Recruiting the right staff is tough. But keeping them around once they’re employed? That can be even tougher. At a time when as many as 33% of employees leave their jobs after the first 6 months, it pays to invest in their retention. After all, why would you go through all the effort of a rigorous hiring process to find the best employees, only to lose them a meager 6 months later?
If you’re a business owner who has completed an online MSBA, you’ll be well aware that good employees are the foundations of any successful business. Here’s how to keep them.
1. Communicate Transparently
If you want to keep your top staff on the books, you need to ensure you’re being totally transparent about their rights as employees.
Yes, workers have rights – and as an employer, it’s just as much your job to make sure your staff are across their rights as it is theirs. Stay on the front foot by providing each of your employees with a copy of the Fair Labor Standards Act (FLSA), and also, by ensuring you’re adhering to these standards as their employer. Use these guidelines to assess your business’ internal practices. Are your employees being treated fairly – in accordance with the FLSA? If not, they’re highly likely to look for work elsewhere.
2. Offer Better Than Basic Benefits
Virtually any company can offer their employees an annual salary – along with regular breaks, annual and personal leave, and other entitlements. This is – surely – just fair recompense in exchange for your employees’ time and labor, no?
If you want your employees to stay, then, you’ll need to do more than just the bare minimum of paying them. Consider providing your staff with catered lunches, or a complimentary snack cupboard to keep those afternoon cravings at bay. You could implement wellness initiatives: just think – how appreciative will your staff be if you arrange for a professional corporate masseuse to come around their desks during lunch hour?
Investing in company culture with great employee benefits goes miles in terms of retention, as does making your business a fun, inclusive, and enjoyable place to work.
3. Be Inclusive
Promoting the concept of Diversity, Equity, and Inclusion (DEI) in the workplace is also crucial if you want your employees to stick around. Why? In our increasingly diverse, multicultural society, representation matters. If you want your company to be progressive, you’ll be drawing from a diverse pool of candidates from all walks of life – that is unless you want to be accused of discrimination.
Maintaining a workplace that is as diverse as it is inclusive takes effort, though. You’ll need to set company guidelines around inclusive behavior, for example. You’ll also be required to uphold this standard from the top – shunning bullying in favor of acceptance, tolerance, and collaboration.
So how does this help retention? As well as promoting equal employee opportunities, DEI helps staff members feel included and connected, and that their perspective is represented.
4. Invest in Your Staff’s Development
Want to incentivize your staff to stay? Invest in their personal and professional growth.
Demonstrate to your staff that you can facilitate their further learning and career development, and support them in maximizing their skill set through training and hands-on experience.
Formulate a clear career path for your top employees, and encourage them to consider any available promotions. By guiding them through this and setting their sights on higher roles, your employees will have a reason to visualize – and see out – their career progression with your company.
5. Reward and Recognize Achievements
Lastly, what’s hard work without reward and recognition? Help your employees feel valued by applauding their achievements and celebrating a job done well.
You can formalize this by implementing regular awards nights. Employee of the Month awards, for example, go far in helping staff realize that their efforts are not going unnoticed. Everyone likes to be recognized for their hard work, and rewarding effort speaks volumes.
There you have it – our top 5 tips for retaining your best employees.
By communicating transparently, offering great employee benefits, and promoting inclusivity, as well as investing in staff development, and rewarding their accomplishments – your workers will have good reason to stay with your company for the long haul.
