Unfortunately, businesses often underestimate the power of employee retention. It’s costly to have high employee turnover, both in the short-term and the long-term, and maintaining current employees not only saves money – it increases productivity. Workers need to feel secure in their positions to continually invest in the business. Here are 3 simple ways managers can reinvest in their employees.
Establish a Company Culture
Culture is the biggest trend in business for a reason. Having shared values across departments creates a sense of community within the workplace. Millennials in particular are looking for companies that have a common goal they’re trying to reach, preferring that everyone enjoys a shared experience. Establishing company culture early on also helps serve as a set of guidelines. When you clearly define what behavior is appropriate in the workplace, what example everyone should follow, and what’s most important to the company, there’s no ambiguity or confusion. Everyone will be on the same page.
Involve Employees in the Process
There are many ways to involve employees, but the simplest is through establishing an open line of communication. Transparency is important, and relaying information in a clear, concise, and consistent way will keep the business running on track. No one likes being kept out of the loop, especially when their job duties hinge upon having the correct information in a timely manner. Communication breakdowns often lead to decreased efficiency and frustration among the staff.
The real key, however, is taking it a step further by gathering the opinions of employees. Managers who survey their employees, ask for both positive and negative feedback, and then implement some of those suggestions help cultivate a sense of importance within the workplace. Employees will feel like their opinions matter because they are helping actively shape the future of the company. You can even change the company culture based on your employees by understanding what they value and figuring out what’s common among them.
Recognize Your Employees Appropriately
Often, businesses have employee recognition programs that reward employees based on tenure. For example, Bill may receive recognition for having been with the company for twenty years, while Sarah, who has only been employed for three, is going above and beyond and not being recognized for it. Rewards should be based on performance, both to promote good work and show appreciation for their workers.
Businesses that invest in their employees are more successful than those that don’t. Creating a shared company culture, surveying and involving employees in the decision-making process, and rewarding hard work over tenure will boost employee retention by facilitating a more positive, communal workplace.