Believe it or not, many of the factors affecting employee retention have little to do with salary. Making your employees feel valued, supported, and motivated will ensure they will want to stay with you for the long-haul.
Losing an employee is never fun, and it can cost your company a lot. Considering hiring costs like interviewing, onboarding, training, etc. means having a proper strategy in place to retain employees is always in your best interest.
So here are some things you can do to increase the likelihood employees will want to stay:
Understand What Motivates Employees
Everyone is motivated by different factors. Some of your employees may be motivated by work/life balance or the value of the work itself, while others are motivated by external rewards like salary, bonuses, or recognition.
Is this your employee’s first job? Are they planning a family soon? Concerned about retirement and long-term benefits?
It is important to understand not only what motivates your employees today, but also to keep in mind that motivational factors are ever-changing. So make sure to do check-ins with employees regularly to ensure they are remaining enthusiastic about their position.
When employees are motivated, they are less likely to start looking for a better fit elsewhere.
Attach Meaning & Overall Purpose To The Work
Every workplace has very tedious (but very necessary) grunt-work or simple, repetitive tasks which need to be done. It is essential to make sure even the less glamorous aspects of the job are treated with reverence and gratitude.
Tell employees why the work being done is important. If a small task is simply in place to set up a larger one, help employees see the overall purpose of their work.
When your team understands why a particular task is important, even the menial jobs are imbued with meaning and no task is too small.
Feeling the work they are doing is important is a major determining factor on whether or not an employee will stay with your company.
Celebrate Your Staff
Employees who receive regular recognition and praise for their work are more likely to stay with your company since it makes them feel appreciated and important. Take the time to show employees you know they’ve been working hard.
Something as small as a “good job” message or email can go a long way and help employees feel appreciated.
While not everyone is motivated by the same things, you can still celebrate each employee in their own individual way!
Give Employees A Sense Of Ownership & Responsibility
Good employees thrive when they have a sense of autonomy. Show employees you trust them by letting them call the shots sometimes.
Regularly ask employees for input and then genuinely listen to what they have to say. You should be working with individuals you respect and trust anyway, so it will be easy to take their advice every now and then.
When you allow employees to take ownership of their work, they will feel they are a vital part of your organization and employees who feel indispensable stick around!
Collaborate On A Strong, Long Term Vision For Their Employment
Once you have a strong, vivid vision for your company, it is important to communicate to employees how they will fit into it.
Employees can’t trust in what they can not see and neither can you. In order to instill confidence in your staff, and make them want to stick it out, you have to map out their future and make sure you’re on the same page about long term plans for their time with your company.
Do you have plans for your employees 5, 10, 15 years down the road?
Having not only a day to day plan for employees but an overarching, multi-year one, will attach more meaning to the work and motivate employees to stick it out even during the hard times.
If you are confident you are doing all you can to support your employees in both their personal and professional growth, rest assured, they’ll want to stick around.
Employees are less likely to quit when they see their employment, not just as a job, but as an extension of their lives. If a workplace is a place to connect, find meaning and belong, the factors affecting employee retention will extend far beyond a paycheck!
If you have questions or would like more information, I’d be happy to help. Please send us an email, and my team will get in touch with you!