Employee retention is an issue that plagues all companies– from tiny start-ups to global conglomerates. The human capital that is (or should be) invested in, with training and professional development, has an ROI that can be directly tied to the value of a business. Long term staff members gain a solid understanding of how the business works from many vantage points. Often times they have a clear understanding of the primary business goals and are motivated to meet these out of a loyalty and personal commitment that has developed over time.
So how does a company hold onto their most valuable employees?
- Appreciation: This is number 1 for a reason. The majority of a person’s wakeful hours are spent at work; it’s important for employees to feel that this investment of time is valued. By celebrating and recognizing hard work, owners can easily motivate their employees. It can be as simple as a short email, a few kind words, or a department party. It’s the recognition that matters.
- Training: Everybody has a hand in success, but everybody tries to pull their hand out of the pot when there’s failure. Employees are let go and written off for mistakes and poor service. While this is justified at times, more often than not it comes down to lack of training and/or information. People must be properly trained in order to be successful in their jobs, and they must also have access to ongoing programs and tools to encourage them to learn more and become masters of their trade. Without the ability to succeed, an employee will quickly become demoralized and lose motivation.
- Compensation and benefits: People, for the most part, work to live. They come to work each and every day because they need money to sustain a certain lifestyle. Salary and wages act as a quantifiable measure of an employee’s value. Bonus incentives, raises, and other benefits are ways to let employees know that greater effort can translate into time and dollars; and this is what talks.
Finding the right combination of motivational strategies should be a priority for all business owners. By giving your employees the attitude, knowledge and compensation they need to feel fulfilled, you can increase employee retention and company success.