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When it comes to effective staff retention strategies, one size does not fit all. The most forward-thinking employers understand that each person has a specific combination of drivers that motivate them to invest their talents and energies in a company. Taking the time discover what your employees need to thrive will help you to retain top performers and develop them into the future leaders of your company.
Here are some tips to help keep your employees motivated, engaged and committed to your business:
For employees to succeed in their role, a sense of personal ownership in their work is essential. Provide a clear understanding of deliverables and timeframes, and then give them the space to decide how that work gets completed. Be sure to supply them with the necessary information, training, time and resources needed to get the job done, so that they can focus on producing their best work. Where possible, involve them in decisions that affect their work and the overall direction of the company. As well as demonstrating your respect for their contribution, this also helps employees to ‘own’ their role and feel connected to the future of the business.
Frequently recognising and rewarding accomplishments is one of the most powerful staff retention strategies. Boost your employee’s visibility by publically recognising them at staff meetings or through a business-wide email. Taking the time to say a genuine “thank you” is also an easy and effective way to make people feel valued and appreciated for their efforts. Compensate your employees for their hard work with appropriate monetary rewards (such as a salary increase or bonus) or non-monetary incentives (such as the opportunity to lead a new project) to assist with career progression.
Opportunities for growth and advancement are key to retaining your top performers. High achievers tend to be life-long learners, so be sure to provide ongoing training to keep their skills up to date and advance them to their next promotion. Challenge your staff with new responsibilities and allow them to lead projects where they can be stimulated and acquire new skills.
The quality of an employee’s relationship with their manager and co-workers is a critical factor in their overall satisfaction at work. As a manager, ensure your expectations are clear, communicate openly and honestly, and keep your promises. Offer frequent feedback and encourage suggestions and new ideas. Ensure workloads are achievable and appropriate. Spend one-on-one time discussing their progress so they feel like a valued member of the team. Foster a positive, motivating work environment and facilitate opportunities to socialise and have fun.