Employee loyalty might seem very difficult to find these days. Rather than sticking with a single career until retirement, the modern day workforce often jumps from one job to the next every few years. There are many reasons for this erratic career progression: employees are learning how to keep an eye out for higher paying opportunities, companies with more benefits, and roles that allow them to use their skill sets. It is becoming increasingly difficult to hang onto your talent. Here are a few ways your organization can set itself apart from competitors and hang on to employees with employees incentives.
An overwhelmingly positive company culture can increase the likelihood that employees will stay for longer periods of time. Building this type of culture is no easy task. Leaders will need to stay attuned to employee feedback to develop stronger workspaces. Make your employees’ happiness and work-life balance a priority. Instill pride in everything you do, and be genuine in your efforts to improve the quality of a company’s workspace. Show employees that your organization is invested in their continued growth and development. Building a strong company culture relies on a combination of benefits, effective training, team building events, strong communication, and a unified purpose.
Your staff can quickly become discouraged and stressed out if they are held to unrealistic expectations and goals. Leadership teams shouldn’t throw out arbitrary goals – new stretch goals should adapt to your employees’ current performance. Before you drive a new team initiative, take a look at performance metrics and decide whether your company’s goals are attainable within the given timeframe. If not, start working toward these larger goals incrementally. Employees are motivated when they see that a stretch goal is within reach. Never overlook the achievements of your staff members, even if they don’t fit neatly within goal rubrics. Take the time to offer ample employee recognition when goals and achievements are met. Workers who feel appreciated for their work will continue to strive and hit new heights.
Workers are likely to stick with a company that provides them with competitive career training and experience. Training is so important to employee retention that the average cost of training each employee reached $955 in 2004, as reported by the American Society for Training and Development. Training allows employees to remain engaged with their work, and they will be better prepared to deal with new stressors and changes in their industries. Continued development also demonstrates that your company is invested in the success of its employees. Training strategies have the additional benefits of preventing a workforce from growing stagnant and falling behind competition.
Are your employees completely aware of all the benefits your company offers? If not, they might walk away from career opportunities because of false perceptions regarding benefits. Your staff should be educated regarding the full spectrum of their benefits, including workers compensation plans, health insurance, transportation plans, education reimbursement, and any other incentives that your company provides. Transparency regarding benefits can dramatically increase your company retention rates, especially if employees were previously unaware of this assistance. Educate your employees about retirement plan options, health insurance, and any additional perks that your company provides. Don’t let your best talent slip away due to a lack of benefits awareness.
Companies that offer positive company cultures, competitive benefits packages, realistic goals, and compelling training opportunities can hang onto talented staff members longer and inspire company loyalty. These strategies will increase the overall happiness of your employees, creating a cycle of internal promoters. Once your current employees start talking about how great their careers are, you’ll be able to attract an entirely new caliber of new hires.