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10 Employee Retention Strategies that Work!

December 3rd, 2015

Great employees are hard to come by – Period. So when you are finally blessed with “keepers”, you need to be pro-active and do everything you can in order to ensure that they are happy, involved and inspired in your business.

According to a 2008 Yukon Bureau of Statistics Business Survey, “workplaces that demonstrate the value they place in their employees and that put into place policies and practices that reflect effective retention practices will benefit, in turn, from worker commitment and productivity.”

Many employers opt for wage increases to keep employees on while others prefer investing in some sort of benefits package. Although these strategies work for some, they can be costly for a lot of small businesses. Thankfully they’re not the only options to consider. In fact, the Labour Market Framework report states that “creative strategies that go beyond pay and benefits can be employed to attract and retain employees” just as effectively as the costly raises and benefits.

Consider these strategies in your employment retention plan:

  1. FIND WAYS TO INCREASE FLEXIBILITY 
    Can you accommodate non-work responsibilities, non-traditional offices and desires of your employees? In fact, flexibility was an important factor in 87% of nonprofessional employees looking for a new job according to a study by the New York-based Families and Work Institute. Overly rigid work rules can drive good workers away.
  2. OFFER EMPLOYEES AN OPPORTUNITY TO GREATER PAY, RECOGNITION AND RESPONSIBILITY.
    Not everyone can rise to, or is CEO material, but every employee can build on their skills for the good of the company. Find ways to recognize those skills and challenge them to grow their skills them even further. That makes for not only a better employee, but one who feels invested and successful.
  3. PROVIDE SMALL PERKS.
    Free pizza on Fridays, movie tickets and a gym membership may seem insignificant to you, but if help your employees with what they deem important, they’ll appreciate it and may be more likely to be in for the long run. You could also think of these when they have reached an important milestone, or have worked diligently to meet a difficult deadline to show how much you value them.
  4. USE CONTESTS AND INCENTIVES TO REWARD INCREASED MOTIVATION. 
    Used purposefully, these events can keep employees focussed and excited about getting up in the morning.
  5. CONDUCT ‘STAY’ INTERVIEWS.
    While you may perform exit interviews to learn why employees leave, consider asking valuable employees why they stay. Ask specifics such as: What made you want to work here? What makes you stay? Is there anything that would make you leave? And what are your make or break issues? Then use that information to strengthen your relationships.
  6. PROMOTE FROM WITHIN THE COMPANY WHENEVER POSSIBLE.
    When you can show employees a clear path of advancement for their future, they are more focussed and dedicated.
  7. FOSTER EMPLOYEE SKILL DEVELOPMENT
    This could include training to learn new skills or workshops to further your employee’s education and knowledge base.
  8. CREATE OPEN COMMUNICATION.
    Holding regular meetings and letting employees offer ideas and ask questions strengthens the company. By being open and encouraging employees to speak openly and frankly with their managers without fear of consequence, they become inspired and proactive to build a better business to work in.9) Share the wealth!
    Employees love to feel that they are an active part of the bigger picture – especially when they directly benefit! By sharing the rewards of your company’s success, employees are motivated to do better for that company’s bottom line. There are several alternatives: profit sharing, equity, or clearly defined milestone-driven bonuses. Making employees feel like an owner versus just another number is what drives people to go the extra mile.
  9. SHARE THE WEALTH!
    Employees love to feel that they are an active part of the bigger picture – especially when they directly benefit! By sharing the rewards of your company’s success, employees are motivated to do better for that company’s bottom line. There are several alternatives: profit sharing, equity, or clearly defined milestone-driven bonuses. Making employees feel like an owner versus just another number is what drives people to go the extra mile.
  10. and finally… VALIDATE YOUR EMPLOYEES!
    Show that you appreciate their input by asking for their ideas for improvement and be sure to implement as many of their suggestions as possible. When employees are actively engaged, and treated as a vital component of your business success, they will put in the extra effort and make the very best contribution possible for them. It’s human nature to give your best when you feel respected, validated, worthy for your contributi

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