“You don’t build a business – you build people. And then people build the business!”
Many companies spend a great amount of time money investigating the ‘why’ of an employee leaving, — for example, through programs of exit interviews. While this can give a good insight into what makes someone leave a job, there are certain practices that will ensure that a person does not even think of thinking, forget actually resigning. Instead of focusing on why an employee leaves, try figuring out ‘why an employee stays’!
These are some of the practices, around the world, followed by companies where employees normally never resign:
- Offer a competitive benefits package that fits your employees’ needs.Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.
- Apart from job satisfaction, and monetary benefits, what makes an employee truly loyal to his company is the ‘company environment’, and the degree of comfort an individual employee feels within it. As an organization, take efforts to provide conditions compatible with employees’ values for working and living.
- Make sure employees know what you expect of them. It may seem basic, but often in small companies, employees have a wide breadth of responsibilities. If they don’t know exactly what their jobs entail and what you need from them, they can’t perform up to standard, and morale can begin to dip.
- Provide some small perks. Free lunch on Fridays or a day off after a busy season may seem insignificant to you, but if they help employees better manage their lives, they’ll appreciate it and may be more likely to stick around.
- Encourage referrals and recruit from within. Having current employees offer referrals could help minimize confusion of job expectations. Current employees can realistically describe a position and the environment to the individual he/she is referring. Another way an employer can lessen the impact of turnover is to hire from within, since current employees have already discovered that they are a good fit in the organization.
- Use contests and incentives to help keep workers motivated and feeling rewarded. When done right, these kinds of programs can keep employees focused and excited about their jobs.
- Create open communication between employees and management. Hold regular meetings in which employees can offer ideas and ask questions. Have an open-door policy that encourages employees to speak frankly with their managers without fear of repercussion.
- Make employees feel valued. Employees will go the extra mile if they feel responsible for the results of their work, have a sense of worth in their jobs, believe their jobs make good use of their skills, and receive recognition for their contributions.
Keep in mind that the most useful, and exclusive non-duplicable resource you can ever have is ‘your team’ – value it before it’s too late!
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