Employees are the backbone – the foundation – of any company, small or large. Once you’ve hired the best people for your business, it is important that you keep them working for you. But many businesses have a hard time doing just that. Employees may leave for any number of reasons – here are some tips to keep them from moving on.
Pay Competitive Wages
Employees like to feel that they are a valuable investment to a company, and many times they see their salary as a direct indicator of their worth. To ensure that your wages are fair, check with similar businesses or employment ads, or even talk with your local Chamber of Commerce. Once you have the average salary figured out for that position, pay your employees a bit more, and they will feel appreciated.
Offer Good Benefits
Paid vacation and sick time is a good place to start for a benefits package. Another basic benefit that your employees will appreciate is an extensive health plan. Other perks that will add to a benefits package and help your employees feel appreciated include flextime, a 401K retirement plan, profit sharing, and paid personal time.
Talk to Your Employees
Open lines of communication will prevent your workers from feeling isolated in their jobs. Evaluations are a good method of doling out praise, giving constructive help, and understanding how every aspect of your company works. Your workers will feel that they can directly impact the company’s future if they can comfortably offer ideas and suggestions. An open-door policy is a good way to foster communication.
Another way of opening communication lines with employees is to hold regular company meetings. Discuss future plans and projects in the meetings, and use them as a platform to recognize specific achievements and to hear new ideas. These meetings are ideal forums for setting goals for departments and employees – that way, all employees know what is going on in the company. Remember to criticize in private but to praise in public.
Share Responsibility
Show employees that you value their efforts by giving more responsibility to them. Then be sure to step back and allow them to do their job, without looking over their shoulder. A good way to delegate is to promote your employees. Give them more responsibility and a fitting title. This is a sure way to make your workers feel that they are on an upwardly mobile track, not trapped in a dead-end job.
Give Employees a Reason to Work
Workers increase their performance when they have a vested interest in the company. Make them feel that every forward step that they make, the company also makes. When someone lands a big account, throw a party. Share the growth of the company by giving bonuses for a particularly strong fiscal quarter, or engage a profit sharing policy.
Article Copyright 1998 Enterprise Interactive
