Your company’s most valuable asset is its team. And retaining current staff members is far less expensive than recruiting new talent. On average, when an employee leaves, it costs the equivalent of six to nine months of their salary to replace them. While you’re likely already offering benefits, pay raises and employee recognition gifts, digging deep for thoughtful ideas on how to retain talent can pay dividends.
Keep in mind, the employer/employee relationship is just that—a relationship. Healthy relationships must be thoughtfully nurtured and maintained. Research shows 48% of employees are looking to make a change, however, if you can give your staff everything they want and need in a job, they’ll be more likely to stick with your company for the long haul. Here are some ideas.
Provide new benefits
Many employees have come to expect a flexible schedule and remote work options. And about one-third of team members place a high value on paid parental leave. If you don’t already offer these perks, it may be time to consider adding them. If flexible schedules and paid parental leave aren’t within the realm of what your company can offer, or if you want to add even more benefits, here are some other ways to reward employees:
- Offer monthly, bi-monthly or quarterly gift cards to a massage or yoga session.
- Provide home support like a meal delivery or laundry service.
- Allow time off for everything from hair appointments to kids’ sports games.
- Provide mental health support, such as paid counseling and mental health days.
- Offer an extra one or two weeks of paid vacation. If your company is too busy to provide an entire week off, encourage people to sprinkle their vacation days throughout the year.
- Hold random drawings for employee appreciation Great gift ideas include stylish watches, cheese board sets or lantern and tool sets.
Be practical and positive
Employees are faced with more obstacles than ever, from feeling overworked because of staff shortages to dealing with supply chain issues. Remaining positive yet realistic can help staff see things in a better light. Show staff how to prioritize self-care to prevent burn-out. For instance, if a team member had a difficult customer interaction, allow them a short break to walk it off. Keep reminding staff that shortages are temporary.
Help staff see firsthand that you’re actively working to reduce their load. Involve them in the hiring process. For example, ask your team how to reach the best recruits. Keep them informed on how many people are applying and how many interviews are coming down the pike. Show staff you care with individual check-ins. Ask them questions like, “What’s most challenging right now?” and “How can I help you?”
Recognize the little things
When team members feel recognized, 63% are unlikely to look for a new job.
Your current employees are the reason your company stays afloat in challenging times, making day-to-day work just as important as out-of-the-ordinary achievements. Recognize those who have been with your company through it all, so they don’t feel forgotten when you’re busy trying to hire new people. One effective way to reward employees is with employee recognition gifts.
Give that core group of team members who have stuck with your company through thick and thin a high-end gift, such as a cooler bag. And don’t forget those employees who have been around for less time but are still making a big difference. A matte tumbler or a stylish wireless charging stand are perfect gift options.
Implement in-house professional development
About 76% of staff members say companies that offer additional skills training are more attractive that those that do not.
Providing staff members a path for growth is one of the best ways to retain top talent. Implement a professional development program for each department and use job shadowing, incremental responsibilities and training materials to help each employee progress.
Assign a mentor to each employee, no matter their title. Carve out time for regular mentor-mentee meetings to talk progress, challenges and next steps. As staff gain new skills, the workload will become more evenly distributed.
Easily retain your team
Staff make daily contributions to your business’ success. With ideas on how to retain talent, such as providing new benefits and recognizing the little things, you can easily create a work environment your employees never want to leave. Best of luck!
Key Takeaways
- Stay positive, yet realistic
- Provide new benefits
- Recognize the little things
- Implement in-house professional development