Companies are pulling out all the stops to make employees want to work and stay there. After all, when the average person changes jobs every five years, it can become pretty costly for companies to keep onboarding new employees. From redesigning modern offices to offering free coffee, companies are getting desperate to lure great employees (and keep them). But it doesn’t have to be this hard. In fact, there are four easy ways to improve retention, reduce costs, and have the industry’s top talent working for you, and you don’t have to resort to a dog-friendly workplace or treadmill desks to get there.
1. Create a Great Culture
Nothing will send top talent running like a negative work environment. Your employees should feel like they belong at work; anything less, and they’ll take their skills elsewhere. Companies everywhere are scrambling to hire consultants to tell them how to fix their company’s culture, but it’s actually pretty simple: respect your employees, and they’ll respect your company. An open, honest environment can make all the difference – especially with company scandal after scandal where top levels have hushed up lower level employees. Start from the top down, and you’ll go a long way towards fixing your culture.2. Value Them
Unfortunately, money is what makes the world go around. Paying your employees fair and competitive wages with bonuses for exceeding their targets will stop them from looking up job opportunities on company time. Invest in research that shows average salary ranges for specific job titles and communicate those to your employees to make sure they feel valued and fairly compensated, because the last thing you want is for them to feel bitter and take it out on their work.3. Rewards System
Getting your employees to want to stick with you long-term is getting tougher and tougher, but companies are finding that total rewards systems are incentivising employees in new and exciting ways. Seeing all their benefits, rewards, and goals in one place makes it easy for them to see the value in your company, and it has the dual benefit of getting their families involved and excited too. Switching to a total rewards system like MyRewards International Ltd. is a smart way to invest in the future of your company through employee retention.
Monetary recognition goes a long way, but simple recognition of a job well done can go even further. Everyone likes to feel appreciated, and your top talent that’s getting the job done definitely deserves to feel your appreciation. There’s a ton of ways to show your recognition, from having employees present best practices to weekly success story emails, but oftentimes that simple acknowledgement can increase their job satisfaction like nothing else.