When it comes to running a business, one of the more challenging parts is finding good talent and keeping them. Low retention rates are very costly, it causes hectic work environments, plus it can be very detrimental to the business. Nowadays, with the Great Resignation that is happening in multiple countries all around the world, it’s proof that employees want to be treated well and they’ll risk it if it means security and peace of mind for themselves.
Employees are so important, and they are what make up a successful business. So many business owners forget about this. Happy employees mean a happy business, it means high productivity, it means a positive work environment, and it means that everyone is thriving. Here are some ways to make your retention rates stay high.
Begin by recognizing their hard work
This is simple enough and it’s one of the biggest reasons why many quit their jobs and move on to something else. There is nothing better than your boss telling you how hard you’ve worked and the amazing job you’re doing. It’s these pat-on-the-backs that make employees so happy and it helps them with their confidence. This is incredibly effective and it needs to be recognized. It’s going to brighten their day, and you’re firmly reminding them of how amazing they are.
No, a foosball table and a fridge full of beer aren’t going to cut it. Employees want to be paid the amount they deserve, they want health benefits that are going to help them and their families. A living wage is what matters most, and no amount of free beer or Friday Afternoon Pizza is going to cut it. Look into offer perks as a small gesture of goodwill, not be included as some actual benefit. Some little perks can include collaborating with other businesses to offer discounts, gifts for their birthday or holiday, and even a better financial platform for them so they can work on saving for their retirement.
Give them schedule control
This may be difficult depending on what type of business you have, but many employees want schedule control and to have more flexibility. One of the reasons for the Great Resignation that is happening right now is due to the fact that bosses won’t allow employees time off even for the biggest of emergencies. This also includes forcing employees to go back to work even though their job can easily be done remotely. If you want to grow an established business, you need to understand that you have to give your employees flexibility. They are not robots, and they have their reasons for wanting flexibility.
This doesn’t mean picking a fight with them, but rather continuously pushing them to get out of their comfort zone. This also includes giving them opportunities to expand their skills such as providing courses for them to take. One of the major reasons why talent leaves is due to not being challenged or not having the opportunity to utilize their skills. Employees want to grow, and as the business owner and the team leader, you have to allow and encourage this growth.