Great employees are an asset to any company and can be challenging to replace in case of a turnover. Although it’s impossible to keep employees from leaving, there are a few things you might do to convince them to stay longer. The following are five ways to keep great employees at your company.
1. Show Appreciation and Respect
Regarding keeping great employees at your company, showing respect and appreciation is critical. Giving your employees free reign at work is essential; encourage them to think critically. A sign of potential success is when your employees can come to you with problems they face while working at the company.
Showing positive leadership qualities will always result in continued employment. This is only possible if you practice an open-door policy, where employees can easily access management. If communication is open, there are high chances employees will speak their minds and share ideas.
2. Initiate a Flexible Schedule
A flexible schedule and reasonable work arrangements are also essential aspects of keeping great employees at your company. This can help increase workplace efficiency and bring new perspectives to the table, ultimately increasing overall employee morale. For example, some employees could be more productive over a specific time, such as the night shift. Others may be willing to work over the weekend if they are allowed to dress casually.
However, you can only make deals with your employees if you are welcoming as a leader. Avoid authoritarian rule and encourage open communication. Show enthusiasm and be welcoming to encourage employees to speak and share their work preferences.
3. Pay Above Average Salaries
Paying above-average salaries is an excellent way to keep great employees at your company. This will help longevity in your workforce and increase overall production, which will always lead to positive results. Reasonable salaries ensure your employees can afford a comfortable life, which means they can be focused while working. Also, it indicates that you appreciate their effort enough to provide adequate compensation.
4. Give Rewards and Awards
Rewards and awards positively impact most employees as they show appreciation for their effort. For example, you may introduce an executive bonus plan as a reward for each employee semi-annually or end of the year. On the other hand, awards will show recognition and promote positive competition amongst employees.
For example, you may create an award for the employee of the week, month, or year. Also, you may award the most improved employee or any employee that managed to handle a difficult situation alone. Awards can also be team-based rather than focusing only on individuals. This approach will encourage teamwork, thus, increasing efficiency.
5. Encourage Work-Life Balance
A favorable work-life balance allows your team time for family, friends, or personal space. It will reduce work pressure, ensuring everyone can perform their best at work and still have enough time outside work. If you know anything about human behavior, there is a tendency to gravitate towards things that are comfortable or familiar — in this case, keep the work environment comfortable and flexible.
Don’t limit your options to these five suggestions; there are more ways to ensure you keep great employees.
Identify and Invest in High Performance
Throughout the year, there may be some employees whose performance is above average. When this happens, it’s crucial to identify and invest in these people. Give them opportunities by allowing them to take on more responsibility or give them a promotion.
Provide More Training
If you’re offering competitive salaries to keep great employees at your company, there is hope for further improvement of their skills and knowledge through internal or external training courses. The more you can offer these employees career progression, the less likely they will be to leave your company.
If you’re promoting or hiring people you like to spend time with outside work or giving out raises based on who you like on a personal level, then you should reevaluate this behavior. This can send a strong message that there is favoritism at work, which isn’t ideal. Be just and fair when handling promotions, rewards, or awards. Develop a transparent system that will determine who gets what and how. Ensure everyone understands what is expected of them to be promoted or awarded.
Be a kind and flexible leader, but remember the business is equally important, so don’t let your charismatic leadership be misread as a weakness. Remain firm where necessary, but handle everyone equally and with respect.