Heading into 2018 you want the best team possible and you want them to stick. Employee retention is a critical issue. Many employers, especially start-ups, are facing high turnover rates. The reality is that many employees, notably promising young talent, will often leave their employer quickly because of the high market competition, rapid wear and tear, and their desire to move up the ladder quickly.
Bringing new talent to your business takes a great deal of time and resources. Retaining them can be just as consuming and important a task. A high turnover rate can cause a lot of damage, not just financial. When a valued employee walks out the door others will wonder if they should follow suit.
Invest in your Employees
As employer, you want your employees to have a sense of worth and satisfaction in the company. This can be done in various ways.
The first and most obvious is through attractive compensation. This includes competitive salaries, bonuses, benefits, and of course ensuring that the employee understands all of the benefits they are receiving.
Employees want to know that their employer cares about their future in the company, that they are not just another number that checks in and out every day. One way to show this is through helping the employee to better themselves by investing in them to take courses or attend workshops and build on their skills. You will reap as many benefits as they through these means.
When a new employee joins the ranks pairing them with a mentor can help them to quickly assimilate to the ways of the workplace. This is not a supervisor, but a peer who can offer the newcomer insights and guidance.
Creating a pleasant atmosphere can be the game changer in keeping your employees happy. This allows new employees to be comfortable in their adopted work settings, and the veterans to not wear out too fast. Optimal conditions for creative work come not just from sitting in front of a monitor, but also from enriching activities. This can include office lunches all together, team building retreats, or weekly happy hours like that at MIXER.
Show you Care
Everybody needs a good word and appreciation, so it is important to have personal conversations and express appreciation. Reward those who do well by acknowledging their good work and proactive behaviors.
There are a variety of ways to keep talented employees in your business, but most importantly is to ensure they know that they are an integral part of the team. Who doesn’t want to hear how important they are.