Any business owner worth their salt knows how important the employees are. In fact, you should generally regard your employees as being the most important asset in the whole business. Looking at it this way is really valuable, as it helps you to see employees for what they really are: more than just people working in your company, they are also one of the most important resources in your company.
As with any other resource, you need to make sure that you are making good use of your employees, and keeping them retained as much as you can as well. In this post, we are going to discuss some of the most powerful ways to improve employee retention – because keeping hold of employees is always a preferable choice compared to trying to find new ones all the time.
Look After The Little Things
There are so many little touches that you can make which are going to show your staff that you care about them, that you want to treat them right and that you are concerned with them being as happy as possible in their work. Something as simple – and vital – as issuing them with detailed pay stubs is the kind of thing that really helps to illustrate just how much they matter and how you respect them a great deal. Look after these little things and your employees are going to be much more likely to hang around in your employ for a much longer time, enjoying it all the way.
Pay Them Right
Pay is obviously one of the most centrally important issues for all employees. After all, if someone doesn’t feel as though they are being paid properly, they are not going to have all that much reason to stay working in that job. There are a few major aspects to paying people right. First of all, you need to ensure that you are paying them fairly, which means that they are receiving the right amount for the work that they do – taking into consideration the level of danger of the work and so on.
Next up, you also need to ensure that you are paying them equally, which means that any two people in the same role with the same level of experience are receiving the exact same wage for the same hours of work – regardless of whether they happen to be male, female, any particular race or sexual orientation or gender and so on. This is vital not just for staying legal, but for showing your people that you care about them.
Finally, you also need to ensure that you are paying people on time, and never putting them in a position where they have to ask for payment. Similarly, offer raises at regular intervals, or at least remain open and receptive when they ask for a raise. If you can do all this, you will be paying your people just right, and they will hang around much more.
Develop A Good Onboarding Routine
Onboarding is one of the most important things that you have to think about when you are trying to improve the experience for employees. During the onboarding process, you get your people ready for working at their new job, and it is an opportunity for you to welcome them to the company too. It is important that you are doing all you can to make this process as effective as possible in getting them feeling ready to work for you. The better the onboarding routine, the more likely this will be.
A good onboarding routine will include as much information as possible to help new employees feel truly ready for working in your organisation. The more that you give them at this point, the better, so make sure that you are working on improving your onboarding routine as much as you can. It really is going to make a huge difference to how your people feel at the start of their employment – which dramatically affects what kind of experience they have on the whole.
Check Out Employee Retention Credit
Sometimes you need a little outside help to ensure that your employee retention levels are where they should be, and there is no shame in asking for that help. One of the schemes that you should definitely look into is the Employee Retention Credit, or ERC scheme. This is effectively a refundable payroll tax credit designed to help you retain employees, specifically in relation to covid-19, which has made retention a lot more difficult for a lot of businesses. Making use of these kinds of schemes is always a good move, as it will allow you to keep a hold of people rather than having to replace them all the time. Make sure you look into this as soon as you can.
Recognize Varied Motivations
Your employees are each different from one another, and you need to make sure that you are doing all you can to recognize their differences. In particular, there are a wide range of motivations amongst your staff – so a lot of different reasons that they choose to look to in order to improve their work, or just get through the day. If you can avoid the one-size-fits-all approach to motivation, and adopt a more bespoke approach, you will find that your people really respond to it very well indeed. This is just one of those ways to show them that you care about them as individuals.
Encourage Work-Life Balance
A healthy work-life balance is important for all of us. In some jobs, however, it is hard to get that balance right. You should aim to do whatever you can to encourage a better work-life balance amongst your employees. This is going to radically improve the level of employee satisfaction you have in your company, so it’s something that you are going to want to think about. You will find that people hang around much longer if their work is a healthy, engaged part of their overall life.