Employees are an organization’s most valuable asset. When employees feel empowered at their jobs through healthy work environments and opportunities, they are more committed, team-oriented and productive. But if an organization isn’t doing its part to create a positive culture, it puts its revenue and reputation at risk. There are a handful of tactics you can use in an increasingly-competitive marketplace to retain your talented employees.
1. Be Transparent
Employees like to have transparency within their organization. Internal communications from the top-down often lead to misalignment of objectives and employees feeling as if they are not heard. Giving them the opportunity to discuss their strengths, barriers to success and career aspirations will show your workforce that the company is dedicated to their professional growth.
2. Expand Benefits Package
Small to mid-size businesses often struggle to compete with larger corporations in providing benefits. However, benefits extend way beyond healthcare. Organizations can get creative on what they offer within their benefits packages by thinking outside of the box. Adding a financial literacy program, further-education compensation, automated bonuses or above-average PTO are a few ways employers can stay competitive with benefits packages.
3. Provide a Great Culture
Employee retention starts with loyalty. Creating an environment where employees can bond with their leadership, colleagues and workplace will enable a strong bond with your organization.
4. Pay Well
Employee turnover can be detrimental to overhead costs. Competitive salaries are a sure-fire way to retain your most talented employees and discourage a high turnover rate. If budgets are tight, it helps to calculate the cost to increase salaries compared to the cost of replacing valued employees.
5. Offer Unique Perks
Offering unique perks that employees or potential employees can’t get elsewhere allows companies to stand out within their competitive market. Creative perks such as VIP tickets to special events, discounts at local retailers or free lunches can help keep employees engaged and appreciative of their work environments.
Engaged employees directly translate into increased workforce productivity and revenue. Every day we see the ROI and success stories of our customers investing in their employees. Curious how your organization can expand your benefits package to improve employee engagement and retention? Contact us or schedule a demo to learn more.