Business Solutions for Spring 2018

6 SUMMER 2018 While everyone wants to receive a competitive salary and benefits, today’s workers want other, less tangible benefits as well. They want things that make them feel valued and appreciated—and will ultimately keep them motivated to do their best each day. If you want to improve your company’s rate of employee retention, consider these strategies: Recognize their efforts. People like to be acknowledged for their work. A simple “thank you” can go a long way in making employees feel like they’re valued by you and the company. When extra effort is given on a big project, you might want to reward teammembers with a gift card or small bonus. Define your expectations. If you’re planning to change the scope of an employee’s role, discuss it with them so they know what to expect. Shifting duties or goals without clear definition makes employees feel insecure and unsuccessful. Give them a voice. When employees feel that their opinions and ideas are valued, they’re more likely to speak up when they think of ways to make improvements at work. When they don’t feel their feedback is wanted, they’ll stay quiet, become frustrated, and ultimately leave. Make them a true asset. The best and most highly motivated employees want to help and are willing to go above and beyond to be of value to their companies. All you have to do is talk to them, learn more about their previous experience, and tap into their expertise and skills—even if it falls outside their typical job description. Build a career path. Most employees want to know there’s room for continued learning and advancement within their company. Ongoing educational opportunities and chances to take on new responsibilities prevent employees from feeling stagnant. Stay in touch. Many employees state in exit interviews that they felt their senior managers didn’t know they existed. Periodic check-ins with each employee help reassure them their efforts are recognized and their concerns are being heard. Another valuable benefit of keeping your current employees happy is that their enthusiasm can be felt by your customers, leading to stronger customer relationships. Make employees feel valued to improve retention rates What Do Workers Really Want? High turnover rates come with a high price tag. From advertising for a replacement to training your new hire, you may invest thousands of dollars as the result of each lost employee. Experts agree that finding ways to keep the employees you have is a much better option. But in a tight job market, what are the best employees really looking for? Here’s a hint: It’s not all about the paycheck.