As most business owners know, retaining good employees can be a bit of a balancing act. It’s not uncommon for an employed person to be on the lookout for bigger, potentially more prosperous opportunities in their career field. Studies have shown that one of the biggest factors in an employee looking for a new job is the inability to grow in their current workplace, whereas others have cited examples like an unhealthy workplace, an overload of work, not getting a proper raise or promotion, and so forth. Keeping good employees isn’t just about how much you pay them, though that does play a role — it’s also about the whole package.
If you’re concerned about your ability to retain a strong employee workforce, here are a few examples of how to do just that:
- Building and maintaining a healthy, positive workplace culture. Aside from pay and benefits, this is probably one of the most important factors in retaining employees. It’s been proven that a workplace that empowers team members and encourages growth not only leads to happy workers, but also a more successful workplace in general. As their employer, manager, or supervisor, it’s part of your job to ensure they can feel safe and have their voices heard.
- Don’t wait to hire the right people for the job. While it’s true that employees can grow into their roles over time, it’s important to start from the beginning. When you’re looking through resumes and interviewing prospects, make sure their experience is in line with the structure of your workplace, as well as its values. You want a team who want the same goals as you, and hiring those people from the start will help retain them with your company.
- Don’t forget to show your employees your appreciation. It’s a proven fact that a workplace with positive energy, where your team members feel valued for their hard work, is a key motivator in employee retention. There are a number of ways to demonstrate your appreciation as a manager or business owner. While sustainable pay raises are absolutely important as needed, morale boosters such as catered lunches, workplace happy hours, paid time off, and increased benefits have shown to improve the overall culture of a happy workforce.