Employee retention and turnover are important terms to every business owner and leader. But sometimes the driving factors behind why employees leave aren’t fully grasped or addressed by leadership, and if that disconnect persists, the business suffers while some of the best employees beat a path to the door.
Leaders know that it’s vital to attract good talent, but knowing how to keep good talent involves an important process that leaders must learn and practice.
Making employee retention a priority for your company is essential for continual growth,
success and sustainability.
Here are 10 tips to business leaders and managers on how they can retain their best employees.
1. Make employees feel they’re part of something special
In the same way that you promote the value proposition of your products and services to potential customers, you should do the same with employees, only focusing on your attributes as an employer. Inclusivity and pride are feelings you can leverage to help them understand that working for your organization is a unique opportunity.
2. Emphasize the purpose and meaning of the work
The outstanding employees you seek to hire and retain have special talents, skills, and drive. Make it clear to them that what they are doing benefits both the company and your customers in important ways.
3. Ensure deserving team members are rewarded
Successful companies reward employees who go above and beyond. Recognition, bonuses, and promotions demonstrate your respect and appreciation for hard-working team members.
4. Give employees more responsibility
One of the most effective employee retention strategies is to give them greater responsibility to make a bigger difference. This starts with financial literacy training and continues with regular updates on business statistics like profits and revenue, and details on how their efforts are moving the needle.
5. Surround employees with other talented workers
People like to be a part of teams that are built for success. By creating groups of skilled and motivated workers, you can tap into a competitive and cooperative partnership that will benefit the business as a whole.
6. Mentor employees
When you prioritize personal growth and development, employees see that their careers are going somewhere and that their organization’s interests are aligned with their own.
7. Nurture trust in leadership
All great relationships are built on trust, and the workplace is no different. Outstanding employees will stay if they trust leadership, and that trust grows from leaders being honest, open, and interested in their team members.
8. Get employees emotionally invested
People are passionate about the things they have helped create. The more you engage employees in the development of the organization, the more emotionally invested they become and the more likely they are to stay.
9. Create a positive work culture
If you create a drama-free environment where honesty and integrity matter, your employee retention rate will rise.
10. Provide competitive compensation
None of the other retention strategies matter if you continue to underpay an employee. It is important to stay on top of what constitutes fair compensation in your industry.
Increasing employee retention and keeping it at a high level is challenging, but you can start by getting your people in the same game the owner is: the game of business.
You can build a winning culture by creating a business of business people. Allowing employees to contribute to a greater good and valuing their contribution inspires loyalty and commitment. At the end of the day, it’s all about creating a winning company and a company of winners.
Rich Armstrong is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change.