Ways to Retain Your Employees

Great companies reward success and earn the respect of their employees. But in today’s fast-paced and competitive world, it’s not always easy to keep your employees happy. That being said, it’s worth the effort if you want to retain them in the long term. A happy employee is a more productive and more loyal employee.

While attracting talent in the first place is a crucial step, you also have to work hard to retain those employees. After all, losing an employee means that you have to look for a replacement (leaving the important position vacant) and train them – not to mention the ways in which turnover can disrupt your company’s culture.

A 2015 Gallup poll revealed that a whopping two-thirds of employees are dissatisfied with their jobs. To make sure your employees don’t become part of that statistic, you’ll want to take a few strategic actions:

1. Celebrate Your Team’s Wins

Many employers make the mistake of thinking employee satisfaction is entirely dictated by how much they’re getting paid, but that’s not always the case. It turns out that what employees really crave is appreciation and recognition.

And it makes sense: Who doesn’t like feeling appreciated?

This can be applied to many different aspects of life, and it all comes down to the simple fact that it feels good to be recognized for your efforts. It may sound cheesy, but the truth is that many people want to be appreciated in the workplace.

Even a generous pay rise will soon be forgotten if working conditions don’t improve dramatically, and one of the biggest influences on working conditions is a boss who recognizes and rewards hard work.

Making your best employees feel appreciated is crucial for keeping your employees engaged in their jobs. By recognizing hard work and being transparent in doing so, you’ll also help motivate other members of your team.

2. Offer Creative Perks

With so many companies offering perks like free lunches and education stipends – and others going so far as to fund employee vacations – it’s becoming clear that perks can be a great way to attract and retain talent.

And the good news is that you don’t need to break the bank to offer great perks.

If you get a little creative, you can offer your employees some awesome perks no matter how slim your budget is. Take telecommuting, for example. It would cost nothing to allow your team to work from home for part of the week, and it would give your employees a much-needed sense of independence and freedom.

Perks are great ways to show that you care about your team, and even small (but creative) perks can go a long way toward creating a better atmosphere in the workplace.

3. Provide Employees With New Responsibilities to Keep Things Interesting

As much as people sometimes like to say they hate being busy, the truth is that the alternative (read: sitting around doing nothing) is just plain boring – not to mention a waste of money for your business.

Boredom is one of the most common problems in the workplace, and it’s often brought on by poor management and allocation of resources.

While you definitely want to allocate the talent in your business to the tasks they’re best suited to, it’s also important to offer employees the chance to take on new and exciting projects. Don’t be afraid to mix things up! Top performers enjoy pushing their boundaries because they’re always looking to get better at what they do.

Encourage your employees to occasionally step outside of their comfort zones and try new things. This will prevent them from sinking into stagnant and tedious routines.

4. Keep People Informed

A disengaged employee typically has no interest in the company they’re working for and looks forward only to their monthly paycheck.

An engaged employee, on the other hand, has a genuine interest in the company’s mission and where it’s heading. An engaged employee feels a connection to the business as a whole.

Keeping your employees informed will make them feel better connected to the organization. Getting them involved in the inner workings of the company will help them better relate to your business while giving them a greater sense of responsibility and purpose.

I’m not saying that you need to hold meetings every hour of the day. Aside from one-on-one talks, you can keep people updated by making internal company announcements whenever you hit new milestones. It’s that simple.

5. Offer Raises and Bonuses

This one may sound obvious, but it’s been a workplace staple for a long time for a reason.

While it’s essential that you don’t get into the habit of trying to buy company loyalty through constant pay raises and bonuses, it’s also important to reward hard work financially.

Employers also need to take into account cost of living adjustments, such as increases in public transport fares and tax rates. When it comes to salary increases, the most important factor of all is that the increase is useful to the employee in some way.

In order to retain your employees and attract new talent on a regular basis, it’s crucial that you never underestimate the importance of employee happiness.

Sure, it can be tough to find the perfect balance, but the more you work at it, the more your employees will see that you care — and the healthier your business will be.

Hannah Wright is a marketer for HR Partner, a cloud-based HR management software.