The year 2020 has been a roller coaster ride for most of us. Businesses have come to a standstill, people have lost their jobs, and more employees than ever have been resigning from their current positions.
Amidst all this uncertainty, it’s become even more important for businesses to retain their top talent. Not only does it help to keep your company running smoothly, but good employees are hard to come by these days.
From appreciation through Corporate Gifts to giving them autonomy, here are nine effective ways to retain your employees and fight against the resignation boom:
1. Offer competitive salaries and benefits.
Let’s start off with the top reason why employees resign: money. To keep your best workers from looking for greener pastures, you need to offer them competitive salaries and benefits.
Employees are no longer just looking for a good salary. They also want comprehensive health insurance, retirement plans, and other perks. It’s time to drop the old-school thinking that employees should be happy to have a job. That’s one surefire way to lose your top talent.
If you can’t offer all these things, at least ensure your salaries are on par with your competitors. Otherwise, you’ll find it very difficult to retain your top employees.
2. Provide flexible work options.
With the rise of remote work, more and more employees are looking for jobs that don’t tie them down to one location.
If you can offer this type of flexibility, you’ll be surprised at how much it helps with employee retention.
For one, it shows that you trust your employees to get their work done even if they’re not in the office. And two, it helps with work-life balance, which most workers are constantly struggling with.
Hybrid work setup
You can try a hybrid setup instead if a completely remote workforce needs to make sense for your business. This means allowing employees to work from home a few days a week or even just a few hours a day.
The important thing is that you’re giving them the freedom to choose what works best for them. And that’s something that will definitely help when it comes to retaining your employees.
3. Offer professional development opportunities
Prioritizing career growth is one of the most effective ways to retain your employees. Your top talent will quickly become bored and restless if they feel like they’re not moving up in their career.
And if they feel like the job is a dead-end, they’ll start looking for other opportunities. Here’s how you can provide career growth opportunities for your employees:
Offer training, mentorship, and development programs.
If you have the budget for it, you can send your employees to conferences and seminars related to their field.
You can also create in-house training and development programs. This is a great way to show your employees that you’re invested in their growth and development.
Promote from within.
Another way to keep your best employees is by promoting from within. This not only shows your employees that there are opportunities for advancement, but it also gives them a sense of loyalty and ownership toward the company.
When employees see that they can move up the ladder, they’re more likely to stick around.
4. Give employees autonomy over their work.
Employees all want one thing: to be in control of their work. They want to have a say in how they do their job, and they don’t want to be micromanaged.
As a manager, giving your employees enough freedom to do their job how they see fit is important. Of course, you still need to provide guidance and support. But you should also trust them to do the job without constantly looking over their shoulders.
Giving employees autonomy shows that you trust them and respect their expertise. And that’s something that will definitely help with employee retention.
5. Show appreciation for their hard work
Who would want to stay in a job where they feel unappreciated? Certainly not your best employees. Appreciation is one of the most important factors in employee retention because it shows that you value your employees’ hard work.
There are many ways to show appreciation, but here are a few of the most effective:
- Give verbal praise and positive feedback regularly.
- Write them a handwritten thank-you note.
- Give them small gifts on certain occasions.
- Send them an e-mail or text message when they do a great job.
Give them a raise or bonus. All of these things will show your employees that you appreciate their hard work. And when they feel appreciated, they’re more likely to stick around.
Read More: 9 Unique Workplace Gifts That Will Boost Employee Morale
6. Encourage a healthy work-life balance
While previous generations might be willing to sacrifice their personal life for their career, that’s not the case anymore. Today’s workers value a healthy work-life balance, and they’re not afraid to look for other opportunities if they don’t have them.
As a manager, you can encourage a healthy work-life balance in your employees by:
- Allowing them to take time off when they need it.
- Encouraging them to take their vacation days.
- Not expecting them to work long hours all the time.
- Giving them flexible work hours.
All these things will show your employees that you respect their personal life and that you’re willing to work with them to create a balance between work and life. After all, a healthy balance is something that everyone needs.
7. Encourage creativity and innovation
Industries that thrive on creativity, such as advertising, design, and media, have always had a problem with employee retention. That’s because creative people tend to be drawn to new and exciting opportunities.
To keep your creative employees from leaving, you need to give them the freedom to be creative. You encouraged them to try new things and to think outside the box.
And you should also give them the resources they need to be successful, such as access to the latest software and technology.
By encouraging creativity, you’ll show your employees that you’re invested in their growth and development. And that’s something they’ll definitely appreciate.
8. Create a positive and collaborative work environment.
A highly competitive and individualistic environment is not conducive to employee retention. In fact, it’s just the opposite. Employees are more likely to stick around in a positive and collaborative work environment where they feel supported by their colleagues.
There are many ways to create a positive work environment, but here are a few of the most effective:
- Encourage teamwork and collaboration.
- Create an open and inclusive culture.
- Encourage employees to give and receive feedback.
Remember, employees want to work where they feel supported and appreciated. So if you want to keep them around, you need to create an environment that meets those needs.
9. Handle conflict constructively.
It’s unavoidable – there will always be conflict in the workplace. But how you handle that conflict can make a big difference in employee retention.
To keep your employees, you need to handle conflict constructively. That means having open and honest conversations, listening to both sides, and coming up with solutions that everyone can agree on.
Avoiding conflict or sweeping it under the rug will only make things worse. So if you want to keep your employees happy, you must deal with conflict head-on. The key is to do it in a way that is respectful and solution-oriented.
Conclusion
Employees are the lifeblood of any organization, so it’s important to do everything you can to keep them happy and engaged. By following the tips in this article, you’ll be well on your way to creating a workplace that is conducive to employee retention.