Five Ways To Keep Valued Employees
Making sure your employees are genuinely happy and how to retain them.
Are your employees looking for new jobs? Chances are the answer is “yes.” Studies show that around 40 percent of workers are planning to look for a new job within the next six months, and 69 percent say they’re already passively looking.
While losing an employee whom you thought was happy might take an emotional toll, there are also financial costs. In an article for the Center for American Progress, HR experts Heather Boushey and Sarah Jane Glynn explain that productivity losses, the costs of hiring and training a new employee, and slower productivity levels until the new employee gets up to speed are all financial drains. Should the rate of turnover increase, those unanticipated costs will quickly add up.
For valued employees to safely make a long-term commitment to an organization, business leaders need to give them a good reason to stay. As I discussed in last week’s column, at Fishbowl we are careful to hire only the best workers — and once we have them, we want to keep them.
Today’s workforce desires more non-monetary satisfaction from the workplace, such as a positive, supportive work culture, opportunities for job growth and advancement, transparency, and job flexibility. Underpinning each factor is the need for a solid, supportive relationship between managers and their team.
Here are five ways to invest in healthy employee relationships and retain your valued employees.
1. Share responsibility.
Show your employees you trust them by giving them responsibilities that allow them to grow, and encourage them to gain new skills. Provide ample continuing education opportunities. Hire from within wherever possible, and give generous promotions at appropriate times.
2. Show respect.
Employees want to know they are respected and appreciated. People may readily forget the things that you said, but they will always remember the way you made them feel. “If you must give criticism, combine it with praise for what the employee does well,” says Peter Daisyme. By showing respect, you will help your employees develop confidence in their skills, which will encourage greater productivity and enthusiasm for accepting new challenges.
3. Incorporate revenue sharing.
If you want to show genuine appreciation for your employees, put your money where your mouth is. Tie a part of your employees’ wages to the company’s performance. This will align their interests with the company’s revenue and profit goals and will serve as an incentive to stay with the company as it grows. By making the fixed cost of payroll inherently more variable under differing business conditions, you can make your company more resilient and agile while also treating your employees very well.
4. Offer rewards.
The rewards you give your employees should speak to their emotional needs and go beyond their monetary compensation. Recognition in front of the company, department parties, service projects, lunches with the boss, logo clothing, handwritten notes, etc. can all contribute to the positive culture of the company and can be good morale builders, as well.
5. Allow for relaxation time.
Be generous with time off. Provide sufficient time for sick days, family vacations, new babies, etc. Pacing workflow can be highly beneficial to enduring employee relationships.
“The energy employees bring to their jobs is far more important regarding the value of their work than the number of hours they work,” says Tony Schwartz in an article for the New York Times. You should expect and even demand high-quality performance, but it is unreasonable to expect a continual level of pressure at 100 percent. Allow employees the chance to catch their breath from one assignment to the next with the help of team-building activities or mini-break periods over the course of the day.
It is important to remember that a long-term commitment requires effort in both directions. But by encouraging added responsibility in a respectful environment, offering monetary incentives and rewards based on performance, and instituting moments to relax and recharge, you can help employees feel a renewed loyalty and commitment to your company that will give them great reasons to stay.
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You can learn more about my company, Fishbowl Inventory, by visiting our website here. I look forward to hearing from you.