Recently on the blog we shared some really alarming statistics: Forty percent of workers plan to actively seek for a new job in the next six months, while another 69 percent say they are already doing so.
In our capacity as business owners, these numbers are really alarming. We take care to hire only the most qualified candidates, and aim to keep them after we’ve made the right choice. We have previously discussed the benefits to employees who remain with the same company for at least a decade. Our goal now is to supplement that advice with suggestions for businesses to use in creating an environment where workers are invested in staying for the long haul.
An organization’s ability to ensure a worker’s long-term commitment depends on the employer’s ability to create a compelling enough reason for the person to stay. We recommend that businesses make concerted efforts to create an environment where employees feel valued and appreciated, resulting in bonds that last a long time and, hopefully, a lifetime. But how to retain employees?
When may a company do this?
Responsibility
It’s a sign of confidence in your employees if you give them responsibilities that will help them grow professionally. You should encourage them to learn new things. Provide an adequate amount of opportunity for continued education. Instead of looking outside the company for new talent, prioritise promoting from within wherever possible.
Respect
Employees care about knowing their efforts are recognised and appreciated. As the old adage goes, people will forget what you said, but they will never forget how you made them feel. Some urban legends centre on the terrible things that overworked managers are said to have said or done in the workplace. But, if managers consistently demonstrate respect for their staff, they will build a strong and durable company culture and leave an impression on their workers that will last a lifetime. This is due to managers’ efforts to foster an environment where everyone feels valued.
Revenue-sharing
Include the company’s success in the calculation of a percentage of employee pay. In addition to aligning their interests with the business’s sales and profit goals, this will also provide employees with an inherent motivation to stay with the company as it grows. Payroll is a fixed expense, but by making it more fluid you can better adapt to changing business conditions, making your organisation stronger and more adaptable. Because of this, you’ll be able to provide your employees the best possible care and assistance.
