Running a business always comes with its fair share of challenges. However, the COVID-19 pandemic of 2020 has added yet another obstacle to growing a successful business.
In the time of social distancing, lockdown, and economic lags, you need to be proactive in creating the right environment and opportunity for your employees. Your team is the most valuable asset you have.
To put matters into perspective, it costs as much as 33% of a worker’s annual salary to replace them after leaving. In addition to the financial costs of losing an employee, it can take time to rebuild team chemistry with new employees, resulting in lower productivity.
So in this article, we will cover five simple yet powerful ways to improve employee retention during these uncertain times.
Let’s get started:
1. Show Appreciation for Hard Work
Every single person loves to receive praise and appreciation. And consequently, employees will feel resentment if they don’t get an appreciation for the valuable things they do for your company.
Many businesses make the mistake of taking their employees for granted. And this leads to them leaving for organizations where their talents are noticed. If you want to retain your top talent, show them plenty of appreciation.
Employee appreciation can come in many forms. For instance, the financial compensation tied to better performance can be a powerful way to demonstrate how much you value them—money talks.
However, praising your employees with “thank you” and “great job” early and often is free. And it is always welcomed. Make sure your culture encourages praise amongst everyone. It will go a long way in keeping your team intact. And that has a powerful effect on your bottom line.
2. Hire Right and They Will Stay
If you are endlessly searching job boards for new talent, it can be exhausting, time-consuming, and costly. Plus, you have more priorities to spend your time on. Many business owners hire in a hurry and make a mistake of employing people who are not a right fit for the company.
Consequently, they leave sooner, and it usually happens when you least expect it.
If you use help from a recruitment agency like Manila Recruitment, you can enjoy several benefits. The first one is that you can focus on managing current employees and secondly, you will achieve a list of better applicants from professional headhunters than when you do it yourself.
Additionally, when you hire someone who is a perfect fit, they can get started on important projects without as much ramp-up time.
3. Let Employees Create Their Schedules and Work Remotely
You have to ask yourself what kind of company you want to run. At the end of the day, you can look at “vanity metrics” such as how much time your employees are clocked in, or how frequently they communicate while working.
These can be good starting points. But try focusing simply on the end goals you have for each position in the company. Give your employees the freedom to create their schedules.
If they can produce the same results when working from home, and yet achieve better work-life balance, let them. Check out these tips before you let employees work from home.
No matter where your team works from, and how much control over their schedule you keep, don’t set them loose. Make sure they have what it takes to maintain their top productivity.
This will endear them to your company because they will be more productive and enjoy more freedom at the same time.
4. Solicit Feedback
You need to know what your employees are thinking. If you don’t, you could end up with major problems that could have been resolved much earlier.
Get feedback regularly from your team. Ask employees how they’re feeling via surveys, or otherwise.
Here are some angles of feedback to consider:
- Do you feel comfortable working for this company?
- Do you feel adequately appreciated?
- Do you feel adequately compensated for your work?
- Is your schedule maintainable and flexible enough for your needs?
- What would you improve upon in the company?
- What do you love about the company right now?
- Would you recommend working for us to your friends?
No one is a mind reader. By getting feedback in their own words, you can ensure that you are doing everything possible to make your company a great place to work.
To generate sales and stay profitable, you must please your customers. But without dependable employees that stick around, you won’t have anyone that can serve them in the first place.
Always remember that your team comes first.
5. Invest in Training and Education
The learning doesn’t stop once you have taken an employee through the initial training and onboarding process. The world is continually changing and evolving. That means that your marketplace never sits still — and neither does your competition.
Investing in employee education is crucial not just for staying competitive, but also increasing employee retention. Everyone has a core human need to keep growing in their personal and professional lives.
Brainstorm ways that you can offer ongoing training and education to your team. Here are some examples to consider:
Role Play With Your Sales Team
Keep your sales team sharp by holding weekly meetings. In these meetings, go over common objections and obstacles that your salespeople are reporting. This will allow them to acquire new business and continue to grow your revenue.
Purchase Online Courses
There are various online courses for almost any topic imaginable. No matter what position your employee holds, they can continue learning and getting better.
Offer a Stipend for Higher Education
Many companies offer some form of additional benefits beyond salary and wages. But if you add education to your offering, you will really stand out as a unique type of employer. This will lead to employee loyalty and longer retention.
You Can Make Your Employees Stay
Improving your employee retention is one of the most valuable things you can do for your business. As the world continues to change rapidly due to technology and behavioral changes from the coronavirus pandemic, you can’t afford to have a high turnover rate.
By using the tips above, you can ensure your employees are happier, more engaged, and loyal to your company in the long term. As a result, you will experience fewer headaches, stronger relationships, and healthier profits going forward.