You’ve hired strong team members.
Now it’s time to make sure you do everything you can to retain them.
Employee retention is important to staying on track with building success and momentum. Retaining good team members means building trust and an honest relationship during the years they commit to you. It’s not just a paycheque, it’s a large part of their life.
How to Retain Team Members
The key to retention is to make your team members feel valuable and happy. While that might seem vague at first, there are some easy practices to implement that will help with team retention.
Keep reading and you’ll learn how.
How to Keep Your Employees Happy & Satisfied
This handful of retention practices will help your team members feel valuable, happy with their work environment and future.
Ultimately, if your team members feel valuable, they are more enthusiastic about their job and perform better in their work. Consider adding these practices and policies if you want to keep your current team members:
1. Competitive pay and benefits.
Be sure you are keeping up with, or surpassing the competitive pay rates and benefits packages.
Look at healthcare, RRSP, vacation/sick days and other benefits, like flex-time, to help your team members achieve work-life balance.
It’s integral in 2019 that you are able to be aware of current trends in salary equality and openness. You can find out how your team members feel about their wages by conducting simple online-surveys. Ask about their cost of living; learn about their priorities; and most importantly: encourage dialogue about fair wage practices.
2. Provide simple office perks.
Consider initiating a monthly potluck lunch, or look into a small budget for healthy office snacks or bottled drinks.
Most team members know that the more you offer, the more you expect them to stay at the office. It’s not just about what’s inside the office, but how the office can be an extension of the team.
Perks like work-from-home days, or digital meetings, can also encourage teams to feel more confident that they are working towards building a business, not for a boss.
3. Foster team member development.
Ongoing development provides the company with enlightened team members, and a feeling of accomplishment of that person.
Provide access to online lectures or passes to a professional workshop. You can also consider the possibility of getting a group discount on continuing education classes. The more you invest in your team, the more valuable they feel.
4. Promote Team Members from within.
Not only is this more cost-effective for you, it also builds morale and increases the likelihood of your employees wanting to build their future with the company.
The people who know the best about what needs to change, are those who are living and working with you right now. Promotions from within offer a long-range goal for your team.
When a mailroom clerk can climb the ladder and learn the business, everyone will want to work towards being better.
5. Keep communication open, honest and reciprocated.
Your team wants to understand you, and you want them to be happy to work at your company.
Listen to their concerns and feedback while providing constructive and clear directions when needed.
Your team can only feel comfortable and more trusting when they know transparent communication is encouraged.