Keep Your Employees Happy With These Employee Retention Techniques
No business owner wants his or her company to have a high employee turnover rate. When a revolving door of new faces come and go from a company, employees exhibit decreased performance and low morale, they aren’t as knowledgeable about the company and the business doesn’t look stable to customers. Couple that with the fact that a high turnover rate means spending more money to hire and train new people, and it’s easy to see why so many business owners want to learn employee retention techniques.
Offer Competitive Wages and Benefits
Wages and benefits have long been a topic of discussion among the working class. No matter which side of the debate you fall in, the truth is you need to offer competitive wages and good benefits if you want to maintain qualified employees. Research the wages and benefits similar companies are offering, as well as the average compensation in your city, state and nationwide. From there, do what you can to provide a higher rate of pay and benefits. Remember, for most employees, it isn’t all about money. Many people will take a slightly lower rate of pay if it means better health insurance, more paid vacation or a flexible schedule that allows them to telecommute on occasion.
Create an Awesome Work Environment
Google’s offices in Zurich feed the employees three times a day and have unique decor like fireman’s poles, slides and aquariums. LivingSocial’s Washington, D.C. headquarters feature exposed brick walls and old shutters alongside arcade games and flat-screen TVs. While your design doesn’t need to be quite this extravagant (unless you want it to be!), it does need to skip the corporate stuffiness if you want to bring in qualified young employees. Mix light neutrals with bright colors, provide plenty of natural light and consider adding a few fun items into the company breakroom to boost morale and show you understand your employees need to rejuvenate sometimes.
Provide Positive Feedback
One of the easiest and most affordable techniques for employee retention is to simply let people know when they are doing a good job. Did someone have a more productive day than usual? Send him or her a quick thank-you email. Has someone gone above and beyond multiple times? Recognize that person in front of the entire team at the next company meeting. Studies have proven that hearing you’re doing well motivates you to do even better, so don’t be stingy with kind words.
Save money, boost morale and create a positive environment for the public eye. Practice these employee retention techniques to help your business thrive and employees shine. And remember, even the best companies still lose employees from time to time; as long as you’re doing your best to be a good boss, don’t feel discouraged if someone moves on to other pastures.
