To ensure a company will succeed, it needs employees. That might seem obvious, but hiring and retaining the right ones can be tough. Hiring people is strenuous in and of itself, but keeping those people motivated to continue pursuing their career through your company can be even more challenging.
Some companies are considered a Great Place To Work and have a very
high retention rate when it comes to their employees. We hope this article helps you better understand how your business can reach this goal.
Culture and Values
All companies should have a list of values that they want their employees to live by, within their working hours. These values help create an atmosphere where employees feel like a team across all departments, in many different ways. Although a company may clearly state their values, they can be prioritized differently depending on the company and the administration team running the business. Employees coming in will learn and follow the example set by those
above them. This will have an effect on the way your employees work and if they choose to stay.
If the company and its reputable employees donâ€™t abide by the values the company claims to work by, they might stray in a different direction. Sometimes this can get out of hand. An example of a value one company might list is integrity; the quality of being honest and having strong moral principles.
If an employee works for a company long enough, they will realize
quickly if that company actually portrays this value. Not only could this cause new hires to start cutting corners and become more outspoken in the wrong ways, but it could lead to a higher employee turnover rate.
Try to have an employee-first mindset when creating these values.
Benefits and Recognition
There are many ways for a company to grab the attention of someone in search of a job. Some might look for a specific salary, but not all can negotiate compensation. Others are simply looking for a company that will recognize their employees and show their appreciation for all the work they provide. Whatever category your company chooses to focus on, make sure the website or job listing points that out. When applying to jobs, this might be the first place people will look.
Sometimes compensation is harder to increase as this depends on how well the company is profiting. Providing the right benefits, allowing opportunities for employees to receive appreciation, and giving recognition when itâ€™s due can balance out the happiness your employees feel when it comes to how the company treats them.
As far as benefits go, most companies will likely include your typical insurance coverage for medical, dental, and vision.
Along with these basic benefits, it is important to provide your employees with information regarding the open enrollment period. This is the time where employees can sign up for specific benefits and only occurs once a year. Letting them know about this period of time will allow your employees to make changes to their benefits in a timely manner, that wonâ€™t raise red flags for your insurance company.
The benefits that catch the eye of people in search of a job are the ones that arenâ€™t so typical such as paid time off (PTO) and family medical leave. Some
companies also give out holiday bonuses as a thank you for the year’s work.
There are many different ways to give back to your employees, these are just a few options.
Networking and Events
Corporate team-building events are a great way to allow employees to connect on a more personal level. Sometimes those events look like networking. Networking is a chance for employees from one company to connect with others from similar companies. This could be great for many reasons. It could open up doors for companies to work together for a bigger purpose or combine their services to reach more potential customers.
Networking can also bring in new employees by providing classes for others to learn what it is your company specializes in. Consider networking as an event that goes outside of your business.
Other events within your company could be things such as holiday parties, in-office events, or happy hours that occur outside of the work day.
These events are a great way to help your employees feel truly connected. Throwing holiday parties is a fun way to give everyone a chance to unwind, while getting to know each other and can help boost morale. Happy hour would allow employees the same chance to relax while still conversing about work. Who knowsâ€¦ maybe a new idea could arise through these conversations.
In-office events could be for a birthday or achievement within the company. This just shows your employees how much you appreciate them and the work they provide.
Remember, weâ€™re all human and we are all working towards a common goal.
Retaining employees could seem like a challenge at first, but organizing your thoughts and achievements can make your company a great place to work.