Keeping Good Employees Key for Business Productivity, Growth
Keeping good employees has a number of benefits for your business. Retaining a core group of employees promotes higher productivity, better customer service and stronger financial performance. Plus, you’ll lower costs by minimizing recruitment and improve overall morale by fostering a stable and trusting environment where employees feel valued and secure.
First Step in Keeping Good Employees: Hire Good Employees
Hiring good employees in the first place is key to creating a core of valuable workers. Ways to foster that include:
- Improving job descriptions – make sure your description is accurate and sets up realistic expectations. As well, make sure they apply with any pertinent regulations.
- Keep your recruitment process lean and clean – you don’t want to drag on the hiring process so long that candidates lose interest.
- Key on long-term goals – look for candidates who are interested in a long-term future, and don’t focus exclusively on their skillset.
Strategies for Holding Onto Valued Employees
- Competitive pay and benefits – good compensation may seem obvious, but there are benefits you can offer besides things like health insurance. Those include flexible schedules, remote working options, childcare assistance, tuition reimbursement and more. Note that some of these benefits won’t cost you anything.
- Strong onboarding – make new hires feel welcome and give them proper training and clear responsibilities from the start. And make sure they have a way to get answers to their questions.
- Employee engagement – we all want to feel appreciated and listened to. And that can be especially important at the workplace. Recognize good work and celebrate milestones and achievements. As well, as an employer, you should offer a clear path to advancement opportunities.
Give responsibilities, not just jobs to do, offering employees a sense of investment in the company’s future. And keep communication open by having supervisors regularly check in with and listen to the people they are responsible for. - Promote work-life balance – offer support for your employees’ lives outside work. Crushing workloads and long hours lead to burnout and early departures.
Holding onto valued employees is a process that builds on itself. By crafting a good team that supports one another, you foster the kind of environment that makes employees want to stay. In fact, according to one survey, two-thirds of employees agree that overall satisfaction with work and workmates is a key factor in job loyalty.
Links
Harvard Business School has an article on why people quit their jobs.
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