Talent retention is one of the biggest challenges companies face. The difficulties of persuading your employees to stay with you are much bigger than expected.
That’s because today’s talent market is competitive. With headhunter agencies looking to poach your employees, one way to prevent that is to create a culture where your employees will thrive in. We do this to increase employee satisfaction and with that, make employees less likely to leave.
While doing this brings other benefits, such as a more empowered and motivated workforce, the fact remains that every company should do this. So, here is how.
One of the best ways to create an environment where your employees will thrive is to encourage communication between your employees. This might sound like something obvious, but the more your employees talk to each other, the easier for them to work together.
So what’s the best way to encourage your employees to talk more? Well, one thing to do is to go on plenty of team building and bonding activities.
Team building can be very helpful when your employees don’t know each other. Maybe you’ve hired a few people, and they have a hard time integrating into their new surroundings.
The faster they adapt, the more productive they’ll be.
Considering that some industries rely on teamwork, creating strong bonds between your employees is even more important.
So, to make it easier for your employees to talk to each other, go on a company trip together or do a team-building activity.
Make Them Feel Valued And Appreciated
If you want to stop other companies from poaching your employees, then you need to show them their true value. Employees feel much more welcomed in a company that recognizes their achievements and hard work. And if you’re not doing that, then you’re making it easier for others to poach them.
There are a couple of ways to make your employees feel valued and appreciated. One thing to do is to reward them for their hard work. This can be anything from giving them a pay rise to bonuses at the end of the month or year. By doing this, you are creating an environment where everyone recognizes the true value of the other.
Another thing to do, which is becoming very popular in recent times, is to create a rewards platform. This can be as simple as breaking down their salary into categories. For example, you show your employees how much they earn, and you show them how much they’re getting paid in bonuses as a means to recognize their hard work.
But there is a way to do this. You can’t give the same pay rise to an employee that’s only been there for six months, and to an employee that’s been with you for six years. As said by this post by Entrepreneur.com, unfair pay rises will force some of your employees into leaving their jobs to protest.
So while showing how much you appreciate your employees is a good thing, there is a right way of doing it. Do it right and you’ll make it easier to scale your business to new heights.
Cement Company Core Values
Every company must have core values. These core values must be related to the employees and they must abide by them. This is what will separate your company from others.
Often, picking good company values will make your employees more likely to identify with them. When your workers know who they are and what they stand for, they will feel more connected. This is one way to create an environment where everyone thrives in.
If your company is a strong advocate of eco-friendliness, then everyone will have a much easier time connecting with this core value.
So when another company that doesn’t have this value tries to poach one of your employees, you won’t have to do anything – your employee will turn down the offer themselves.
Creating a sense of connection through company values will increase employee retention by a lot. According to this report by Gallup, 71% of employees want to stay and thrive with a company that shares their core values.
Insist On Work/Life Balance
While everyone want’s to get the most out of their employees, there comes a point where we have to differentiate work from life. A healthy balance between both will make your employees much happier. Forcing them to take their work at home will only make them unhappier.
Even if crunch hour is upon you, there must be a balance between work and life. Do that and you’ll create a culture where everyone thrives in.