Finding good employees can sometimes be a tough process for employers. Once you find a good employee, train them, and get them up to speed with their job they become a valuable asset worth retaining. While it may seem simple, retaining good employees come with a specific set of challenges. These are some of our best recommendations for employers to keep great employees.
Pay Above-Average Salaries
Aiming to attract and retain top talent is easy when you pay your employees above market rates. You will also improve your employer brand and enhance your perception with industry professionals. Plus, this approach will encourage employees to recommend you to others. And of course, paying employees above market rates will also motivate them to do better and go above and beyond. But what does paying above average salaries mean for your business? It can be a big financial benefit to your business and employees.
You must first understand how much your workers are worth. If you pay below market rates, you’ll inevitably attract employees who are less desirable than your competitors. But if you pay above market rates, you’ll avoid the risk of having to hire someone who’s already underpaid. A great employee will feel valued and appreciated. But a low-paying company will end up losing valuable employees. You have to offer meaningful promotions, too.
Provide Good Employee Benefits
While some employees may leave a job for lower pay, the best employee benefits will encourage and support a worker’s overall health and well-being. Employees who are offered good benefits are more likely to remain in a position, and they are more loyal to a company. Some benefits are mandated by law, while others are not. Aside from providing a living wage, good benefits help retain great employees.
Some of the benefits that employers offer may include health insurance, dental care, vision care, life insurance, retirement benefits, paid time off, and paid time off. Other benefits may include paid vacation, personal and sick leave, child care, fitness and sports facilities, paid holidays, and college debt relief. Whether or not these benefits are included in a company’s compensation depends on the nature of the benefits offered. Employee benefits vary widely from company to company, and many companies offer more than the minimum required by law.
Help Employees Grow
One of the most difficult aspects of employee recruitment is retention. Great talent is difficult to find, and you must work continuously to keep it. Without room to grow, employees will seek out another opportunities where they can. By providing opportunities for professional development, you can retain great employees by demonstrating the importance of your company and its people. As employees grow and gain skills, they will also become even more valuable to you. Investing in an employee’s skills can go a long way. According to a recent study, employees rate professional growth as one of the most important factors when choosing a place to work.
Provide flexibility for your employees and you will see a decrease in absenteeism and employee turnover. In addition, flexible working environments encourage employees to take ownership of their work and invest more time in it. Flexibility also increases employee engagement and productivity. Consider the long-term vision of the company when offering flexible working. When empolyees feel that their needs are being recognized and taken care of, they will feel much more valued. This will ensure that the employee remains loyal to the company. Provide flexibility to keep great employees
Reward Good Employees
When you want to keep your best employees, reward them with small gestures. For example, giving a handwritten note to a great worker can go a long way. Not only is it free, but it shows that you are appreciative of their hard work. You can also celebrate special events with them, such as the New Year. Small gestures like this will make your employees feel special and motivated.
Rewarding good employees will improve collaboration and accountability. Likewise, rewarding employees makes them stay longer, advocate for the company, and bring in new talent. However, implementing a rewards structure can be a challenge, as different roles require different metrics. Once you know what to reward, you can start developing a program that works for your company. Just keep in mind that the most important thing is that your employees are happy with their jobs.
Our team at ExpressPros Minnesota are staffing and employment experts dedicated to helping you find your next job, or employee. Contact us today by calling us at 952-448-3653, or emailing us at [email protected].
2679 W 78 St., Chanhassen, MN
11011 61st St NE., Suite 125, Albertville, MN