Retaining Your Employees

Statistics show that less than one-third of employees are engaged at work. That’s a pretty staggering number considering most spend a whopping 90,000 hours at work over the course of a lifetime.

Employee engagement is directly correlated to retention. In fact, staff members who are engaged at work are not only more dedicated to the company, but more productive. What’s more, TalentCulture.com says that if you increase your focus on employee engagement by just 10 percent, you can increase profits by over $2,000 per employee/per year. So if you aren’t currently interested in employee engagement...you should be.

That being said, how do you, as an employer, be sure that your best employees are engaged? Here are some best practices.

Investment in your staff

There are a plethora of ways an employer can help to keep employees engaged — the key being investing in them. Investing in employees doesn’t always mean increasing salaries or providing a hefty bonus (though, that can help). You can invest in your employees through offering a competitive overall compensation package. This can include health benefits, a retirement plan with a matching option, ample vacation/sick/bereavement time, and even perks like paying for gym memberships or cell phone usage.

Truth be told, folks aren’t just interested in money alone. Incentives like the aforementioned can help employees feel valued and respected...and help them to avoid burnout.

Valuing input

So simple yet easily overlooked is asking for your staff’s thoughts and recommendations. After all, who knows a job better than those actually doing it? Employers who look to involve their employees in company decisions and processes tend to keep staff members around longer. Asking for suggestions and taking the time to consider and implement them when appropriate can further offer a sense of belonging to employees.

Additionally, giving employees the freedom to be innovative in their jobs is a win-win for everyone. Employees can let their creativity flow and the company can benefit from fresh new ideas, all while keeping folks engaged.

Where to start

While companies like Google are known for their lucrative company culture and employee perks, even small companies can conjure up ways to keep employees engaged on a smaller scale. Simple efforts like stocking the company refrigerator with bottled water and snacks, giving away local event tickets to high-performing staff members or even a team lunch or after-work outing can help keep your people happy.

Investing in employees is vital to retaining them. So when it comes to making your employees a priority, the bottom line is that your bottom line depends on it.