Even with a tight job market, it is still cheaper to keep your employees rather than replace them with new ones. The cost of training a new employee, as well as the added overhead of getting them up to speed, can be costly and usually results in slowing down of services.
Retaining employees need not be expensive, and it does not need to involve giving them a raise either. There is a threshold where the need of money outweighs other considerations. Above that threshold, salary becomes less of a motivation, as you can come up with other incentives for your employees.
Listed below are ways to keep your employees from resigning even without giving them a raise.
- Work-Life Balance: Employees who have a life outside the office are happier overall, as they do not feel the need to transfer companies just because others pay better. Employees who enjoy their family time have a better appreciation of the work that they do and the company that they work for too.
- Show Them a Career Path: Employees have to feel that they are working towards a goal. With a clear career path, they understand that if they stick around, they will advance in their careers. Being upwardly mobile is usually more of a motivation than the financial rewards that come with it.
- Company Transparency: This does not only mean any news about takeovers and mergers. It can also be letting the employee understand the cash flow and any problems currently affecting it. A transparent management will show that they care about the employees. It can also motivate employees to work harder and more efficiently. When the company is in trouble, employees appreciate that they are being told about it and they take it upon themselves to work harder and work better as a team.
- Reward and Recognize Outstanding Talent: Recognition within the company is showing appreciation and giving proper rewards for the employees’ effort. It puts outstanding performers into the limelight, where other employees can see them. The approval of their peers and being held in high-esteem is already an enough reward for the hard work. Management can also implement an employee loyalty program for those who have been with the company for a long time.
- Keep Employees Healthy: Encourage and engage employees in particular activities that promote health. These can include an exercise room or a gym, as well as weekend fun runs or bike trips. It should include a constant reminder to be healthy, followed by company activities that encourage exercise. There are a lot of benefits from these activities such as healthy employees performing better and enjoying work more.
- Inspire Others to Be Better: Excellence is a tough goal. But, if the company strives for excellence, it trickles down to every employee and every work and product. Programmers who strive for quality code work better because they are able to solve more bugs resulting in better programs. A company does not need to resort to raising salaries when raising the standards of the company. Employees want affirmation that their work is worth it, and creating excellent quality products is a better motivator than financial rewards.
At the end of the day, enjoying work is something that rarely happens such that when a person finds a job they like at a company that appreciates their effort is a winning combination.
Not everyone can find that balance. But, by creating an environment where people feel that they are needed and are acknowledged for their contributions is a big plus for anyone to stay in that company.
About the Author:
Apple Pineda has served a number of clients as a content marketing specialist for 3 years. She’s a wanderlust in the making, often seeking adventures to live life to the fullest. She’s a writer for Avail.at, a company that specializes in digitizing loyalty programs for your employees or customers.
Photo Credit: Bigstock