Understanding the need to add employees may be a no-brainer if you’ve been a supervisor in the corporate world for more than five minutes. But recognizing the need to encourage today’s team to stick around for the long haul is the mark of a true leader who genuinely has the benefit of the company at heart.
Why is Employee Retention Important?
Training can be a fun and exciting process. The opportunity to teach new employees the ins and outs of your company, to share the values and what keeps the corporate heart beating, and ultimately to release and empower them to be successful in their work. The possibilities for growth are virtually endless.
Imagine, though, if at the start of every workday you had to train a brand new team entirely. All new faces, no one familiar with the work at hand, no one left from the day before to carry on what the previous team had started. While the likelihood of losing your entire staff at once is slim, the point is: wouldn’t it just be easier (read: more productive) to simply keep the same employees from day one all the way up to their day of retirement?
Giving Incentives that Keep Employees Satisfied
Wanting employees to stay isn’t enough, however. In fact, you will likely have to put in real effort and serious thought as to the best ways to improve your employee retention. Find a way that is unique to the culture of your company that will speak to your employees that will encourage them to know that their daily presence is valuable. Some examples can include:
- The Basics: These days, healthcare benefits, 401K’s, retirement plans and the like are all standard expectations of employees in the corporate world. At the very minimum, you should consider offering an array of incentives that send a very clear message that you don’t want to say goodbye.
- The Fun Stuff: There are examples all over the world of companies who let their imaginations run wild when convincing their staff to stay. Everything from relaxed and fun workplace settings to company vacations to sponsoring ‘chance of a lifetime’ opportunities all around the globe – whatever the idea, if you can dream it, your employees are sure to love it!
- The Smart Move: Some companies find that their employees thrive when offered education-minded perks. Paying for tuition, books, and other expenses will show your employees that you care about their future and that you want to help them grow right where they are planted.
Corporate Recognition: A Cornerstone to Employee Retention
Knowing the heart of the culture of a company is key to knowing how to keep a cohesive team for the long haul. If yours is a company that provides recognition for the best of the best to you, then you likely understand that appreciation doesn’t have to be flashy and over the top to get attention. In fact, sometimes simpler is better.
Recognition can come in the form of custom awards or trophies for best sales, perfect attendance, or even simply for ‘valuable employee.’ Whatever the occasion, recognizing the strengths of your team will encourage growth in your numbers and virtually ensure a rise in your retention rates.
Whatever way you show it, be assured that providing your employees with a pat on the back that is both genuine and heartfelt can go a long way in maintaining a steady employee retention rate. Offering incentives, giving awards, or even just extending a handshake of respect are all ways to boost morale and keep your team happy today, tomorrow and long into the future.