How Can You Make Employees Stay in Your Company
As your employees evolve their skills in your company and become more experienced, sometimes it is hard to retain them, as other companies approach them with better contracts and try to persuade them to join their companies.
In order to fight that, you need to come up with solutions to retain your best employees. There are many things that you can do to make your employees happy and make them stay with you.
In this article, we will go through some of the best employee incentives you can adopt to keep your best employees.
Why do employees stay?
Before we dig into what incentives you can give to your employees for them to stay, it is important to know many of the reasons they stay in the first place, or why they enjoy working where they do.
The number one reason employees stay is because they feel valued. Making them feel this way is extremely valuable for them and for your business. Everyone likes to have value to something or someone, as it’s one of our deepest concerns. Appreciating their job and remarking on a job well done goes a long way when it comes to feeling valued by employers. Recognizing their importance should be done frequently and when necessary, as well as immediately after something they did great. It is also important that you go over your employees’ needs in meetings and listen to what they have to say.
Being involved is also a great reason employees stay longer in a company. By sharing the company’s vision they value their objectives and work harder for them. It is also essential that you involve them in your business long-term goals so they have something to look forward to.
Being challenged at work makes your employees motivated and as a consequence makes them stay longer. Creating work that is not boring and that makes them interested and work harder on it should be a priority.
Feeling that your employees are trusted will make them feel secure and that can help with their workflow and creativity. Placing your employees in positions where they have more responsibility is a great way to improve that.
The feeling of empowerment is also related to trust. Unlike placing workers in more responsible positions, empowering your employees can be done at any point and you don’t necessarily need to change their positions.
Having a good leader around your employees is crucial for their development. It will give them the necessary skills to become more important in the company. Think about mentoring programs that will help them with that.
Promoting your employees when they deserve it is essential for their happiness in your company. You need to understand how your employees work and what they have done so far in order to promote accordingly because if you promote an employee that deserves less than another, you might have issues in making that employee happy. So be fair and analyze every situation properly.
Ways to Retain Your Best Employees
Keeping lines of communication with your employees and listening to them at all times is relevant for their overall experience in the company. Knowing that their opinions are heard goes a long way to employees’ happiness. Knowing that the management listens to them and does something about anything to counter their issues inside the company is a reason employees often stay longer in a company.
By Fostering and Rewarding Them
This not only means promoting them when the right time comes. Here you should target highly motivated and ambitious employees first, as they might set the pace for other employees that might seem less motivated.
By acknowledging their contribution to the team, as well as expanding their skills, you are making them feel appreciated and that is a great thing when it comes to retaining the best employees you have.
Offering Small Perks
Not everything is promotions and big bonuses. Employees feel appreciated when you offer them small perks, so they are reminded that they are valuable to the company. Things such as restaurant offers, discounts during their working hours, as well as offering family & friends benefits will contribute to their overall happiness at your company and stay longer.
Offer Them Flexibility
Knowing that they’re in control of their own schedule is also vital for employees to stay. Sometimes employees have necessities that are beyond your control and offering them the flexibility to make their own schedule according to their needs is a great way to value them.
There are many platforms that allow employees to make their own schedule within your company and make sure they do the necessary weekly hours even if it’s at their own pace.
Having a defined code of ethics is important for employees so they can understand what is right to do and what is wrong. An increase in autonomy evolves when trust and integrity are consistent in your company, which is intrinsically related to increases in your employees’ morale.
Nowadays it is becoming increasingly difficult to find this balance between work and life outside work, mainly because it has become extremely easy for people to be contacted. But this balance is crucial if you want your employees to remain happy at your company.
However, this has nothing to do with working less. By giving them flexibility you are encouraging them to work at other times and not less and that is just gonna make them happier in the long run.
This depends on the type of company that you are running, but if it’s honest work, there is meaning. This comes during the hiring process and is up to companies to choose employees that like to work where they work.
A demotivated employee can be a burden both for the company and for the employee that will continue to be less motivated as time passes. You might try to talk to them, and see if there’s anything in your company that they would rather be doing and if you can move them to that area.
Ask Their Opinion
This is important for employees to feel like they belong and they are valuable to the company. Asking their input on something important not only will make them happier will also increase their morale and will be more willing to work harder now that they know you are listening to them.
You should aim to create this type of environment in your company as a whole so employees can come up to you and say what they think about a certain issue.
How do you ensure employees stay in the company?
There are many ways to do that, but by recognizing their efforts, empowering their decisions, keeping work that challenges them and offering perks and schedules flexibility you are providing your employees with reasons to stay in your company.
What is the number one reason employees quit?
The number one reason people quit a job is because of their relationship with their boss. According to a study, almost half of the employees leave a company because of bad management and two-thirds think their boss or manager lacks managerial skills.
What is a toxic boss?
Toxic bosses can be very different from one another. But if a boss is always criticising with no apparent reason, or if they pick on other employees in public, those are signs of a toxic boss.
In order for you to keep your best employees, you need to constantly offer them incentives to stay. There are many companies out there that could snatch your best employees so having a great relationship with all of them and making them feel like they belong and that they are also a big part of how your company operates goes a long way when it comes to happy employees.