Retaining valuable employees is one of the key factors to any successful company. Turnover is costly – in fact, it’s been calculated that a business with 500 employees paying an average salary of $65,000 per year that loses 90 to turnover annually, costs over $3 million. The numbers were based on industry averages of the price of finding, hiring and onboarding a new employee. If you want to reduce that high cost, making your employees feel valued is a must.
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Create Opportunities for New Challenges
When employees get bored, doing the same thing day after day, eventually they’re going to start looking for another job. It’s important to keep employees challenged, providing new experiences and opportunities for career growth. Accommodating those who show interests in other aspects of the business by allowing them to step outside of their usual roles to learn more about the company, can also help them become better at what they do.
Health and Wellness Programs
Employee engagement activities such as health and wellness programs are a great way to show staff that they’re appreciated, and also help the company’s bottom line. Healthy employees are more productive employees, and they’ll be less likely to have to take time off for illness. Harvard researchers found that absenteeism costs are decreased about $2.73 for every dollar that’s spent on employee wellness. You might want to consider hosting contests and challenges to get people involved in your company’s wellness program as it can provide extra incentive.
Employee Recognition (celebrate anniversaries, birthdays, spot bonuses, happy hours, company trips, etc)
When milestones like job anniversaries and birthdays go unnoticed, employees are likely to feel as if they’re just another number. It doesn’t cost anything but time to write a handwritten note on a work anniversary to communicate how grateful you are for the person’s hard work while highlighting some of their accomplishments. A simple birthday card, signed by management and co-workers in the department, can go a long way in making an employee feel appreciated as well. It is, however, important to mention that using technology can it easy to remember, coordinate and measure progress. Assembly helps companies retain valuable employees by serving as a platform for employee recognition. Their platforms help to give feedback, track progress, and save notes that can always be used later for decision making based on feedback, and reminders so we never miss any important day of an employee. If your organization is using Slack, Assembly provides seamless and easy way to integrate. Isn’t this exciting?
Offer Flexible Work Schedules
More and more companies these days understand the importance of a work-life balance and offering flexible work schedules to help employees achieve that. Employee engagement increases when staff members can have a say in their schedules with a way to control their time at work. In the long run, it’s a win-win situation as employees not only feel more valued but tend to be more productive when on the clock.
Take Time to Listen
It’s important to take the time to listen to feedback employees have. They’re unlikely to feel valued if their supervisor is always too busy for a simple chat or refuses to hear what they have to say. Managers should hold themselves accountable for scheduling regular conversations with all team members so that they’ll feel respected and valued.