High employee turnover is expensive. It costs money, time, and productivity – and it lowers morale. So it’s no surprise that today’s most innovative employers are investing as much as they can in employee retention.
As with any investment, however, you want a solid return. So knowing how to invest matters.
Most employers don’t have the resources, financial or physical, to install Olympic-sized pools, indoor rainforests, or NBA-regulation-sized basketball courts to keep their employees engaged and happy. The good news is they don’t have to.
Employers can ensure that team members feel valued and engaged by providing things like challenging work, a space conducive to productivity and efficiency, and a flexible approach to work-life balance.
- Give team members the kind of space they need to do their best work. Provide those that need it a quiet place to focus and concentrate, while also offering open work spaces that enable collaboration and communication when necessary.
- Offer competitive benefits like health insurance, life insurance, and a retirement-savings plan if you can.
- Be flexible where possible in scheduling and PTO policies. Employees appreciate being trusted to know the best way for them to balance work and family/non-work commitments.
- Delegate real responsibilities to your team members. We all have to do mundane tasks here and there, but those should be few and far between. Employees are happier when they feel that they are contributing value and are given autonomy.
- Keep your employees in the loop. Certainly some business dealings require confidentiality, but where you can, share your big-picture mission with your team – and, as important, the way in which each member’s role contributes to the success of that mission.
- Really listen to your employees. Encourage open communication with team leaders as to the good and bad of your company culture, specific workloads, or overall company direction.
- Offer seemingly small perks, like a high-end coffee maker in the break room, free bagels or sandwiches on Fridays, or discounted gym memberships nearby. Little things that help employees feel appreciated go a long way.
- And last, but certainly not least, thank employees for a job well done. This often gets lost in the shuffle. The expectation is that employees should do their jobs because they are being paid to. While that may be true, appreciating good work costs nothing yet is priceless in keeping employees happy.
You know your employees. Perhaps a foosball table in the breakroom will go over better than something like complimentary dry-cleaning delivery services. The point is that employee retention doesn’t have to drain your resources. If you focus your investment in your employees in a manner that keeps them feeling valued and engaged, it will be an investment well made.
We invite you to consider all the options available to you for boosting employee retention. Contact Loeb Leadership Development Group to learn more!