The face of successful companies are CEOs who know exactly how to navigate their way through the dizzying world of entrepreneurship. Their success stories make it to the front pages and are printed in bold as inspiring headlines for the masses to see. But in truth, the most successful businesses are built on the backs of their employees.
CEOs recognize that high rates of customer churn are a cause for concern, but they rarely talk about employee turnover rates. Workers who do not feel fulfilled or properly compensated leave organizations to seek better career paths. And sometimes, the most competent members of the team take the exit. When this happens, it leaves your company at a great disadvantage.
To keep valuable employees, take note of our tips and consider making changes to your business.
Build a Conducive Work Environment
A good work environment goes beyond providing a fancy office to toil within. Building a conducive workplace includes creating an environment top team members can thrive as they work towards the organization’s goals. This also includes creating a safe environment for all workers.
Having a professional, but nurturing and stimulating workplace compels employees to stay – even when they experience a lapse in motivation. What’s more, productivity, performance, and engagement increase when workers don’t have to worry about things like discrimination or harassment.
Brush up on anti-discrimination laws and make an effort to place internal safeguards for your employees. You’ll also want to hold team building activities to raise camaraderie. This will help forge a genuine human bond between colleagues that will aid in effective communication. Also, have a hard look at your current company culture and make adjustments based on the core values you desire. It sounds simple, but these aspects, together with providing a pleasant and organized physical space, will result in decreased turnover.
People who are on top of the chain usually get there through the right combination of hard work, determination, and luck. The gruelling journey makes it tempting to highlight hierarchical differences as a constant incentive for climbing up the ladder. But companies that are grounded on this kind of thinking always end poorly with declining productivity and a stifling culture.
Apart from maintaining an environment with equal amounts of respect for all employees, companies should also promote a healthy exchange of ideas between bosses and subordinates.
In practice, this means giving employees the freedom to logically question business models, strategies, and managerial decisions – without repercussions. Those who communicate their ideas are likely those who have the most concern for your business and would like to see it flourish for years to come.
Encouraging discourse will benefit your team members by cultivating their critical thinking abilities, which will, in turn, benefit your company with a steady supply of fresh ideas.
Recognize Hard Work
There are people who only do exactly as they are told, and there are those who will go the extra mile. Clearly, it’s not right to treat them the same way, so make an effort to recognize exemplary efforts appropriately by offering promotions, company stocks, a salary increase, or even simple praise them in public. Make it a point to let your most valuable employees know that their efforts are appreciated. Although it seems simple, praise and recognition go a long way to sustain employees’ drive and reduce their propensity to leave.
Employees who feel as though they are treated as assets are less likely to leave, and are compelled to do better when they realize their employers are helping them grow as professionals. To do this, present them with suitable internal opportunities. Invest in training, show them the ropes to related aspects of the business, and find ways to maximize their potential. One way to develop their skills in a global context is by offering relocation opportunities. This allows them to gain more work experience and increase cultural awareness, with companies helping manage the finer details including accommodation and VISA requirements.
Promote Work-Life Balance
Even the most competitive benefits and salaries are sometimes not enough to keep employees.
While it’s true that money is a major deciding factor for staying in a company, if your employees don’t have enough free time to enjoy their rewards, it can all amount to nought.
Employees need to have a life outside of work, meaning your demands shouldn’t rob your workers of time and energy for other things. Promoting work-life balance is a must to prevent burnout and ultimately keep your team members happy. Organize company outings, keep the workload reasonable, and embrace individual working styles.
Let Go of Dead Weight
Finally, retaining valuable employees also comes down to weeding out those who bring the team down. Negativity is highly contagious and could influence even the most valuable workers. Let go of employees with a bad work ethic, who spread gossip, or interfere with the work of their colleagues. Although it definitely isn’t be easy to lay off some members of the team, doing so is an ultimately advantageous to the stronger performers and steers the whole company in the right direction with the right people.
All in all, retaining valuable employees boils down to how you treat members of your team: remember they are human and not just mere tools to move your business forward.