Keep Employees Happy with these 8 Retention Strategies

Employees around the globe are experiencing a shift in priority. Post pandemics they are realizing what is truly important to them. A healthy work-life balance is now the goal, and more than ever before, business owners are reaching for new ways to retain their employees. Luckily, armed with strategies that truly work, it’s quite possible to obtain, retain, and empower the right employees for a more productive work environment.

  1. Invest in their Personal Development & Training

Millennials are the strongest group of people in the workforce today, and research has proven that when they feel stuck in their job, they will quickly look elsewhere. Fortunately, most employees have a thing or two that they can learn or even master, which in turn gives you, the employer, the opportunity to help them develop those skills. Providing leadership programs and other technical and soft skill training avenues will help employees feel valued and empowered.

  • Allow Lateral Moves within the Company
    Sometimes changing positions doesn’t equate to a desire for a raise in pay. Often it’s about the employee’s desire to hone new skills and experience a new perspective on the business. Not allowing lateral moves inside the company will cause people to feel stuck, and when they feel stuck they are more likely to disengage completely and resign.
  • Offer Exciting Incentives

We’ve moved into a different world in the past few decades. Long gone are the participation trophies, ribbons, and plaques. These days, employees are not looking for something to hang up or put on a shelf. What they truly want are exciting incentives like adventures and experiences. Here are some items to consider:

  • Profit sharing will allow them to feel personally connected to the growth and development of the company
  • Tuition reimbursement puts the employee in a more likely position to come back to the business with a greater skill set and appreciation for the company
  • Gift cards enable the company to celebrate birthdays, work anniversaries, personal accomplishments, etc.
  • Social Recognition
    When an employee accomplishes a goal of some kind, whether it’s the completion of a task or securing a contract, the company can take it upon itself to provide a tangible incentive and, in addition, a social one. Drawing attention to the accomplishment through the company newsletter, website, social web pages, etc. will foster pride and gratitude in the employee.
  • Health & Wellness
    There is a huge focus these days on staying healthy, and just because that might be a keenly personal goal, that doesn’t mean companies have to stay out of that focus. There are plenty of examples to apply to your business including:
  • Bike-to-work reimbursements
  • Wellness fairs
  • On-site health screenings
  • Walking groups
  • Standing desks
  • Ergonomic desks and other equipment
  • Usable outdoor space for employees
  • Raises & Bonuses

Cash will never go unappreciated. Rewarding employees who do well with a raise and/or a bonus goes a long way in securing their productivity and retention. Personal performance is more likely to peek even beyond what they have shown you when you reward them with cash, especially in today’s highly inflated financial world.

  • Give them Their Choice of Projects
    When employees have climbed to the category of being high achievers in the company, it’s time to give them some freedom when it comes to choosing what projects they would like to work on. This will give them a personal sense of empowerment, and you’ll also be focusing their best skills and efforts on a project that best aligns with them. This also creates an atmosphere of trust within the company, which could spark candid conversations on how to improve systems and processes.
  • Give Them Time Off
    If you ask them, most employees would say that they work too hard and get paid too little. While that might be starting to come around to a more even state, additional time off is as good as cash, it will never go unappreciated. Make it easy to earn PTO so they can earn vacation time relatively quickly. When they meet certain goals or milestones, add to that time off as an incentive and as a way to cope with the rise in employee burnout.

Getting creative is today’s name of the game when it comes to businesses and employee morale and retention. Whether it’s helping them achieve their education or fitness goals or simply offering recognition for a job well done, personalizing their work experience will go a long way in them feeling connected and productive within the business.