Technology is rapidly changing the way we interact with our world: the way we shop, the way we play, the way we socialize, and most importantly, the way we work.
It’s not just about who pays the most anymore. Money means nothing when working conditions are less than optimal. People will leave a high-paying job they’re unhappy with to go work at a company that does make them happy even if it means they’re getting paid less. With so many options and opportunities available now, why shouldn’t they?
With this in mind, a question at the forefront of your mind should be how to retain your star employees.
1. Find out what they really want– besides money
People want to work smarter, not harder. They want flexibility and options. In fact, upwards of 90% of employees feel that flexibility in their work contributes to both their success — and their quality of life — quite a bit. They want to know that you care about their success, work-life balance, health, family, and that you’re listening.
Whether it’s a flexible schedule, a better break room, a redesigned and more functional office space, the ability to work from home, or something else entirely — talk to your employees to find what they want and need. This information will then allow you to create options for your employees that not only make their work easier but feel like a bonus as well. We all know everyone loves a bonus!
2. Outsource your HR to professionals
Using a PEO, or Professional Employer Organization, can go a long way in keeping your employees happy. A PEO will ensure that your payroll, benefits, HR, compliance, and other issues are taken care of both promptly, and properly. Your employees will see that their financial well-being is important to you and that you’re dedicated to making sure any issues that do arise are addressed promptly and accurately.
3. Communication is everything
One of the most important things you can do with your employees is simply talking to them. Tell them everything! Okay, well not EVERY single thing, but most definitely all the things that matter. The good, the bad, the ugly — whatever it is they need to know, say it. Praise their hard work and any wins you notice! Knowing you’ve done something right and someone else sees it? That feeling goes a long way toward making someone happy, and willing to stay with your company in the long-term. Foster a spirit of open, respectful communication and dialogue.
The opposite direction is also true here — if an employee is struggling, coaching them on their weaknesses and ensuring that they know what they’re supposed to be doing and how they should be doing it, shows them that they matter as a person instead of feeling like just a number. You want them to succeed at their job — and they want to stay with someone who cares. The same can go for successes and failures in the business itself. Knowing where you stand in the company, where you’re winning, and where you can help the company grow makes an employee feel like an integral part of the team.
4. Help them grow
Almost no one wants to be stuck in an entry-level job their entire career, especially not your best and brightest. They want to rise, grow, and learn! Give them the tools they need to become the best employee — and person — they can be. Seminars, training classes, ongoing coaching, conferences, creating goals and helping them achieve them, allowing room for them to advance upwards in one department — or even outwards to another department — these resources will show them that you’re interested in making sure they have everything they need. Not only will they work harder, smarter, and more efficiently, but they’ll also be willing to go the extra mile for you.
5. Create something they can be proud of
Make sure you’re a company that your employees will feel good about working for. Have good business practices. Treat your customers right. Ensure your products and services are as promised. Work with local charities. Hold fundraisers. Be environmentally responsible. Whatever works best for your company, create a brand and culture that your employees will feel good to be a part of.
In the end, it really boils down to showing your employees that they matter, and their work matters. Money may pay the bills, but having an employer who cares will make an employee want to remain loyal to you and your business — even during the hard times. By following these key best practices, you will find that it is easier to retain your star employees.