In any industry, you face a bigger risk when losing an employee than first meets the eye. It’s not just the inconvenience of having to replace said employee… You will need to train them, in the interim productivity is down, rumors spread through the ranks and other people start looking for better opportunities too. Even if your employees sign non-disclosure agreements, that doesn’t necessarily save your reputation, and if your company has a high staff turnover people will definitely start asking questions that you may not have the answers to.
Why Employee Retention Is Good
So why should you be doing everything in your power to retain those talented and valuable employees? Well for a start they are already familiar with your company and it’s goals and policies. You don’t need to train a new person from scratch when everyone is already knowledgable and part of the team. The longer they’re with you, the more potential there is to grow their loyalty to the company. A happy employee makes your clients happy, and in so doing the company profits! So what are some retention strategies to keep your workforce happy? We picked five of the best to discuss:
Remote Work Options
For those staff who aren’t physically required to be in the actual workplace to perform on-location tasks or deal with clients, remote work is actually a fantastic solution. Often times those who work in art departments, IT, accounting, marketing will be most productive at home in comfortable, quiet environments. Offering this option can be significantly enticing for employees.
For staff who do need to be present for meetings or tasks, the company can offer flexi-time solutions. Got kids who need to be dropped off at school? Start your workday at 10:00 am and just finish later! Have a dance class every evening? Start at 6:00 am and beat the traffic and leave early to go and exercise! Negotiation around this topic can go a long way to contributing to employee satisfaction and let them know that you understand and appreciate that they have a life that is important too.
Company Share % As A Bonus
Remuneration for a job is a given, and keeping an eye on industry standards is essential to make sure that what you are offering is competitive in your field. But what about incentives? Something which isn’t always viewed as popular, but could see a resurgence in the near future, is offering your employees stakes in the business. When your work results in a direct positive outcome for yourself, loyalties shift. There’s more at stake than just your work ethic, you want to see the company succeed for personal reasons.
Something all businesses should be cognizant of is their employee’s health. Healthy people are happy people, healthy people are productive people. There’s no downside to this! Offer a company package that provides suitable medical insurance as well as possible discounts for gym and health club memberships to help your employees reach their personal fitness goals and maintain a healthy lifestyle.
And finally, all work and no play makes Jack a dull boy… To spice things up by hosting interesting social events! It could be a monthly breakfast that each department takes turns organizing, it could be themed Friday afternoons, it could be live music. This goes a long way to boosting morale and strengthening the team.