Employee retention is a vital part of thriving in today’s economy. For small businesses, startups, and nonprofits competing with large businesses with big budgets, this is especially important. Try these strategies to keep your employees happy.
1. Create a Great Company Culture
There are many things you can do to create a positive company culture. Documenting your company values and vision is a great first step. In addition, being open and honest with your employees creates an open feedback loop. Team building exercises and group activities are also a great way to foster a positive relationship among co-workers. These bonding rituals can be anything from a team lunch to a company bike ride.
Creating a positive company culture is a direct reflection of your brand and makes your company stand out as an employer of choice. By making sure that your employees are engaged and having fun at work, you can boost employee loyalty and attract the best employee recruits.
Another benefit of creating a great company culture is that you can potentially attract more customers. When you treat your employees with respect, they, in turn, treat your customers with respect.
2. Use Reward and Recognition
One extremely successful recruiting and retention strategy is recognizing and rewarding your employees for a job well done. A simple “thank you” goes a long way. By giving employees achievable targets and a chance to do work they excel at, you can boost employee confidence and job satisfaction.
3. Offer Great Perks
Offering company perks is a great way to become an employer of choice. Non-monetary and low cost perks can make a great deal of difference in employee satisfaction. Half-day Fridays, on-site fitness centers, and casual dress codes are just a few easy-to-implement forms of employee perks that employees actually want.
In addition, offering food at the office is a company perk that many employees highly value. Not only does offering food show you care about your employees, but sitting down and eating a meal together is beneficial for fostering employee relationships.
4. Offer Financial Incentives
While perks are nice, they’re not the entire ticket to employee retention. Yes, free lunch, free health insurance, and flexible hours can make employees happy, but they are not the reason employees come to work. Consider offering stock options or other financial rewards as incentives for employees who consistently meet performance goals.
5. Create a High-Feedback Environment
While no employee wants a manager hovering over their shoulder, completing a task or project only to find out they were on the wrong track is even worse. By clearly setting out realistic goals and providing feedback along the way, your employees will become more productive.