I haven’t been in South Africa for long but if there is one thing I have noticed with most employers, it will have to be the fact that losing the best employees in any company is never easy. The same applies for us in the North Pole. If more of your employees resigned from your company this year, maybe it’s time you reviewed how you operate your business. Find out what is it that causes your top talent to settle for other companies, if you choose to turn a blind eye, chances are, this will continue happening. The ability to retain talented employees is a critical skill for managers and that is what every business should be striving for.
I’ve done some research on why most employees resign from their various positions and have put together a list of tips to help you retain your top talent and take your company to greater levels without worrying about going over that daunting recruiting process again and the costs it comes with.
Competitive packages are the way to go
We cannot turn away from the fact that employees are looking for the best financial deal in the market. If they are paid well they are more likely to put in more effort in the workplace and stick around for longer. But, that is not the only reason employees stay with a company and you can offer them competitive packages without actually spending millions. I know I personally would consider any offer if the package came with benefits such medical aid, housing allowance and life insurance, just to name a few. Having these benefits is an indication that the employer cares about their employees outside of the work environment and it gives the employee a sense of stability and assurance that whenever something goes wrong they will be well taken care of, together with their families.
Offer fair compensation or incentives
Who doesn’t like having extra cash at the end of the month outside your fixed salary? Always find a way to pay your workers what they’re really worth to your company. Having financial incentives such as performance bonuses or annual raises is also another way to keep employees in your company.
If your staff are consistently improving your business, they deserve to be compensated for it. If you’re hesitant to pay a higher salary, ask yourself what it’ll cost you if that employee leaves? It could cost you more, rather work on keeping those you have engaged.
This will also keep workers motivated and increases productivity which is good for your business.
Continuous development of employees
Employees love opportunities which will allow them to grow within the company and develop their skills through different programs. If your company doesn’t have such programs in place, you might want to introduce them before it’s too late. Developing your employees is a win-win situation because they are not the only ones benefiting from it, your company is too. If you spend time training and developing your employees, they are likely to stay with your company for longer. Offer those opportunities and send them to training and development courses that will develop them and also as a result will benefit your business by improving in various areas.
Make employees feel appreciated
Appreciating someone after doing well shows that you notice and you appreciate their hard work, the same applies in the workplace. Employees give you their time and energy every day they work for you. But in the long run, they want to know if they are adding value to the business. Sit down with your employees after a big project and appreciate them, a little pat on the back can go a very long way. Start appreciating your employees today!
Keep open communication in the workplace
Being the boss doesn’t mean your staff shouldn’t be able to come to you if they have a problem. Create an open communication environment where you are able to communicate with your employees on a regular basis. This will allow you to see how things are and understand how they feel about certain issues. This doesn’t mean you have to be the best of friends with your employees, but you certainly need to have a relationship that allows open and honest communication.
A positive work environment
A happy work environment really is everything, it’s so very true when they say:
No matter how well a job pays, many employees will jump ship if the atmosphere feels more like a morgue or a fight club than a professional office.
I have a friend who works for one of the biggest corporates in South Africa, she is the most miserable person at work because of the work environment. People spend most of their time at work so it should a place they love to work in and feel comfortable because this might also affect their productivity. You might have the fanciest of jobs but waking up in the morning to actually go to work could be a nightmare. Employers should ensure that they create a positive working environment.
The reality is you cannot stop employees leaving when they want to, that is impossible; but by offering a great environment to work in, competitive packages, appreciation for a job well done, training and incentives; they are more likely to stay longer, grow in the company and take the business to greater levels. Always ensure that you keep your team motivated and this can be done by following the tips above. The bottom line is that your staff retention will improve by keeping your employees best interests at the forefront.