If you’re an entrepreneur with your own business, there’s a good chance that you understand that your employees are vital to your organization. After all, a restaurant cannot succeed if you only employ staff that are constantly distracted and rude, and there is no way for a startup to succeed if your employees lack the motivation to deliver.
Luckily, there are some tried and true methods to help improve with employee retention. It’s no secret that employee turnover can be quite expensive, so understanding these methods can save a tremendous amount of time and money. Here are three ways to improve employee retention.
Employees want to feel as though they are part of an organization that values them. One way to boost employee morale is to encourage more team-building exercises. You might find that investing in an annual corporate trip of some sort can encourage bonding between employees, for example.
Similarly, if you plan a fun trip - it can still have the same desired effect. The trend of corporate employees bonding through an escape room is growing, and might be a great way for your employees to find new ways to work together. Of course, you can always go for a more laid-back option, like a group trip to a concert or movie.
Show Them They Are Valued
There are many employees that are eager to go the extra mile for their company. This might include staying after hours in order to get work done, spending their free time thinking about your company and its competition, or taking on work that no one else wants to take.
You should let certain employees know that you appreciate their work ethic. You might decide to take them out to lunch, and speak to them about how hard they have been working and their future aspirations at the company. You might also decide to award them with a trophy so that they can feel proud at receiving something tangible for all of their hard work, as well.
Your employees should believe in your company regardless, but there certainly isn’t anything wrong with offering some additional perks to make sure that they stick around. In fact, some of the most powerful companies in Silicon Valley are known for offering lucrative benefits that attract some of the top talent from all across the world. Even if your company might not be able to afford many perks, offering a couple might be a great start.
One great idea is to offer your employees a gym membership. Your employees will be satisfied at the fact that their job is paying for their gym membership, and you will also encourage your employees to be healthier at the same time!