Fortune called it the biggest problem facing employers in 2017: employee retention. The truth is, considering the high cost of recruiting, hiring, and onboarding new talent, this is a timeless concern that followed us into 2018—and will follow us beyond this year.
When an employee doesn't feel loyal to your company, you get, at best, lackluster effort that results in low productivity. You may even find you're paying someone to browse job listings for a few hours a day. When that employee has finally had enough and leaves, you're stuck: you need to devote time and resources to finding the right person and then getting him or her up to speed on the job duties. And there's an unfortunate chance that person might not work out, either.
Even though a PEO can help you with recruiting and hiring, it's much wiser to retain the employees you have. Here are eight ways to help you do that:
Invest in Employee Development
Your top talent wants to continue to learn and grow. When you offer opportunities to do that, whether via in-house training, seminars and conventions, or even an allowance for purchasing books or online courses, your employees learn skills that will help them be better at their jobs. They also know you value them enough to provide such opportunities.
Respect Their "Other" Lives
They are more than just workers: your employees are human beings with families, hobbies, and goals that have nothing to do with the workplace. Offering benefits and perks that acknowledge this is one way to build their loyalty to your company. People striving for a work/life balance are inspired to work for someone who gives them space to achieve this. This could mean onsite childcare, flexible work hours, the option to telecommute, wellness programs (which could include gym memberships, healthy workplace snacks, etc.), and more.
Put Safety First
This seems obvious, but a lack of concern about safety is immediately felt by employees. It's hard for them to trust you if you're not looking out for their health and well-being, and it makes sense for them to move on to another job if they feel like they're putting themselves at risk every day.
Provide a Career Path
There should be opportunities within your company for promotions and raises as merited. Those who have the ambition to climb higher should understand the path to do so. When that path is murky or littered with unexpected roadblocks, morale drops quickly.
Pay Them What They're Worth
A higher salary for the same job somewhere else is an easy choice for someone who's already dissatisfied with his or her working situation. Provide a competitive salary and top-notch benefits to encourage top talent to stay with you.
They're adults, and you hired them for a reason. Micromanaging is deflating. If you don't trust their work, you shouldn't have hired them in the first place.
Have a plan in place for when someone's work starts to slip. An appropriate warning and a game plan to help them get back on track shows them you care about the work they do, and you want to keep them around to do it.
The "trust" theme may also include keeping employees up-to-speed on company developments, even the difficult ones. When it's time to make changes within the company, ask your employees for suggestions and include them in the decision-making process when appropriate.
Many employees today want their employers to be environmentally and socially responsible. It's a source of pride for an employee to say, "Look how much my company cares," and they enjoy getting involved in the process. Get involved in your community, and look for opportunities to give back in ways that align with your vision.
Show Your Appreciation
Don't assume your employees know what a good job they're doing. Everyone wants to feel valued and appreciated, and this may be as simple as writing a quick email congratulating someone on a recent sale or a handwritten note thanking someone for coming in early this week to finish a project. Bigger gestures might include surprises like a catered lunch, a party or outing, or a gift.
Building employee loyalty is all about creating a culture of teamwork and appreciation where employees know their work matters. Implementing some of these tips may take time and money initially, but they will save both in the long run when your company is full of happy, longtime employees.
Let Harbor America Help You Boost Employee Loyalty and Respect
Harbor America can help you with employee benefits packages, as well as payroll, HR, and more, so you can spend more time nurturing a positive company culture that encourages retention. Contact us to learn more about our services and how they may help you build employee loyalty while saving time and money.