Creating a strong work force isn’t simply done by hiring experienced workers. Once hired, you have to keep them. A happy employee is a productive and dedicated worker. In additional to employee morale, there’s the fact that many employees have profiles on professional networking sites like LinkedIn. Recruiters comb professional networking sites for candidates. Employee turnover costs business owners in time and productivity. The Wall Street Journal recommends the following tactics to retain your employees.
Offer a competitive benefits package. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees. Flextime and the option of telecommuting also show employees you are willing to accommodate their outside lives.
Small perks that work. Free donuts on Fridays and dry-cleaning pickup and delivery will help employees better manage their lives. They will appreciate it.
Use contests and incentives to motivate and reward workers. Done right, these kinds of programs can keep employees focused and excited about their jobs.
Perform “stay” interviews. You’ve likely heard of exit interview companies use to learn why an employee is leaving. Companies should consider asking longer-tenured employees why they stay. Ask questions such as: Why have you stayed? What are your nonnegotiable issues? What about your managers? What would you change or improve? Use the information to strengthen your employee-retention strategies.
Promote from within if possible. Giving employees’ advancement shows that their hard work is valued and rewarded. Employees may stop trying if they see no future at your company.
Practice employee development. Train employees to learn a new job skill or offer tuition reimbursement to help further your employee’s education.
Hold “open communication” meetings between employees and management. During these regular meetings employees can offer ideas and ask questions. You create a better working environment by allowing employees to speak openly with their managers without fear of repercussion.
Get managers involved. Require your managers to coach employees. It minimizes poor performance. Employees with good performance should be moved to new positions.
Involve employees in your business’s mission. Feeling connected to the company’s goals is one way to keep employees mentally and emotionally dedicated.
Offer financial rewards. Offer stock options or other financial awards for employees who meet performance goals and stay for a predetermined time period. Provide meaningful annual raises, and if you can afford it, give more to top performers. If your business can’t handle large permanent increases, create a bonus structure where employees can earn an annual bonus if they meet predetermined performance goals.
Make sure employees know what you expect. Employees often have a wide range of responsibilities. If they don’t know exactly what you need from them, they can’t perform up to standard. Morale can decrease.
Hire a human-resources professional. If your company is nearing 100 employees, consider hiring a human-resources director. HR managers handle employee benefits, perks, reviews and they can set up programs and perks you may not have known existed.
If your business has grown and you need to incorporate your business, this advice will greatly help strengthen your workforce. Read our blog post 5 Tasks Small Business Owners Shouldn’t Be Doing for more ideas to better your business operations.