4 Strategies to Retain Your Best Employees Without Blowing Your Budget
There’s a lot of research behind the adage “Happy employees are productive employees.” One study, for example, found that happy employees were at least 12 percent more productive, whereas unhappy employees were 10 percent less productive. And employees who are satisfied with their work are more likely to stick around.
Many managers think keeping employees satisfied and productive is just a matter of paying them more money. But interestingly enough, the companies reporting the highest employee satisfaction (think Google and Costco) aren’t using financial incentives to keep top talent. Instead, they’re investing in employee support and corporate culture improvements—things that don’t have to cost a lot of money.
So, what makes your top employees love their work, and how can you make them want to stay?
Creating a culture of transparency means making sure all your employees understand how their work fits into the bigger picture. You need to share with them your organization’s goals, plans and obstacles, which will make them feel they’re a real part of the team. You can take things up a notch by getting your employees to suggest how to solve your company’s most urgent problems.
2. Hire and Train Great Managers
A great manager knows how to bring out the best in employees, motivating them to work hard and making sure their efforts are appreciated. So, it’s important to ask yourself if your company’s managers have the qualities of great leaders:
Ability to delegate
These management skills aren’t something your managers will pick up on their own—you need to set aside time and resources to find and train capable leaders.
3. Let Employees Do Work They Enjoy
For many employees, personal satisfaction in the workplace comes from doing work that’s actually enjoyable. While people obviously need some kind of financial security from their jobs, many employees report feeling most satisfied when pursuing something they’re passionate about.
Are you giving employees the chance to take on new challenges? Are you allowing them to take on responsibilities that may not be part of their job description?
For example, if you’re looking for a graphic designer, perhaps you can work on training someone on your team who likes graphic design but just needs some polishing.
4. Offer Opportunities for Professional Growth
Many companies like to ask new employees where they see themselves in five years. Ironically, only a few offer real opportunities for career growth. Nobody likes feeling stuck in a job or level for the rest of their lives, so if you want your best employees to stay, you need to assure them they can move up the corporate ladder in your organization.
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For more workforce management guides, be sure to follow this blog. If you need to look for managers and leaders to bring out the best in your people, contact the professional recruiters at The Patriot Group today.