Last month I talked about how important it is to do your due diligence in recruiting, hiring, and training new employees. When you have hired the best, you want to keep them because good employees are challenging to find in this competitive labour market. Are you properly armed to win the employee retention battle?
The most obvious consideration is the rate of compensation you are offering. Often that is the carrot dangled to attract the best staff but for many employees, a competitive rate of pay isn’t the reason they stay.
Employees report that they want to feel they have a stake in the success of the business and are part of a team. Do you take time to celebrate organizational and employee milestones and accomplishments and create opportunities for team-building and socializing?
There are other perks to think about. Do you provide extended benefits or contribute to an employee’s RRSP? Some businesses pay for Costco memberships for each of their staff. Some offer a day off for the employee’s birthday and others organize birthday celebrations in the office complete with cake and a glass of bubbly. Have you considered offering your staff educational opportunities which might lead to a promotion? There are organizations that start employees with four weeks of holidays a year. Flexible schedules might be the key to retaining certain employees so they can more easily meet their family and work obligations. You will need to get curious and creative to learn what matters most to your individual employees.
Finally, and maybe most importantly, be a strong leader. Demonstrate your willingness to hear feedback, positive and negative. Don’t take your good workers for granted. Ensure your employees are well-suited to and trained for their positions, check in on them often to alleviate any points of contention and treat your employees like they are the most important asset of your business. Because they truly are.