Without happy staff, no business can run well. Studies show that customers are happier when employees are happy, which means better work, more sales, and a stable work environment. In many fields, the competition for good employees is fierce, and more and more people are leaving their jobs. Keeping good employees interested for a long time is important for a company's performance and success. So how does a business go about focussing on employee retention and what are the pressure points that a business owner should keep front of mind?
What does it mean to keep employees?
Another word for employee retention is "commitment." This means that employees are loyal to their company. It's about making sure that people who work for a company feel personally connected to it. This makes people happier, more productive, and more loyal over time. The steps that are taken to keep employees is part of a retention management strategy. There are many pressure points when it comes to employee retention: Starting with job satisfaction. When workers are happy in their jobs, they are more likely to stay with the company and do a good job. They also are going to want career growth where the company will help them grow personally and professionally. Further to this, staff will want recognition that their work is valued and noticed. Keeping employees is also easier when the company has a positive culture where everyone shares the same beliefs and goals. For many workers, being able to balance work and personal life is also very important.
Strategies for successful employee retention
What are some key areas that should be fostered within a thoughtful work environment?
Hiring well:
Keeping employees starts even before a staff member begins working at a company. As soon as job applicants come in, HR Managers have to make sure that they want to work for the company and will fit in well with everyone else there. Then, work to keep the employee continues as soon as they start so induction and integration into the company must be done well.
Open and effective communication:
Companies should listen to what their workforce wants and need. When there is good communication between staff and management, the groundwork is already positive. This creates an environment where staff feel like their needs are cared about and that they are able to speak up (and speak out) accordingly.
Opportunities for growth:
In today’s climate, staff want more, and they want to know that management will help them achieve their goals, improve their skills and advance their careers. If things went well at the hiring point, and the staff member is right for the business, this presents a win-win opportunity where staff can grow in the environment, take on more responsibility and achieve their goals while growing the business and improving the bottom line.
Reward and recognition:
It's really important to show appreciation for hard work and good performance by giving awards and praise. There is nothing more underwhelming than working hard to achieve results only for them to be ignored. Strong management understands what is important to each individual on the team and gives recognition when these things are achieved. It applies to tasks and outcomes at various levels, both short and long-term.
Flexible working conditions:
Working from home and having flexible hours can help you balance work and personal life. Flexible work schedules let staff do their best work and come to the office when it's most convenient for them. When companies place their trust in their staff, the people who work for these companies are more likely to feel valued and respected. This boosts morale and makes the business more successful. As a bonus, workers get sick less often, which means they miss less work, and companies save money on unnecessary costs.
Team building:
A strong work environment means that the people who work together can also play together. Creating informal pauses in the work month to have fun together can generate stronger connections among teams and encourage more meaningful relationships. Team building can be a great way to foster this. It also needn’t be expensive, you can find fun ideas like karaoke, quiz nights or simple board games to generate some healthy competition and encourage the team to let off some steam.
New and appealing benefits:
Companies can make their workers happier and more satisfied with their jobs by giving them great perks that help them with their daily tasks, ease their stress, or just make them feel good. Benefits for employees are wide-ranging and cover a lot of areas, such as health care, child care, company pension plans, and personal freedom. Companies should make sure that any benefit they offer works for the whole team.
Create a strong employer brand:
Branding as an employer is a big part of keeping employees. It means creating a good company brand that brings in new employees and keeps the ones you already have. A strong workplace brand shows that the business cares about what its workers want and need. To identify this, look to the core ethos of your product/ service and cross reference this with the values associated with upper management. This will ensure that the company brand rings true as the values will trickle from the top down.
The bottom line
The success of the company and the happiness of its customers are also affected by staff commitment. When staff are happy, they work harder and perform better. It takes work and creativity to keep your employees satisfied and make sure they stay with your company for a long time. Make sure you spend time and money making the workplace great so that your people are happy to come to work in the morning. When done right, these things can make all the difference. In a business world that is becoming more and more competitive, keeping employees is vital. To invest in your employee retention plan, contact Merchant Capital and fund this vital HR strategy in the next 48 hours.