Reward and Retain
We often consider the end goal of our working lives - and those of our team members - to be about making money. After all, money is necessary to improve our quality of life and take care of families and ourselves.
But studies repeatedly demonstrate that monetary gain is only a small part of what it means to have a quality work life.
Employee retention and reward are vital to small business management. High employee turnover exhausts time and productivity and can have a negative impact on both employees and management. Putting together a dynamic outline for your company’s retention strategies can save resources and the energy unnecessarily wasted on diving repeatedly into the hiring pool.
Reward and recognition can be given at any time- a performance review, weekly team meeting or in an informal conversation with an employee. Here are a few things you can do:
1. Recognize both team effort and individual contribution.
2. Pay attention to workplace relationships. Stronger, more meaningful relationships are linked directly to retention. Never forget the importance of fostering relationships at all levels of your organization.
3. Work quality is as important as rewarding. Boredom is the enemy. Provide employees with opportunities and challenges. Talented individuals want to flourish as a member of a diverse team, not as an isolated cubicle slave.
4. Encouraging development and growth are also important investments to make. Foster employee development by offering tuition reimbursements or training in new job skills.
5. Recognize the need for balance between their work and private lives. Flexible working hours and on-site childcare could help demonstrate your commitment to easing the demands of a busy working-family lifestyle.
6. Small perks can help employees better manage their personal lives, like offering a dry cleaning pickup and delivery service.
7. Create “stay interviews” to gain insight into what makes long-tenured employees stick around. Use this information to strengthen employee retention strategies.
8. Revitalize your company’s mission. Feeling connected to the organizations goals keeps employees mentally and emotionally tied to the outcome of the business.
Mentoring, coaching and leadership are all key elements to retaining employees who are happy, satisfied and dedicated to their work.