Today’s business environment is becoming so crowded and competitive that at moments it looks like a huge brawling match where only the strongest, and the best prepared will survive. This fight, however, is not only limited to the minds and souls of your employees, but also for the retention of the good employees, who are in, such conditions, a very sought-out commodity. The fact that those employees are accustomed to such conditions, and usually looking for a gig rather than a long-term commitment to some business does not make employee retention any easier, either. Let us then take a look at some of the things your employee retention strategy should address to make this increasingly difficult task if just a bit easier.
Measurable Objectives
The benefits of having a clear and transparent set of measurable objectives for each individual employee go way beyond having something to measure their individual performance. They can also serve as a way to show the employees that their talents and capabilities are being used in a way that is benefiting the business they are working in. The sense of achievement they will get by reaching these milestones will make them look at your business’s success as their own, and thus think of your entire business and its goals as their own.
Communication
To put it simply, without efficient two-way communication, employee retention would simply not be possible. If done properly, communication with your employees can help you to achieve high level of transparency, make them in line with your business objectives, get very valuable feedback on their current desires and opinions, and finally, make your staff a part of the decision making process. Failing to establish such communication can only create a void that will estrange your employees and make them easier to part the way with your business.
Rewards
You might think that salary, paid sick leave and healthcare coverage are rewards by themselves, but those benefits are implied the very moment you recruit an employee. Going beyond that is what will help you retain valuable workers. Besides compensation and benefits, a reward system must address recognition and appreciation. Showing your employees that you value and recognize their efforts is crucial for retention. You can achieve that by rewarding individuals with money bonuses, stock options, flexible working hours, and some small tokens of appreciation, such as a high-quality custom USB for your IT expert.
Mutual Loyalty
Employee’s loyalty is not something that should be taken lightly or expected by default, rather something that should be earned. It is gain by showing respect, trust and commitment to individual team members. Do that by concerning not only about their contribution to your business’s success, but also about their success. If you manage to successfully bond the two, employees will develop a sense of responsibility and loyalty for your company, and tie their success to yours.
Rise above Your Competitors
At first it may seem odd, but the retention of the workers will depend on your competitive advantage. The reason behind it is that people love working for winners. Rise above your competition, not only in your relationship with employees, but also as a driving force in your niche that is making a difference in the business world, and because of that has the trust of its customers. Besides helping you retain employees, this strategy will help your business thrive.
When put together, these five elements can create an efficient employee retention strategy and keep all the good employees in your house. Remember, nothing drives a company forward as well as appreciated and enthusiast employees.
