Hands down, the most important investment you could possibly have in your company is your employees. Are you investing a large percentage in hiring the right employees? Do you have a winning team? If so, employee retention should be your top priority. Here are 10 surprisingly easy ways to achieve it.
- Develop an employee retention strategy
Don’t leave this to the last minute, or go into it unprepared. You’ll be flying blind. The best way to approach this is with your eyes open, with a plan. Narrow down all the variables when it comes to your company and specifically what your employees need to thrive. Keeping all of these factors in mind will better help you figure out how to approach the situation.
- Keep things in perspective
It’s easy to give in to the mindset that new technology is what will benefit your business most, but what good is that technology without valuable players who really know what they are doing? Having top-notch people on your team is key. Did you know that according to recent studies you can spend up to 21 percent of an employee’s annual salary replacing him or her? The morale of one or two unhappy employees can affect the morale and work performance of the entire company.
- Be a good listener
It’s important to be receptive to your employees. Communicate with them about their needs, and foster an open dialogue about their careers, their objectives, and what is going on with the company. A successful business is fueled by communication, and ignoring your employees could cost you your company.
- Value your employees
Since a company is as good as the sum of its parts, understand how important it is to invest in your company through finding the best people for your team. Once you have them, you have to put emphasis on the importance of cultivating this relationship. Unhappy, dissatisfied employees leads to a high turnover rate, which is bad news for your company. Value them, and they will value you and your company.
- Give credit where it is due
Make sure to pay attention to outstanding work performance and dedication, as well as rewarding it accordingly. This leads to a healthy work ethic and professional relationship with your employees. When they are rewarded for their outstanding performance, they will feel valued. Happy employees equals a productive company.
- Foster a good work environment
There’s nothing worse than dreading going into work because of an imbalanced environment. This can be aggravated by excess stress, pressure, as well as improper distribution of work and resources. Who says work can’t be fun, productive and rewarding? Foster a positive, driven, happy environment, and it will go a long way for your business.
- Stop micromanaging!
Micromanaging should never happen in a successful company. You picked the members of your team for a reason. Communicate rationally and effectively about what you expect for your employees, and make clear, realistic deadlines. When your expectations and goals make sense and are communicated effectively, all you need to do is trust your employees to carry out the work that is expected of them. If you feel the need to micromanage, you have the wrong people working for you.
Figure out what is most important at work, and strive for the bottom line, while treating your employees well. They deserve the utmost level of respect, as you deserve respect from them. Stop focusing on all the little details and shift your perspective instead toward the bigger picture. When you take control of your company in a graceful, inclusive way, it positively impacts everyone’s work performance.
- Treat all your employees fairly, but not all equally
Many companies make the mistake of treating everyone exactly the same. This is a misconception. The best businesses recognize the strengths and weaknesses of each individual employee, as well as which employees have better work performance. Endeavor to reward your top players primarily, and notice how this positively affects your company.
- Get data on your employees
Even if it is a pain, it is essential to conduct employee surveys. Make sure they follow these guidelines:
- Anonymity so your employees can feel confident in being completely honest
- Responding so your team sees that not only do you care what they have to say, but you will endeavor to foster a better work environment by improving, based on their opinions
- Feedback sharing so your employees will have the utmost sense of open, healthy communication as a company
- Schedule surveys so you can regularly conduct them. Notice how things change over time. It’s important to be committed to this.
The bottom line is simple: invest in your employees and you invest in your business. When you endeavor to communicate, encourage, inspire and help their careers grow you work to create the best company possible and stay on your “A” game.
About the Author: Ava Collins is an online marketing associate with Hicks Professional Group as well as the IT staffing company’s HR manager.