A Three-Point Strategy to Retain Your Employees
What can you do to encourage employees to stay with your company?
By David Cox, SHRM-SCP | March 13, 2018
There are companies people love to work for and would never leave, even if they could do the same work elsewhere and make more money. Other companies have such terrible reputations that even if they paid higher salaries, employees would work for them only if there were no other alternative.
The difference between a great company that seems to be able to retain all their best employees and one with a double-digit turnover rate is the way they treat the people who work for them. Consider the value of the following three-point strategy
- Great Leadership
A company that’s serious about keeping its employees happy and productive realizes that effective leadership is essential at every level of the company. It’s not enough for an employer to merely be a “nice person.” Good managers also need to be effective leaders. They need to support their people by offering the direction they need to do their jobs well without micromanaging their employees.
Good leaders allow their employees at all levels to appropriately voice their opinions without fear that it could place their job in jeopardy. Moreover, good leaders take the time to discover the unique talents and skills that their employees bring to the table and encourage their further development.
- Opportunities for Growth
Some of the most successful companies in the world have been built on a practice of promoting from within. An example of one such company is McDonalds, a company that stands today as the biggest fast food chain in the world. I recently read that all the current high-level executives began their careers with the company as lowly crew members, flipping burgers and mopping floors. The idea that their position can one-day lead to something bigger, if they work hard and progress through the ranks, is incentive enough to get people to continue with the company.
Too many companies make the mistake of seeking talent outside the company when they have a key role to fill, instead of looking within. This inevitably leads to talented employees leaving because they went unnoticed and their skills and hard work went unappreciated.
- Expressing Appreciation
Some rather cynical people say that if you cannot reward your best employees financially on a regular basis they will leave, no matter how good the company is to them otherwise. There is no conclusive evidence to support this assumption. Economic circumstances have forced employers to consider other ways that companies can show appreciation for their employees.
Some successful companies offer employee rewards such as a public “well done” for excellent work, an Employee of the Month Award, or even more tangible items like a prime parking space, a paid afternoon off work, or a gift certificate for a free lunch or dinner. These and other rewards have been successful in motivating employees to give their best effort at work.
Other successful companies, striving to retain their most talented employees, offer a more flexible work week or the opportunity to work from home a few days a week. Increasingly, as people look for ways to de-stress their busy lives this is something that good employees should consider.
These are just a few of the ways that successful companies manage to retain talent and keep their employees happy. The key though is remembering that employees are people that deserve to be treated with respect and the opportunity to feel that their work is appreciated.
Up next: Building Your Self-Confidence