The last year and a half has brought about massive change in the workplace. Right from the layoffs to the quiet quitting and limited career advancement to returning to office. These and many other reasons have led to people quitting their jobs and moving on to different organizations. Spurred by the pandemic, the Great Resignation has made companies realize that they need to change their laws and bend the rules for the sake of the employees. The employees now decide what is right for them, and companies reconsider what they offer their teams. Leaders and organizations need to take a step ahead and decide what makes their company worth working for. If you are a business owner, here are a few tips to help you increase employee retention in your organization.
Competitive salaries
All employees are looking to find value in their work and you must offer competitive salaries or hourly wages. If you offer anything below the industry standard, the employees are going to start looking for another job. The best way to make your employees feel that their work is valuable and that you appreciate them is to give them the right wages. The right compensation is the most important thing for your team. They should be paid fairly, and the wages should be adjusted regularly keeping the inflation and cost of living in mind. If they put in extra hours or work extra days, you need to compensate them for the same.
Flexibility
A major reason behind employees quitting or looking for a new organization is the mandatory work-from-office requirement. You need to understand they performed well during the pandemic while they were working from home, and asking them to return to the office is not going to impact their productivity. Let your employees work from home, and if it is not possible at all, give them a hybrid work environment where they work from home for two days and work from the office for the remaining three. In some cases, it may not be a permanent solution, but offering flexible hours can help retain employees in the long run. The higher the flexibility, the higher their motivation to work for your organization.
Encourage work-life balance
Another strategy to increase employee retention is to promote a good work-life balance. It is not only applicable to the employee but to you as well. The right work-life balance can help improve the physical and mental health of your employees and increase productivity. It can be achieved by flexible work, reduced days, and even remote work. Respect the employees’ time away and encourage them to avoid checking emails or answering the phone.
Reward the employees
Besides the appropriate compensation, you can make your employees feel valued by rewarding them for the work they do. When they feel recognized, they will feel like a part of the company and work harder. You can reward them multiple times a year by offering service trophies on awards night or giving them a financial reward like a gift card or a ticket to the live sports they love. You might want to consider asking them what they’d like as a reward and make them feel appreciated. Do not just reward them for the results but for the efforts they put in. There are times when the projects will not be as successful as you hoped, but the numbers are not everything, the effort is. It might be disappointing to lose a project, but let the team know that you still appreciate them.
Build the right culture
One way to enjoy high employee retention is to build a culture that employees want to be a part of. The culture will impact when the prospective employees consider working with you. It might require a little effort, but it can reward you monetarily and help achieve your mission and vision. Be a leader your team likes to work with and make sure your workplace is diverse and inclusive. Be open to communication at all times and always treat the employees like family. A workplace that respects people of all ages, races, and backgrounds will become an excellent place to work.
These strategies can help with employee retention and will also ensure higher engagement, morale, and productivity in the organization. Introduce new opportunities for them and encourage each employee to give their best. If they manage to close a new deal for you, reward them, but even if they are unsuccessful, reward them for the efforts they put in. Take pride in your team because they can make or break your business. Your team is your biggest asset, and you need to ensure that they are happy with what they are doing. Take criticism in the right way and let your employees shine in the best way possible.
