It costs money to hire and train a new employee. When long-time employee leaves, they often take a wealth of knowledge with them. However, from the way some companies treat their workers, you would think that they imagine it’s a net plus to keep a revolving door in place rather than trying to retain people. To avoid a situation like this and keep your workers satisfied and productive rather than uploading their resumes on their lunch hour, you should pay them well and let them know you value their contributions.
First, stay competitive compared to other employers in the same sector. It might seem obvious, but a surprising number of companies remain baffled at their ongoing loss of staff when their pay and benefits are well below industry standards. The first way to show your employees that they are valuable to you is by paying them like they are, including good benefits. And although it’s not appropriate for every business model, you could even consider revenue sharing.
Some of the biggest pieces to this puzzle are motivation, training, and professional development amongst your team. You also need to empower your employees in two different ways. First, you should give them the trust and independence to do their jobs, meaning that you don’t hover and micromanage. Second, you should work with them on their professional development. In terms of the latter, keep in mind that this doesn’t always look like constant advancement.
Some people reach a certain level in the workplace and they’re happy to stay there without continuing to take on additional responsibilities. Don’t write these employees off as not valuable because they are not as ambitious as others. They may have many different reasons for their choice, such as preferring to focus on other aspects of their lives, but they often stick around for a long time and can be the backbone of your company. This doesn’t mean that the job can’t be meaningful for them, and you can help guide them in finding that meaning.
Talk to Them
Talking to your employees about their needs and the reasons for the decisions you make will help build trust and loyalty. Even if they don’t always like the choice that you make, they will be better able to accept them if you are transparent about them. If you manage a fleet of drivers and you have decided to install dash cams with GPS tracking to improve driver safety and lower costs. You may get pushback from some people who feel that this is intrusive. However, if you have a good rapport with your staff, they will be more likely to accept this change. You can review a fleet manager’s guide to dash cams that have GPS tracking and get some feedback on what features they might prefer.
Let your staff know that you value them in a variety of ways. This can mean verbal praise, recognition in front of others, bonuses, perks like tickets to local sporting events or movie theaters, and other tokens of appreciation. In addition, you can make sure that they have access to training opportunities and other resources to help them improve.