According to Gallup, 51 percent of employees are looking for a new job, citing career growth opportunities, pay and benefits, management, company culture, and job fit as reasons for doing so.
To retain employees—especially top performers—remember why they became your employees to begin with. They have wants and needs, and employment with you enables them to meet those wants and needs. In other words, you’re useful to them (as they are to you). When your organization ceases to be useful or becomes less useful than another employer, employees leave. Thus, the more useful you can be, the more inclined employees will be to stay with you. Follow these tips:
Talk to your employees about what knowledge, skills, and abilities they think would help them do their job better or make additional contributions. By involving employees in the discussions and decisions about what training they receive, you help them gain a sense of ownership over their work, their professional development, and their futures.
Provide coaching and training opportunities that bring value to your organization and the professional development of your employees. You can increase the likelihood that your employees will use the training they receive for your benefit by giving them opportunities to put what they’ve learned to immediate use and rewarding them when the new skills and extra effort pay off. Prompt application of what they’ve learned will help solidify their knowledge, while the positive reinforcement will encourage continued use of the new skills.
Involve employees in company initiatives that make use of their skills or teach them new ones. Not only will this help prevent their jobs from becoming too repetitive, they’ll gain valuable experience and form a connection to the organization that goes beyond their initial job duties.
Make work meaningful and highlight the good that your organization does. This is especially important if the typical job duties of an employee feel mundane or uninspiring. If you’re paying someone to do a job, that job is essential to the mission of your organization. And that mission has value. Make sure employees know that their work, however repetitive or unexciting, matters. Show your appreciation and gratitude. Recognize workers for a job well done. People want to feel appreciated, that they’re important, and that they’re involved in valuable work.
Encourage social interactions among workers. While money might be the primary reason people get jobs, it’s not the only reason. People tend to seek social connections and enjoy interacting with others. They like doing things with other people, and the workplace can be a great place to make friends, build community, and collaborate on a meaningful enterprise.
Offer bonuses when your company meets its financial goals and when employees meet their individual and team goals. Bonuses motivate employees to be more engaged and productive by rewarding them with a tangible return on their investment.
If feasible, offer raises to account for cost-of-living increases, job performance, and individual accomplishments. Like bonuses, raises encourage efficient and productive work by rewarding it. Of course, huge pay increases simply aren’t an option for many companies. As much as these employers might want to pay higher salaries and wages, they don’t have the extra funds. If you’re unable to offer raises or bonuses, the non-monetary rewards mentioned above become all the more useful and important.
There’s no guarantee that every hire will be the right fit and stay with your company as long as you’d like, but you can help improve retention—and cut down on its costs—by remaining useful to your employees. By aligning their individual success with your organizational success, you give them huge incentive to stay, improve their skills, and put those skills to good use in your organization.