Studies show that about 69 percent of employees across the world are passively looking for new jobs. Not only does losing an employee whom you valued takes an emotional toll, but comes with financial costs. These financial drains include lower efficiency until the recruit gets up to speed and the cost of training. Minimizing the rate of turnover ensures that these unanticipated costs do not add up.
For a company to retain its valued employees, its leaders need to give them a reason to stay. Today’s employees desire more non-monetary satisfaction such as job flexibility, an opportunity for career growth, equality, and supportive work culture. Here are five ways to strengthen employee relationship and retain your valued workforce:
Employees may forget things you told them, but remember the way you made them feel. They desire to be appreciated and respected, and if you must criticize them, combine your critics with an appreciation for what they do well. However, be specific in expressing their appreciation so that it inspires them to further hone their skills. Showing respect to employees help them to develop confidence in their skills; thus, encouraging productivity.
Employees feel valued when you give them responsibilities that allow career growth. Besides, you may provide continuous education opportunities to further hone their skills. Furthermore, allow them to take part in the decision-making process and make them know what is going on with the company. Perhaps some information could be confidential, but keeping employees informed make them feel involved. Even though verbal and rewards appreciation is important, showing employees that you trust their expertise and views is far more valuable. Making employees know that their efforts are valued boosts their confidence.
The best way to appreciate your employees is to tie part of their salaries to the company’s performance. Incorporation of revenue sharing strategy serves as an incentive to make employees stay with the company even under differing business conditions. It also makes them align their interest with the company’s success. By sharing profits with your employees, you make them feel valued while making your company more resilient.
Rewarding your employees goes includes compensation and benefits among many other things. Recognizing them for their accomplishments during lunches, department parties, and in the front of other employees with handwritten notes and logo clothing reinforces their behavior. The best way to appreciate individual employees is to single them out and reward them based on their performance. Nonetheless, you have to be careful when rewarding individual employees to avoid ostracizing the rest of the team. For example, if an employee develops an exceptional internship program, you may allow them to attend a conference event.
Allow them to relax
Allowing your employees to have time off can be highly beneficial to building a long-term employee relationship. Allow them to have sufficient time for family vacations and hobbies. The skills and energy that employees bring to your workplace are far more valuable than the number of hours they work. You should, therefore, expect and even demand high productivity rather than their energy throughout the week. Allow them a chance to catch a breath before moving to the next task. You may also hold holiday events as a way of appreciating employees. Every employee wants to be associated with the company’s success. Therefore, creating a positive and flexible workplace makes them feel trusted and appreciated for their individual efforts.
Overall, employees’ long-term commitment requires both monetary and non-monetary compensation. However, showing respect, sharing responsibility, giving rewards and incentives based on performance, and allowing employees a chance to relax and recharge strengthens their commitment and loyalty towards the company. Before employees commit to your company’s long-term vision, success, and culture, they need to feel appreciated by the company for their individual efforts. Once you show appreciation to your employees, they will strive to accomplish anything.
by: Mark Palmer