The resignation of your best employees can be a great loss for your company. Not only will you have to look for new employees to replace their positions (and there is no guarantee that you will find better ones), but you might lose some other employees as they might be triggered to quit their jobs as well. This is why employee retention strategies are critical to the long-term success of every company.
Here are five effective ways you can implement to make sure your best employees stick around.
1. Fun Work Environment
The work environment is one of the main factors that determines whether or not your employees enjoy working at your company. A stressful work environment can affect your employees’ mental health, preventing them from being productive.
As a business owner, you must be able to ensure that your employees feel comfortable working at your company. An HR manager can give you some tips on creating a healthier work environment, but you can also learn from other companies with low employee turnover rates.
2. Transparency in Communication
Non-transparent work culture can make your best employees feel uncomfortable to work at your company. They have the right to know about the financial condition of your company, the progress, and all the plans that has been made by your company.
Your employees must also know about their own performance. Therefore, it is important for the management to evaluate their performance. Employees who don’t know their own development tend to have lower self-confidence and are more likely to quit, because they fear being terminated.
Similarly, you must also be able to allow your employees to provide honest feedback for your company and your leadership. This will make it easier for you to identify areas for improvement within your company as well as yourself.
3. Opportunities for Growth
Even though it is not always possible for everyone to advance to newer and higher levels within the company, the effort should still be made.
The workforce stability in your company can be more easily maintained if you can promote your existing employees rather than hiring new ones to fill upper level positions.
When you employees feel like it seems impossible for them to grow, then it’s most likely that they will look for other companies that give them bigger chances to grow.
To keep your best employees from quitting, make sure that your company can help them to keep developing their skills by providing them with training, new responsibilities, and various challenges.
4. Welfare facilities
Welfare facilities can help increase your employees’ enthusiasm at work. Here are some points that you should be considering:
- Make sure the internet connection in your office works well so as to help speed up the work of your employees
- Use software that can help simplify operations, thus increasing employee productivity
- Provide a room or area that employees can use to rest
- Provide employees with hardware such as advanced laptops that support them to complete their work faster
5. Competitive Salary & Benefits
Salary is one of the biggest motivations for employees to work for a company. A survey conducted by Glassdoor, one of the largest job recruitment sites, showed that 45 percent of employees decided to move to other companies in order to get better income.
This does not mean that you have to splurge money on your employees mindlessly just to retain them, but you must ensure that the salary and incentives you offer are competitive and in accordance with the contribution they make to your company.
Make sure that your HR manager can always manage and distribute your employees’ salaries on time. Consider implementing a payroll and HR management system for better management of salaries and employees in your company.