Did you know it costs more to recruit new employees than it does to retain existing staff? The cost of recruitment can be as much as one-third of the annual salary.
Therefore companies need to work harder at retaining key staff. In an employee-driven market, the pressure is really on managers and businesses at large to understand what it takes to ensure their staff are happy. One sure way is to invest in your team members and cultivate excellent leadership.
Employee retention is the number one priority for most companies, regardless of the sector they operate in. Besides, happy employees are more productive and creative, and they are far less likely to quit.
In the first quarter of 2021, over 6,000 case studies on employee productivity and happiness were conducted. They all agreed on two points: happy employees are at least 12% more effective, and salary increases make them happier. Continue to reward your staff with the usual raise but don’t be surprised if it alone is not enough to keep them.
Fortunately, there are many other ways to reach out to staff who may be near the tipping point of looking for another role elsewhere. Have you considered how you can improve workplace morale?
This article shows you precisely how to keep your employees happy without taking the unnecessary financial risks of large pay increases.
Acknowledge Success
Showing gratitude is one of the best ways to make your employees feel happy and recognized. Acknowledge their productivity, accomplishments, and their work efforts with all kinds of modern-day employee recognition ideas.
For example, your staff are likely to be on social media, and your business can use it to post a special message of thanks. Everyone loves praise at some level, and it often motivating on a subconscious level.
Broadcasts
Continuous gestures of gratitude and recognition will always go a long way. If social media is not your thing yet, then there’s the old-fashioned way to show your employees gratitude with a public thanks in your newsletter or marketing campaign.
An employee of the month
Consider a monthly insert in your marketing campaigns for employee of the month. The competitive workers will be keen to have their turn in the limelight, too, so before you know it, worker productivity has dramatically improved.
Ideally, your customers learn how your business values its staff, which may inspire them to buy more products or services from your company.
Training and Courses
Keep your staff engaged with new training and certifications. Growing your staff beyond their current role shows your business is committed to them not just in the immediate term but for many years to come. For example, your PA can learn management skills and study for an MBA to replace your COO sometime in the future.
There are online courses for just about everything from cybersecurity, marketing to financial management.
In addition, your company can offer numerous other training and courses behind closed doors, such as additional management training or other specialized training that aligns with your company’s policies and procedures.
Improve Communication
To keep employees engaged and satisfied, a proper way of interaction is required in the workplace. Direct interaction is a must for addressing each employee’s needs and concerns.
This type of interaction method allows employees to interact directly with higher-ups, making them feel valued. So proper interaction is essential to maintain employee satisfaction.
Seek Feedback
In much the same way your salespeople will seek feedback from your customers, create a process for staff feedback.
Asking your staff for feedback on your management and business is scary. However, isn’t it better to know where you need to improve systems and processes so they’re happy at work?
Feedback can also be fruitful when it’s an idea that your business can use to improve the bottom line. Reward them for their ideas that make a difference to your business.
Empower Decision Making
Your staff know their role better than you do. Therefore let them manage their goals and tasks. You can work on the business and provide transparency and insight into how the business is performing. Your staff can work with you and management, committing to mutually beneficial goals.
While it is your primary responsibility as a business owner or manager to get the most out of your employees, empowering them to create their goals that align with business targets is more satisfying and rewarding for them and you. For example, a salesperson may set a much higher monthly sales target than you had in mind.
Final Words
The usual raise is still important to staff, and nothing will replace it. However, your business will need to do more to retain staff.
Use these tips to develop employee satisfaction and development plans that will keep your staff happy and, by doing so, improve your business reputation.
