After putting in all the effort and resources to source and hire the best candidates possible, your next challenge will be to retain those good employees. As a company, you need to know what makes employees want to stay with your company so you can manage your HR strategy accordingly. And although many employers think that salary and other monetary rewards are number 1 on the list of why employees have a job, they might just be the reason they took the job but not the reason why they will stay in the long-term. In the end, job satisfaction, being challenged and feeling appreciated are much more important than just monetary reward and therefore focusing on these items will have a positive impact on employee retention.
It has been shown that when employees feel unappreciated and undervalued, they will sooner look for a new job. There is an intrinsic desire to feel your contributions matter and are important to the business.
So, what can you do to retain those good employees?
- Create the right environment for employees to take accountability
As a company, you need to create the right environment for your employees to flourish. It´s not just making them feel like an asset to your company as mentioned above, but also let them take accountability for their own work by letting them make their own choices as much as possible. Or, ask for their input on any strategy or policy changes. And very important, avoid micromanagement.
- Give them responsibility from day 1
In order to feel appreciated, an employee wants to feel their manager trusts them. Show your employees you trust them they can do a good job by giving them responsibilities from day one. By giving them projects that will allow them to grow. Also, it sends a very strong message to promote hiring from within whenever possible. If your employees know that when you have a leadership position available, they will be the first choice instead of external candidates, this is a motivation to do a great job and usually ensures employees staying longer with a company.
- Create an open and honest working culture
For employees to be able to lead their piece of work they need to know what is going on in the business. Therefore, always focus on an open, transparent and honest working culture. Avoid hidden agendas and secretive activities. For an employee to be able to really contribute and feel like they´re contributing, they need to be in the loop.
- Provide the right opportunities to learn and grow
Provide your employees with challenging and stimulating work, don´t have them sit around and feel bored because their projects are not challenging enough. Give them room for their passion and see if they can work on something they are passionate about. Also, always be clear on how they can advance and reward good work. This doesn´t have to be monetary reward only, recognition is worth a lot as well when we´re talking employee retention.
- Conduct “stay interviews”
Exit interviews are probably a pretty well-known term, but what about stay interviews? Considering asking some of your employees with the longest tenure about why they are still with the business. Consider asking them feedback on why they decided to join, why are they staying, what would make them leave, what they would change or improve and any other feedback that can help you strengthen your employee retention strategies. They are the experts so they should be able to take a lead in improving your retention.
- Provide the right balance
For an employee to stay in a job for the long run, they don´t just need to be happy with what they are doing and how they are compensated. They also need to be able to combine that job with the rest of their life. Balance is key here and it is key to let employees take the lead on managing that balance. Therefore, in order to improve employee retention be generous with time off, focus on initiatives to improve work-life balance, provide flexible working hours or remote working solutions. Focus on output instead of 100% presence so that employees can manage their job around their life instead of the other way around.
What other tips would you have to retain good employees?