Customer loyalty and thriving sales are crucial parameters of a successful business. But if you believe that these variables are enough to ensure a business’ sustainability, you might have been focusing on the wrong things. Before anything else, your workforce is the greatest intangible asset that could either make or break your business projects. When leaders keep their best employees happy, it reflects in increased revenue, satisfied customers, and positive work environment.
The cost of employee voluntary turnover could be huge, so losing top performers could be a turndown for the team. But with nearly 1 in 2 workers considering leaving their current jobs, what can leaders do to keep their best employees for as long as possible? Here are some recommendations to help you get started.
None wants to be stuck in a job that isn’t taking them anywhere. Even when one cannot avoid a dead-end career, there is always room for growth. Salary increases and individual skill development are still viable options for job promotion. By encouraging employees and giving them access to courses and training that are relevant to their roles, a company demonstrates their commitment to support people’s development. Not only the said employee’s skills are enhanced, but also their relationship with the management is strengthened.
By driving continuous personal and professional growth, leaders can show their workers that they are valuable to the company. Needless to say, employees who believe they are undervalued are more inclined to leave the firm. Therefore, taking care of what employees need suggests that you are willing to invest in their future.
Maintain a friendly work environment
A gloomy work environment drains the employees’ energy and morale. Working in such a negative environment for a day might be bearable, but not for the longer run. In order to make happy hours at work, there are three things to be done. First, ensure that employees have time to socialize, especially after hours. Positive relationship between employees is a crucial element in building a positive working environment. Second, incorporate a workplace culture that values fun. Having a fun culture increases productivity and instills a sense of belonging among workers. Third, give employees an opportunity to contribute directly by inviting their ideas and feedback on the company’s projects. When leaders are genuinely listening to their opinions and taking them into account, it will result in trust and better collaboration. Creating a safe and friendly work environment is essential for everyone’s wellbeing, especially in times of uncertainty like today. Employees who are satisfied with their workplace environment are less likely to look at other job opportunities.
Everyone wants their efforts to be acknowledged and rewarded. Recognition and awards from the management will boost employee confidence. These tokens of appreciation will make them feel valued and important for the company. Among the most expected appreciation is, without a doubt, pay raise. Although pay raise can be used to reward employees for their accomplishments, be careful to not use it on a disgruntled employee. Offering a raise to employees who are about to resign might be able to persuade them to stay a little longer. However, it might also foster a culture in which employees can bluff or threaten to leave the company if they are not given a raise. In a sense, if an employee already stands on the exit door, it could be too late to reward them. Therefore, it is important to always pay attention to employees’ hard work.
Be open for opinions
Unless you are gifted with mind-reading ability, nobody truly knows what others are thinking. You never know what employees actually feel unless you ask them directly. Leaders can schedule one-on-one meetings with employees, so they can voice out opinions without the fear of being scolded or judged by their peers. Fostering a situation in which employees can confide in HR will close the gap between the management and employees. You should also pay extra attention to employees who tend to be indifferent about their jobs. Although they may have nothing to complain about, they may also keep something hidden and unsaid. One factor behind this secretive behaviour is the lack of openness between leaders and employees.
What if signs of resignation start to appear?
As a leader, the best thing you can do is to approach and talk to employees in a non-aggressive tone. Create a safe space and let them talk about what actually happened in their jobs. Finding out the root issues and resolving them not only allows workers to stay and contemplate their decision about leaving, but it also allows you to avoid similar problems to happen in the future.
Retention is solid proof that your company places a high value on its employees. High employee turnover could be a red flag to tell that something is wrong with an organization and may have a significant impact on the business. Owing to these reasons, taking precautionary acts is important in order to keep your employees for the long run.