Prime Advantage has invited industry experts to share insights on achieving manufacturing and business success. In this post, freelance writer and marketing consultant, Lisa Michaels, discusses what companies have to do to keep their best talent.
As a business owner or manager, you may be well aware of how vital your employees are to the success of your business. Your best employees are responsible for increased product sales, customer satisfaction and other critical elements of success within your organization. If you want to promote the long-term health of your company, you need to focus your attention on improving employee retention.
However, you may be wondering what you can do to encourage your employees to make a long-term commitment to your company. After all, you do not want to deal with the expenses related to training time, lost knowledge, searching for new candidates and more. These valuable tips will help you to improve employee retention in your workplace.
Set Clear Goals
Employees can grow frustrated and unhappy when they feel lost in their positions. For example, some may feel as though they cannot do anything right, and others may feel as though they are not doing enough. Therefore, your employees should know exactly what is expected of them each day through a clear and defined list of job expectations and responsibilities.
Established performance metrics should be used to monitor and measure their efforts in these areas, and the employees should understand how their activities affect the company’s overall goals and objectives. More than that, it is important that you or a manager review performance of each employee using the accepted metrics on a regular basis.
Enable Open Communication
Another factor that will affect employee retention and an individual’s commitment to your company is open and honest communication between all levels of hierarchy. Management should establish and maintain an open-door policy so that employees can feel free to address concerns about co-workers, operational activities, policies and more without fear. You should also host regular meetings with your team so that employees can address questions and concerns in a more public setting.
You or your management team should also initiate conversations with team members by providing feedback on employees’ work efforts. Your top talent should be kept in the loop about important industry or corporate events so that they feel valued and important. In addition, management should always make time to listen to employees, and they should be receptive to employees’ recommendations for solving problems within the company.
Offer Competitive Benefits
A primary reason why employees change jobs is to take advantage of better benefits in a different company. If you want to retain top talent, you must have a competitive benefits plan that includes health and life insurance with great terms. You also should have a retirement savings plan with employer-matching contributions. These are almost standard benefits that most workers now expect.
Additional perks such as telecommuting will be very attractive to your top performers but will also have benefits for your business. At home, your employees are free of workplace distractions and interruptions so they can focus on specific tasks with greater accuracy. Working in a stress-free environment and avoiding the additional anxiety of the daily commute helps them stay productive.
Smaller perks also go a long way toward promoting happiness in the workplace. These can include free bagels or popcorn on Fridays, a free lunch once per month with a manager, a casual work environment and more.
Recognize Your Employees
Employees need to feel valued for their contributions to the company, and this means that you need to regularly recognize high-performing employees. A simple word of thanks for a job well-done or a public acknowledgment for putting in extra hours over the weekend can go a long way. They need to know that you see the extra effort that they are putting into the business and that it is valued or important in some way.
Financial compensation is a great way to recognize employees for their efforts as well, but it should not be the only method used to show gratitude. Everything from a free polo shirt with the company’s logo on it to a lunch with the boss, a handwritten note expressing thanks and more can be helpful in this area. This can boost morale and build a positive environment within the company where your employees can thrive. It may also encourage your team to continue to show initiative and drive.
Provide Opportunities for Development
Employees can easily feel discouraged and unmotivated when they think that they are stuck in a dead-end job. Your employees should also be aware of new opportunities in their career that they can work toward, and these opportunities will ideally be internal. You should verbally communicate career development plans that you have for them so that they are aware of their growth potential within the company.
More than that, you should enable them to continue to refine their skills, education and training in different areas. Provide them with on-site training options, or provide them with tuition for continuing education classes that may help them to reach the next level in their career. Remember that some employees may even take a pay cut with another company that has more growth potential if they feel as though their current position is not taking them anywhere.
The most successful companies have a positive work environment that honors the contributions their employees make, that provides them with room for advancement and that compensates them in various ways for their efforts. It can take a significant amount of time and effort to find and hire the right team members, and the last thing you want is to lose those them because they are dissatisfied with their job in some way. By focusing your attention on these important tips, you can improve your bottom line by retaining top talent in your company.