Employees are the lifeblood of any given company. They're the ones that keep its engines humming through thick and thin, as well as the only element capable of pushing a business to even greater heights. So it makes sense for companies to try and pull out all the stops when it comes to retaining their best employees. In such competitive times, however, it may take more than just good wages and a stable job for people to fully commit to their employers. Luckily, there are some clear blueprints for promoting long-term employee retention, including the following time-honored strategies:
1. Look after them
Your employees' wellbeing is directly tied to how safe they feel in both their personal and professional lives. From insuring long-term job security to providing them with safe work environment, people want to know that you'll be in their corner when the going gets tough. Be extremely strict when it comes to forbidding racism, sexism or any other type of discrimination in the workforce, and try to encourage a proper work-life balance for all your employees. You'll soon reap the rewards of a healthier and more loyal workforce.
2. Support career development
For most people, career development is one of the main goals of their professional life, and any company that tends to keep its employees in a rut for too long will definitely miss out on some great people, who'll eventually choose to go somewhere else to further their careers. To avoid such unfortunate scenarios, make sure you present them with new opportunities and challenges on a regular basis. Also, facilitate access to training seminars and personal development programs where people can grow and expand their skillsets. And whenever a new position in the company opens up, always try to promote people from within before opting for outside help.
3. Ensure a high-quality working environment
People spend more time at their jobs than they do at home with their loved ones, so it stands to reason that their working environments should be as pleasant as possible. Allow them to customize their workstations and try to decorate the entire office in a manner that's as visually pleasing as it is conducive to high productivity. Additionally, you can choose to provide your employees with free meals or at least institute a weekly pizza treat. Larger companies can go even further by setting up dedicated relaxation rooms with video games, musical instruments and the like, where employees can go and unwind during their off-time.
4. Offer long-term rewards
If you want to keep your employees loyal for more than a couple of years, one of the best strategies lies in providing them with rewards that are triggered only after a certain amount of time has passed. Stock options are a popular choice here, since they can motivate people to help the company grow in order to maximize their return once the stocks finally reach maturity. Alternatively, you can dole out symbolic badges and prizes that show your appreciation for your employees' hard work throughout the years. People generally react well to gamification these days, so try to constantly provide them with new benchmarks and incentives in order to fan the flames of their motivation.
5. Focus on building a corporate identity that employees can relate to
Behind every long-running company lies a core of organizational values, principles and ideas that have made that particular company what it is today. In order to forge a truly long-lasting bond with your employees, these values should align well with their own personal goals and motivations. For instance, a company that manufactures solar panels will generally enjoy a higher level of employee loyalty from those people who already possess a strong passion for nature and environmental protection. Always try to build a strong internal culture first, and then focus on attracting like-minded people who share the same ideas about life and the world at large.
That concludes our quick overview of the five best ways to keep employees engaged and loyal to their respective companies. Of course, people differ vastly from one another in terms of personality and expectations, so don't simply assume that what works well for someone will work just as well for all. Whenever possible, try and personalize your offers for each individual in order to make everyone feel special and appreciated for what they're bringing to the table.
