It’s no surprise that the most successful businesses also tend to be the most stable. Consistency is difficult to achieve in an ever-shifting marketplace, but companies that produce results on a regular basis hold a key advantage over their competitors. As such, employee retention has never been more integral to a business’s viability. Fortunately, most companies can boost staff morale without resorting to major changes. Instead, business owners should consider these five factors that influence employee retention:
Surprise –– money talks! Of course, all professionals want to attain the highest possible income. Yet, business owners should note that there are creative ways to offer valued team members compelling contracts without breaking the bank. Stock options, performance-based bonuses, and staggered payments can help keep your staff happy and your cash-flow healthy.
There’s no substitute for a stellar office location. Entrepreneurs who invest in prime real estate and innovative workplace design have a much greater chance of attracting and retaining talented employees than competitors who don’t. Note here that your location should match your company’s style, ambitions, and values.
Office culture is something that’s difficult to define, but integral to business success all the same. Happy employees are productive, and positive vibes in the workplace are invaluable. While all team members influence company culture in one way or another, never forget that management sets the tone for office behavior and decorum. For instance, few employees will adopt a more casual wardrobe than their boss.
Arrangements between corporations and their employees always carry a certain amount of tension. After all, when your boss can fire you because of poor fiscal performance, it’s difficult to build an endearing relationship. Nevertheless, forward-thinking businesses can work to ease relations between staff and management by going the extra mile. Extending maternity leave, offering increased benefits for veteran employees, and promoting from within are all great ways to show your business cares about more than just “the bottom line.”
Modern employees want to know that their contributions at work make a positive impact in the world at large. No, not every business is involved in a myriad of philanthropic ventures; still, if your team members feel their effort leads to positive changes, they’ll feel more motivated and satisfied.
The Bottom Line
It doesn’t matter if your company specializes in producing 24 well plate lab equipment or if you simply sell insurance, business owners who value their employees’ contributions invariably build better operations. Fly-by-night gimmicks and lip service won’t help you win the trust of your team members. Rather, reward your employees in meaningful ways for the hard work they do every day!