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It is never easy running a business, and as a female entrepreneur or executive, you understand that the backbone to efficient operations is having the right staff who is dedicated to actualizing your vision.
In an age where a significant percentage of people have pursued formal education and the market is filled with all kinds of skills, the problem is rarely the hiring process. This is primarily because all it takes today is a careful analysis of the type of person you need for the business and placing the right advertisement, which is the first step to attracting applications from qualified candidates. You’ll then have to narrow down from the numerous applicants and settle on the most competent individual who perfectly fits the role.
The tough part comes once you’ve hired the right employee. You want to ensure that you never have to go through the hiring process for that position again, and certainly not after a short period of time.
While as a business owner or executive, you don;t have control over what an employee chooses to do over time, there are ways you can foster employee longevity. There are several causes of job hopping, which is why employee retention is so difficult for many companies. However, the tables can be turned through simple but practical measures to make employees feel valued.
Here are some ways you can make employees feel more committed to your company and improve employee retention:
1. Create a Desire for Success that Nourishes a Strong Work Ethic
Just like you’re in business to succeed, most employees are equally motivated by success. Often, they seek a new position in a different company to feel challenged. However, you can give them the challenges they want by continuously creating goals and milestones, which will motivate them to fully utilize their skills and abilities.
Boring should never be the description of a workplace, and by having an environment that challenges employees to go the extra mile, they’ll develop the much-desired strong work ethic that is a recipe for employee longevity.
2. Provide Competitive Growth Options
It’s unlikely that any employee can remain in the same position for 10 years and have the same enthusiasm that they had when they first got hired. To ensure you don’t lose the best talent have suitable growth options available to them that will motivate them to stay.
By having the knowledge that they won’t be limited to the same position for the long-term, most employees will give their best so they can climb the ladder.
3. Encourage a Healthy Work-Life Balance
As an employer, it’s critical that you provide your employees with sufficient time off and incentives to take it so they can have healthy personal lives. This will be reflected in happy employees because they’ll have confidence that the company leaders value them beyond their time in the office.
Once you’ve taken these measures and are able to have employees who are willing to stay with your company for the long-term, it’s also vital to appreciate them for their loyalty. It’s never easy for employees to buy into a company’s ideas and play a core role in ensuring they’re realized in the best way possible. The least you can do is thank your employees, which can be done in multiple ways, including:
Salary Raises or Bonuses
Giving raises and bonuses is one of the most common ways to thank employees because it ties directly into why an employee dedicates their time and expertise to the business. A reality that you will come to realize sooner or later is that most of the time an employee shifts to a new job because they’ll receive a higher salary or extra bonuses.
Formal Recognition with Gifts
You can choose your annual meeting or that much-awaited dinner party to formally appreciate a long-serving employee for their contribution, achievements, and dedication to the company. There should be more than a speech. Complement your appreciative words with a certificate of recognition and a gift.
When thinking about gifts, there is a wide variety of options to choose from. For example, you can opt for practicality by making a selection from luxury watch brands that will give the employee something they’ll wear for many years to come. The best part about this gift is that it can easily be made a part of their day to day life. There is never a wrong time to put on a designer watch or to display a certificate of recognition.