In today’s employment market, demand for talented and reliable employees is very high. You need a strategy to keep your employees working for you rather than your competition.
If you don’t currently have a strategy, don’t worry. Here are the key factors to include in retaining your employees.
1. Pay competitive wages
Let’s face it, most of us work for money. The salaries or hourly wages you pay need to be at least equal to your competition — and many observers think that paying top performers more to make sure they don’t go to other firms is a good move.
If you don’t have a sense of what your competitors pay, access a salary survey in your field or ask around.
2. Offer competitive benefits
The second key factor in employee retention is benefits. Employees care, quite understandably, about what you offer in terms of health insurance, retirement plans like 401(k)s, flexible schedules (if any), vacations, holidays, and other benefits.
You need to offer benefits packages that are the same as or better than your competition. Here too, if you aren’t sure what the standard is, access a survey or ask.
3. Show your appreciation
Employees like to feel appreciated. They like to work in places where their hard work and contributions are noticed and valued.
If you don’t have an official appreciation program, it’s a good idea to start one. An employee of the month award shows that the company cares when its employees do a good job — plus, giving them monthly means everyone always has a shot. Free pizza lunch or donut mornings is also a good way to show appreciation.
4. Be fair
Always be fair and transparent in your decision-making. People don’t like to work in places where they feel they have been unfairly treated. In fact, it’s one of the reasons people start looking for jobs.
Make sure that you treat everyone fairly and equitably. Ensure that the criteria for promotions and other perks clear. If you must discipline someone, or not give them a promotion they wanted, make sure that the reasons are clear to them. Outline steps for improvement, and reward improvement when it occurs.
5. Offer room to grow
Most people like to grow and progress in their careers. The ability to do so often offers both a boost in salary and appreciation. So make sure that people know of potential career paths that apply to their skills and background.
Have discussions with long-time employees about their career goals and performance at least yearly. Develop a promotional plan when appropriate.
The Benefits of a Staffing Agency
If you are concerned about keeping your workforce from going to the competition, we can assist you with a strategy. A staffing agency has experience in every part of the retention process.
We can provide information on salaries and benefits in the area and help you identify great new hires. We’re happy to help. Contact us today.