5 of the Best Ways to Retain Employees

It can take a lot of work to recruit and hire top talent, so the last thing you want to do is lose someone to another employer once he or she is on board. Not only is it time-consuming to replace people, it’s costly. According to studies cited in a report by the SHRM Foundation, the cost of replacing a salaried employee can often be as high as 50 to 60 percent of the employee’s annual salary. Talk about motivation to do all you can to keep staff engaged and loyal!

The wooing process you used to convince excellent people to join your team shouldn’t end after they’ve signed your job offer. You need to continue to impress. Here are 5 of the best ways to retain employees:

Show them the money

It may seem obvious that employees should be paid well, but economic reports show that wages are stagnant nationwide. Clearly, many companies haven’t made changes in their salaries for a while. It can be demoralizing to feel underpaid and can prompt people to start looking elsewhere.

Employees will be looking at the latest salary surveys, so make sure you’re doing the same to know what the competition is paying. Try to match current standards, and if possible, exceed them. Also offer employee bonuses when you can, to reward excellence.

Direct the way

The kind of people you want to retain––your top performers––are likely to be ambitious. While they may love their jobs today, chances are they wouldn’t mind a promotion down the road. Ensuring employees know the career paths available, and what it takes to advance is one of the best ways to retain employees. That lets them know they’re a part of your company’s future. Also offer training that will be critical to succeeding at the next level, like project management and people management.

Make life easier

Professionals are busier than ever, so provide perks that help them keep up with their daily demands. Some options that employees like include flexible work schedules, on-site food options, child and eldercare referral programs in which a service provider helps locate available care for family members and remote work opportunities.

Say thanks

Who doesn’t enjoy a little appreciation for a job well done? Receiving a heartfelt thank you from the boss while in front of colleagues can be highly motivating. Or you might go creative and provide a personalized note on a fun pop-up card. For particularly outstanding work, try to offer financial rewards as well. Just be sure your rewards system is fair, so favorite employees don’t get all the attention.

Get personal

People don’t want to feel like they’re just a number to their employers. Make sure managers get to know employees personally. Those water cooler discussions about the weekend or family life might not seem crucial, but they can strengthen working relationships and connection to the company. At the same time, managers will learn more about what motivates each person on their team.

If you’re waiting to discuss employee job satisfaction until annual performance reviews, you’re too late. Use anonymous surveys to ask pointed questions like, “How well are you paid for your work?” “Is your workload manageable?” and “How satisfied are you with our company’s benefits and perks?” Show some responsive action and there will be no reason for people to be updating their resumes.