If you want to retain your important employees, you need to know how to keep them around. Some of the top ways to retain employees include competitive pay, coaching, flexible work schedules, and social connections with co-workers. Read on to learn more about each one. You’ll be able to create a culture that keeps your best people around. This article covers 5 ways to retain important employees. In addition to competitive pay and flexible work schedules, other ways to keep your best workers include fostering social connections within your company.
Competitive pay
Providing competitive pay to key employees is a key part of retaining them. It encourages a sense of purpose and motivation and helps motivate them to work hard. Competitive pay policies are beneficial because it ensures that employees are compensated appropriately for their work, and they can take time off for personal reasons, too. Furthermore, competitive pay practices also lead to low employee turnover and a good overall vibe within the company.
In some cases, when the labor market is too competitive, companies may provide bonus to retain employee effectively.
However, while competitive play is an important part of employee retention, companies must not overlook other important aspects of employee retention, including benefits, schedule flexibility, and other factors that will influence an employee’s decision to stay or leave.
In addition to competitive pay, companies must offer attractive benefits and perks to attract and keep key employees. Some examples include more vacation time, flexible schedules, better retirement plans, and higher bonuses. These benefits and perks will vary depending on the size of the organization and the budget available. Regardless of size, companies should consider what motivates employees to stay and work for their company. In many cases, these conversations and surveys will reveal what employees really value.
Coaching
According to the Work Institute’s 2020 Retention Report, a quarter of the workforce is out of work. This is a trend that has continued for decades. Additionally, 77% of new hires are open to new job opportunities during their first year.
Employers invest a great deal of time and money in recruiting the best-in-class employees, but the same employees are likely to seek new opportunities elsewhere. This is where coaching comes into play.
In order to retain employees, managers should know their employees well. Often, current employees are more able to retain valuable talent by coaching one another.
This way, the employees feel involved in the process and know they’re part of something bigger than themselves.
Coaching also builds a sense of trust and mindshare. In turn, this will result in higher levels of performance. However, in order to retain high-quality employees, managers must have the right tools and processes in place to ensure that the process is effective and beneficial for everyone involved.
Social connections between coworkers
Companies can foster social connections between coworkers to retain important employees. Employees who form strong bonds with colleagues are happier, healthier, and more productive. The bonds are made up of peer relationships and mentorships.
Strong ties are helpful for getting ahead, as they can sponsor promotions. They can be helpful for networking, champion work, and offer support when things go wrong. Here are some tips for creating strong social ties within the workplace.
Make it easy for your coworkers to talk to each other. Employees who know each other better are less likely to consider new job offers. As a result, you can encourage people to share their ideas and opinions on workplace culture.
Creating a safe place for friendship can make the difference between retaining important employees and losing them to competitors. Social connections between coworkers also encourage better work-life balance, so they’re less likely to seek a new job.
Flexible work schedules
Employers should be aware that flexible work schedules require management to adjust to the new situation. While virtual private network hours can be convenient, employees may feel as though they are not truly participating.
Companies can reduce these concerns by creating goals for all employees and setting a daily huddle, either in person or online. To succeed in implementing a flexible work schedule, employers must educate management on the benefits and limitations of flexible work schedules, instead of limiting themselves to the first, second, or third shifts schedules.
Flexible schedules allow employees to work around family and social obligations. Some HubSpot employees, for example, work around their children’s daycare schedule and resume their work hours later in the day. The ability to manipulate work hours helps employees maintain a healthy work-life balance and protect important relationships. Flexible work schedules are also beneficial to employers as they reduce employee turnover. These employees are often the most valuable assets for any business.
Telecommuting
Many studies indicate that telecommuting has many benefits for organizations. A recent survey by Forrester found that 46 million Americans work from home at least part-time. Other benefits of telecommuting include improved recruitment, employee morale, and business interruptions. Plus, it reduces the company’s carbon footprint, according to Ann Bamberger, Co3 Group’s mobile workforce consultant. In fact, she implemented telecommuting programs at Sun Microsystems 15 years ago.
Conclusion
Many companies also benefit financially from the reduced impact on the environment. With fewer employees on the road, fewer accidents and other issues are likely to occur. Telecommuters also tend to enjoy more flexible work arrangements.
Their productivity improves. Ultimately, this means lower business costs. In addition, telecommuting can reduce the cost of on boarding a new employee. But telecommuting has even more benefits for companies.
