or special privileges for long-term employees are also effective. Make your staff proud of the years they have spent with your company making it stronger and more successful. Recognize their talents, commitment, and major contributions, so they feel that they are a part of the positive results.
Make a point to honor major achievements by your staff, even if it is not work-related. A young employee who has just graduated from college, a woman who ran a marathon, an individual who has been promoted to another department, a man who just got married – all of these are reasons to single out the persons involved and make them feel special. It could be as simple as passing out a card to be signed, announcing their achievement over the intercom, or even having a small party for them, complete with cake and ice cream, during lunch hour.
Keep It Personal
Whether your business is extremely large or very small, it is important to make your employees feel like vital parts of the big picture. Make a point to know every employee’s name. Get to know the individuals who work with you and speak to them often about their families, goals, and other matters that have nothing to do with work. Keep a family atmosphere that encourages friendships and a great work environment.
At least twice a year, hold events that include spouses and/or families. A summer picnic at a theme park or other local venue can provide a great atmosphere for employees to show off their families. Management should make every effort to meet and greet all of these individuals as they arrive and throughout the event.
A holiday party at a local ballroom or restaurant, depending on the number of employees, can provide relaxing but elegant surroundings for everyone to get to know each other’s significant other or spouse. Holding this event at your own facilities sends the message that your employees are not worth spending money on, and many will not be able to relax and enjoy themselves in their usual work surroundings. Invest in your employees by thanking them for all they have done for the business.
Give Opportunities to Develop Skills and Rise Up Through the Ranks
Whenever a star employee outgrows his current position, make a point to find that person an assignment that is more challenging. Move him to new areas and expose him to new experiences and work methods. Supply the individual with training both inside and outside of the company to really make him feel that he is worth the time and effort to develop his skills and talents.
Make every attempt to educate your employees. Tuition reimbursement programs, seminars, and conferences that relate to your goods and services will be well received by those who are looking forward to growing with your company. Build a workplace library, even if it is just a bookshelf in the corner of the breakroom, where employees can borrow books and magazines on success, motivation, inspiration, and topics concerning the business they work in.
Promote from within as often as possible. Realize that the information and knowledge that your individual staff members receive while working for you can be more beneficial to your bottom line than any college degree ever can. Keep in mind though that there are times that you need to hire employees from the outside. Investing your time and energy is your goal to make these new hires into long-term and indispensable employees. Utilize new Digi-Me technology to help you find those perfect candidates. Digi-Me is a company that will post your jobs online through the use of video, keeping your recruitment costs low and providing you with only the best from the potential employee pool.
Figuring out how to hire the best in personnel and how to improve employee retention does not have to be a huge undertaking that costs the company thousands of dollars. Even if it does cost some money, know that the funds are well invested in both the company and the individual workers who make it shine.