Want to Retain Your Top Staff? Here are Some Key Retention Strategies to Implement
If you want to have a happy workforce and retain all your top staff members year after year, there are numerous things you can do. One of the most important, though, is focusing on employee recognition and rewards.
While you might think workers are only interested in receiving a big raise or bonus for their efforts and results, this just isn’t the case. In fact, as evidenced by data in a Gallup report called Employee Recognition: Low Cost, High Impact, money isn’t the only thing people are looking for, and it doesn’t even sit at the top of the standard wish list.
Happily, for employers and HR managers, there are numerous types of acknowledgment which can be used to engage employees and ensure they want to stay on with the firm. Read on for some key retention strategies you can implement over the coming months.
Thank People for Their Hard Work
For an affordable yet effective idea, make a habit of thanking your team members for their hard work, and for the results they achieve. It’s simple, yet many managers forget to actually say thank you when they get busy with the hustle and bustle of day-to-day operations. When you take time to sincerely express your gratitude though, it can have a huge impact.
Whenever possible, try to thank people in person, so they can see you’re genuine and really believe what you’re saying. Alternatively, if face-to-face contact isn’t possible, choose a video conference or write a handwritten note, or send an email or pick up the phone. You can also make your thank you a public one, by mentioning the efforts of top workers on company newsletters or social media pages, or on internal intranet platforms and the like.
Give Out Awards, Perks, and Rewards
Staff are also more likely to stay working for your organization longer if you give out awards, perks, and rewards. For example, set up a structured Employee of the Month type of award system, or simply hand out awards like custom trophies, certificates, and plaques, when you feel it’s time to commend exemplary work. Most people feel chuffed about being recognized in front of their peers. Furthermore, other employees will notice how committed you are to team praise, and will know they’re working at a firm that values its employees.
Perks can also make a big difference to how long people stay in their roles. While the list of potential perks is long, and is often best determined based on what your employees wish to receive most, you can consider things such as bonus time off work, particularly after teams have been working extra hours to finalize projects, land new deals etc.; or free health insurance, gym access, massages, and lunches/snacks.
You might also want to give people better parking or other transport options; provide free or low-cost childcare at the office; or provide on-site meditation spaces, counseling sessions, and other stress-reducing options. Many employees also respond well to being given more flexibility at work. For example, allow people to work from home or other locations, and/or enable staff members to choose the working hours that suit their sleep patterns, lifestyles, familial relationships, and hobbies best.
Of course, rewards are also popular with employees. Again, there are all sorts of choices available, and what you select will probably depend on your budget, but remember that even small gifts can show your team you care and notice their efforts. Some ideas for rewards include bonuses, free trips away, pre-loaded credit or gift cards, movie tickets, hampers, wine, chocolate, and vouchers to restaurants.
It’s even better, though, if you select gifts which are personalized for your workers, and based on their particular interests or home life. This shows people they’re not just a cog in the wheel, and that you actually take notice when they talk about their lives, passions, families, and hobbies.
Provide Opportunities for Learning and Other Professional Development
Lastly, don’t forget that these days more and more workers are just as focused on progressing in their career as they are on how much they earn. As such, look for ways to help your employees to learn and grow.
Professional development strategies can cover things such as paying for motivational and other speakers to come to the office; organizing regular training programs or paying for people to attend off-site courses; giving staff members access to mentoring programs; and enabling workers to go to important company and industry events, like trade shows, conferences, award ceremonies and the like. The more you support the development of your employees, the more likely it is they’ll be committed to your company.
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