Many managers and business owners think that financial rewards are the most important thing on their employee’s list when it comes to job satisfaction. However, money may be less important than you would think. It seems that being happy at a job depends more on intangibles such as being valued, feeling like you’re part of a team, and feeling appreciated often outrank money when polls are conducted about job satisfaction.
If your company is struggling with turnover there are several things that you can do in order to retain your team. Here are 10 steps that you can take to improve your business.
It’s important that you create a vision for your employees that is crystal clear. This should be seen as a roadmap for each of your employees, and it should be clear so that each person who works at the company understands all of the twists and turns of the business.
It’s important not to assume that each of your employees has the training, tools, and support that they need in order to succeed. Make sure that you are checking in with each of them personally in order to find out what their needs may truly be.
Communication is perhaps the most important part of this list. Memos, newsletters, training sessions, and regular meetings should all be used to help present your vision to all of your employees. It’s also important to ask questions to make sure the information provided is understood. If you sense confusion, redesign the way that you are providing information to them.
Next, focus on creating a culture of communication where employees and managers have common goals so they are working together to improve the company overall. If you want to see the data that supports this idea, check out this article in the Journal of Change Management in 2004.
Find a way to make sure every employee is engaged in some way. If your employees are all involved in the planning and decision making of a project they will care more about it and be more willing to fight for it.
Perhaps one of the greatest motivators is feedback. Do not simply offer periodic reviews, instead you should offer feedback to your employees regularly and make sure you give positive feedback right away as this will encourage more of the same positive behavior and outcomes. You should also give negative feedback as soon as possible so that you provide your workers with a chance to correct the offending behavior.
If possible, schedule weekly meetings with each individual employee in order to provide a chance to discuss any issues with ongoing projects. These meetings can be short, but can do a lot to build tighter-knit relationships.
Remember, simply saying, “thank you” can be a powerful motivator and you should do this often and in person when possible.
Use good judgment in order to create a fair and trustful environment. When a problem comes up make sure that you examine the circumstances and understand the context of the issue before passing judgment. If you show your team trust and respect you will get the same in return. If you make a mistake, admit that you were wrong and apologize. Your employees will relate to you better and will appreciate you being honest.
A good manager will pay attention to the details and will care not only about the product, but also about the employees. One way to show this is to be involved in the process of creation. Pay attention to what happens during the work day and try to make the work environment fun as people will get more done when they are enjoying what they do.
A company that offers personalized professional development plans will have an easier time motivating their employees to learn. Look for applications and skills that are relevant for an employee’s success for both their current role and future roles they may have.
Younger employees place a high priority on professional development, even more so than obtaining a higher salary. Take advantage of their thirst for knowledge by providing them with personal development plans that are relevant to the career path they are on.
For both large and small companies, job retention can be a big problem. The cost of training new employees all the time can really add up.
When employees hold their work in high value, turnover rates are less of an issue. Special incentives, praise and recognition can help raise the value of work for employees. Employees who feel better about their jobs are less likely to leave. More importantly, if an employee feels good about their job they will try to be better at what they do. Turnover rates drop significantly when a company supports their employees.
Following the above steps will help your company helps improve employee retention. Remember: it’s important to be proactive in your employee training if you truly want to keep your top employees at your business.
At the end of the day, taking the time to invest in your staff will result in serious long and short-term benefits for your company. Your financial gains will grow over time as you will not be spending excessive resources on training new employees to do the work that you need. Invest in your current employees and you’ll reap the rewards.