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The pandemic has given people the opportunity to really think about their jobs and what is most important to them, contributing to the current “great resignation”. Retaining employees is now at the top of the list of concerns for many business owners and managers. How are the most successful companies retaining employees?
Richard Branson is often quoted as saying, “Train people well enough so they can leave and treat them well enough, so they don’t want to.” Company leaders and managers who invest in employee development and provide support for collaboration may be ahead of the game. Here are some other tips for retaining employees in the current climate:
Learn what motivates your employees.It won’t be the same for everyone. Not many companies are blessed with a 100% intrinsically motivated workforce. It’s important to learn what’s important to employees. The majority of employees (typically about 60%) will be motivated to do more if the right incentives are offered. While many managers think that cash is the best motivator, in fact, tangible rewards are more effective.
Reward and recognize achievement.Employees who feel appreciated and recognized stay longer. A formal, professionally designed performance improvement, incentive or reward, and recognition program will ensure that individual and team goals are aligned with company initiatives. Because it’s usually the relationship with the manager that retains the employee, it’s critical that the managers are trained in implementing employee recognition programs. Few managers are born with this skill! Once you have determined what motivates your employees, reward choices can be personalized to appeal to your particular audience.
Communicate regularly.Employees need to know where the company is headed and the role they play in that progress. When leaders are transparent with employees, they not only get everyone working toward the same goals but may also get helpful feedback from those on the “front lines”. Employees are likely to be more enthusiastic when they can contribute in a meaningful way to the company’s progress.
Offer training and professional development opportunities.Employees will often take advantage of training that helps them do their current job better but may also be interested in learning new skills. Offering those opportunities may keep employees from looking for new employment in order to learn new skills.
Wellness matters.Most companies offer some sort of wellness and safety program (if you don’t – we can help!). Of course, these programs are beneficial to the company in terms of savings in insurance premiums, claims, lost days, and more, but they also show the employees that the company is concerned about their general wellbeing. Offering ways in which employees can better manage stress or develop healthier habits also goes a long way to retaining employees.
Business owners and company leaders are finding that fair compensation and benefits and even some extra perks are the baseline expectation now. Investing in employee development, setting goals, and rewarding achievement create a culture of recognition that retains employees! For more information on how we can help design your effective employee programs, contact us today!