How to Retain your Best Employees Without Breaking the Bank
It is a common issue among employers - how do I get my best employees to stay on forever? Unfortunately, there is no magic wand you can wave to ensure that they will never leave you. What I can do, is provide a few tidbits of advice to retain good employees that do not cost a dime.
Recruit the right employees
I know this sounds silly - but hear me out. The first initial step in wanting to keep good employees, is to hire good employees in the first place. When you have a position open up at your business, you first need to identify what qualifications you are looking for in a candidate. Are you looking for post-secondary education, attention to detail and an individual who works well alone? Or are you wanting a team player with stellar communication and a love for the environment? Whatever you are looking for - lay it out in your job posting, and then look for those qualities in the candidates who apply. The interview process will be the most important indicator as to whether the individual will be the best fit for your team and become that good employee.
*TIP* If you see an individual who has stayed at the same company for a number of years and stuck through during some ups and downs, it can typically show an individual with loyalty and perseverance.
Empower your team
Take the time to try and understand each employee. Find out what motivates them to come to work everyday. Figure out not only what their strengths are, but where they could use some opportunities for growth. Provide them with training within their role to give them the confidence they need. Then, outline what their role is. How do they impact the rest of the business? Are they front line or back office? How does their work contribute to the business's goals? Employees want to know that their contributions to the company and culture do not go unnoticed. When you provide your employees with (a) the tools/opportunities to help them grow and (b) a purpose, it helps them to feel valued and an important part of the company's success.
Be transparent and open
Creating open communication between employees and management can help foster a sense of community and a shared place. When you communicate well, it means being able to convey information to others in a simple and unambiguous way. It means being clear and concise and connecting with the audience you are speaking to. Having regular meetings in which employees can offer ideas and ask questions will help them to feel as though their input will not only be heard, but acted upon as well.
Respect your employees and their strengths
It sounds self explanatory, but I still see the lack of this in organizations. Employees want to know that they (and their work) are respected and appreciated. Treat your employees with fair and equitable treatment. Educate yourself on what each of your employees do. Ensure that you are not over relying on an individual or causing them stress. Acknowledge and celebrate their contributions - when you acknowledge their strengths in the work they complete, it will help to drive better performance, better engagement and improve the employee-manager relationship.
At the end of the day, no matter the extra steps you take - you need to be prepared for turnover. Turnover of good employees is not what you want, but sometimes it is the right decision for that individual and at the end of the day, we need to respect that. To reiterate what I said above, employees will stay longer at your business when they are respected, provided proper communication and empowered. It will lead to them feeling fulfilled and wanting to stay on longer with your business.
Till next time,