5 Keys to Employee Retention

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Apart from recruiting the top talents, businesses have to also work on retaining them. Employee retention is very important to the long-term health and success of a business. Replacing an employee is very expensive, it also leads to a loss of productivity. It is therefore important to work on keeping your employees happy. Keeping your employees happy goes beyond a fat paycheck. This post is going to discuss some important keys to employee retention.

5 Keys to Employee Retention

Leadership and Management

A bad manager or leader will always send people fleeing.  Ensuring you have a great leadership team is one of the important key to employee retention. Great leadership starts with you, ensure you share your leadership vision with your staff. Help them to understand how they fit in, they should feel like they are a part of something bigger. You should also ensure that they feel valued, appreciated and heard. After good leadership has started at the top, ensure it trickles down to every manager and supervisor. As a business owner, ensure you get other leaders who are able to motivate the other staff, not uni-dimensional managers.

Rewards and Recognition

Ensuring you properly reward and recognize your employees is another crucial key on the list of keys to employee retention. If your employees feel like they are undervalued, underappreciated and overlooked, they immediately start to seek a better opportunity. It is important you find ways to recognize and reward top performers and it can start with a saying Thank You. Acknowledging your employees is a great way to start, let them know you appreciate what they are doing. You can also reward and recognize them with small tokens like movie passes, free lunch, allowing them to close an hour or two early. Little gestures like this will help them feel valued, appreciated and respected.

Work Life Balance

A great work life balance is a very vital key on the keys to employee retention, most people seek a job that will allow them to have a good work life balance. No one wants to work in a place where they are overworked and don’t have time to spend time with their family and peruse personal pleasures. It is important that you create a work environment that encourages a good work life balance it is key to employee retention.

Work Culture

Good work culture is a crucial key to employee retention. As a business owner, it is important you create a work environment with a positive work culture. Staff will flee from an environment that is toxic and negative.

Development

In whatever position an employee may hold, they will always want the possibility of personal and professional development and growth. This is a very important key to employee retention. No one wants to will stay in a place that prevents them from growing and keeps them stunted and stagnant. It is important you provide your staff with opportunities to grow, learn and advance. Let them know you care about their personal growth.

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