Three effective ways to retain your employees in business

19 Dec 2022

Three effective ways to retain your employees in business

Gone are the days when the only secret to an employee staying on at a company was a big, fat salary package.

Today, it's important to balance work and life. Equally, if not more, essential than the compensation package is the office environment, including the atmosphere, the people, and the opportunities for career advancement. In this era of business, the Great Recession, preventing employee attrition must be thoughtful and done with genuine care, not just to please others.

It all boils down to these three broad, secret elements for employee retention that entrepreneurs must abide by:

Financial Growth: The most obvious element that can encourage your employees to stay and work with you is financial growth, but how do you ensure financial growth for your employees?

Pay them according to or a little more than market standards, so they don’t think about the money while they are at work.
Have a transparent, data-driven appraisal system. Don't rely solely on your instinct; make sure your team members are aware of and working toward the appraisal criteria. Be fair and just, and show it to those who deserve it.
Create a clear incentive or bonus system for those who go above and beyond the call of duty.

Career Development: Paying individuals just enough is insufficient in the business. Additionally, they hope to advance professionally and produce something of value while they are employed.

Assign them tools, mentors, coaches, and learning avenues to show them that you are interested in helping them advance their careers. Give them a learning strategy, develop their abilities, and increase their knowledge.
Clearly defined milestones that give them something to strive for as well as a clear advancement path for their current position. Set goals for their professional development and assist them in achieving them.

Life Quality: No one will care about the salary you pay or the promotions you offer if the workplace they come to every day is toxic!

Have a work-life balance and proper working hours. You need to respect people’s time and have personal time apart from work.
Respect public holidays and have a suitable leave policy. Recognize the subtle differences that define people as human; provide period leave for women. Have an off day for people when they are just feeling low. Mental health is real.
Have a non-toxic workplace in the business, where the environment is one of respect, care, and connection. Openly acknowledge and award the heroes. This increases their self-worth and confidence, and they will love to walk into a workplace where they love working because it is resourceful, respectful, and helps them grow.

Implement these three components in your business in order for your staff to respect them and give their all to its development.

Keep in mind that when you look after your staff, they will look after you.

It’s as simple as that, honestly!