There’s no question that great employees are a company’s greatest assets. There is also no question that it’s cheaper to keep the employees you have, for as long as possible, than it is to hire new employees.
While it is more cost effect to keep the employees you have, it is also an honor and a great gift of kindness to care for your employees well.
*As a side note, it is also a great kindness to let people go if they are not working out for the company, or if there are opportunities for them to expand and grow elsewhere.*
Below are 10 ways to help improve employee retention. Is there an area or two where you can improve in caring for your employees today?
#1. Offer Competitive Pay
Pay is the most tangible way you can show your employees that you value them, their strengths, and their expertise. Know what the going rate is in your area and be as competitive as possible. Offer bonuses and/or regular pay raises. Employees know they are valued when they are paid well.
#2. Provide Development Opportunities
Whether personal or profession, invest in development opportunities for employees. If you want the company to grow, employees need to grow as well. Give employees opportunities to learn new skills, strategies, and techniques that will benefit them as individuals, the team, and the ultimate vision of the company.
#3. Allow for Movement
Allow employees to grow and expand within the company. Your assistant may be great, but take note of his or her passions and skills. Are there moves within the company that will allow this employee to thrive? Don’t keep employees small for your benefit–chances are if you don’t allow a good employee to grow within the company, he or she will find opportunities elsewhere.
#4. Make Mentorship a Priority
Take time to mentor the ones you lead. Help them take positive steps toward their own interests, industry goals, and to grow as a leader. People feel seen and appreciated when leaders give them time and offer their wisdom.
#5. Challenge Employees
Allow employees to help solve problems and lead projects. Through mentorship you will build trust with employees, which enables confidence in giving individuals more ownership and responsibility. Handing off more tasks and projects will allow you, as a leader, to focus your time and energy on matters that need your attention.
#6. Empower Employees
Nothing will slow down productivity more than a leader who micromanages. With clear expectations and responsibilities, employees should be able to make certain decisions on their own. Empower employees, and let them know that you trust them to make great decisions, within the parameters of their job, that will help move the company closer to its goals.
#7. Involve Employees
It’s not appropriate to have every employee weigh in on every decision, but whenever possible allow employees to be involved, especially with decisions that directly affect them. Employees who feel that they have a voice and a choice are usually more loyal and willing to work through the hard times that every company will inevitably experience.
#8. Show Appreciation
Know how each employees receive appreciation and be generous in showing your gratitude. Acknowledge things like hard work, milestones, work achievements, and even personal achievements.
#9. Provide Safety
Employees need to know that they have a safe space to vent their frustrations and concerns. Handling conflict well is an undervalued leadership skill. Let employees know that they can talk to you about any work related issues, and make sure that you listen with kindness and respond with respect. Address issues or concerns that you have in a timely, direct, and kind manner. Create a space that values open and honest communication.
#10. Be an Advocate
Be the biggest cheerleader for the ones you lead. Meet with each team member regularly and keep your eyes out for opportunities that will allow for individuals to grow. Stand up for your team so that there is no doubt that you have full confidence in their abilities. Employees will stay longer when they feel seen, valued, and heard.
What would you add to this list?
To learn more about Andrea and her work, click here.