One of the biggest problems that employers face is the danger that their best team members might choose to leave the organization and go elsewhere. In fact, a considerable number of employers list this as a major concern. Past surveys show that a large number of talented workers, after being hired, might leave their jobs within as little as two years. This can present problems, as looking for a new hire to replace previous employees can be a time consuming and costly process. The most common reasons employees give for leaving include a lack of recognition for a job well done, lack of employer feedback, an imbalance between work and home life, feeling that the job doesn’t pay well enough, and little or no chance for advancement within their current position. Below are three of the top methods to help employers retain their best employees.
Train and Mentor Your Employees
Training and mentoring employees can be useful for several reasons. In doing so, employers are helping their workers not only to understand the requirements of the job, but also the goals and vision of the company. Moreover, it gives employers the opportunity to work more closely with their employees, helping to form a more positive working relationship. This also gives employers an opportunity to provide feedback on their workers’ performance and guidance for them in their career development. In return, employees hone their skill set, build confidence, and have an increased sense of value.
Compensate your employees to show your appreciation
Undoubtedly, one of the best ways to retain employees is to make them feel that they are adequately rewarded and compensated in their jobs. Some of the best methods of doing this are to pay employees a salary above the labor market. This includes arranging for incentives such as bonuses for improved performance, offering employees stock options or equity awards, and providing extensive benefits packages such as 401K retirement and family health and dental plans.
Employ other strategies beyond pay and benefits
Providing higher compensation and a variety of benefits packages can prove to be expensive and might be more difficult for smaller businesses who cannot necessarily afford to implement all of these methods. Other options to retain employees include offering non-monetary benefits such as designing positions around your employee’s skills and talents in order to retain their interest in their role. Employees are always concerned with a lack of balance between home life and career, so offering perks such as flextime to fit their personal schedule, or telecommuting options so that they can work from home, might prove to be valuable tools. It is also a good idea to recognize employees’ potential by discussing with them opportunities for promotion within the company, which can motivate them to stay on as a valued asset.
There are a variety of methods that employers can implement to retain their best employees and some methods may work better than others. The key to a successful retention method depends on the employers’ ability to determine the employees’ specific needs and designing retention methods around these.