While businesses should consistently discuss employee retention, it’s important to focus on the things that are most important to workers in the modern day. But, do you know where to start? Have you surveyed your team? Do you need guidance?
There was a time when businesses were much easier to work for and employees stayed for a lifetime. That’s not the case anymore, and you need to keep your staff happy so that you can make money, reduce turnover, and protect your reputation.
Use these tips to build a better workplace management style that welcomes your staff with open arms and provides them with the motivation they need to do their best work.
1. Offer Competitive Compensation
Want to keep your staff? You have to pay them well, and your employees know very well what competitive salaries in your industry look like. Look at the overall turnover rates for your industry and parallel sectors—are you performing up to the industry average? You might be surprised.
There’s no two ways about it. If you don’t pay them, another business will, and there will be a revolving door of staff coming in and out of your office all year. You’ll lose money on training, productivity will drop, and office morale will suffer.
You should research how much your industry pays on average, look into incentives that offer real value, bonuses, perks, and other little things that add to a fair compensation package.
2. Quality Employee Benefits Packages
Employee benefits packages are important, especially in the digital age when people expect to receive employer-provided health insurance when they take a job. That’s an expectation that is more and more prevalent in the workforce, and it is important that you meet those expectations. Remember, your staff can’t be happy if they aren’t getting everything they need.
Insurance, then, is a need and never a want.
Also, those benefits must carry value. Insurance can’t be too expensive. Insurance plans should offer quality coverage and extra services. Insurance carriers should offer quality client care, and the coverage itself should keep more money in everyone’s pocket.
Insurance generally offered should include:
- Health coverage for employees and their families
- Vision
- Dental
- Healthcare endorsements (cancer, chronic illness, etc)
You might also consider paying for long and short-term disability coverage. Some companies even offer life insurance policies or AD&D. It all depends on what fits into your budget, but the more options your employees have, the happier they will tend to be.
Moreover, your workers’ comp insurance should be stellar. In fact, it should be the best insurance you carry. Yes, your employees deserve good health insurance, but if they’re hurt on the job, they need to know they’re actually taken care of—not set up for a fight with your insurance carrier.
3. Recognize Good Work in the Office
Recognize good work in the office. That’s the tip.
You have two options:
- Praise liberally
- Withhold praise
The issue with withholding or saving praise is that it never comes out. Life is too busy. Your company is too active for you to offer that one big “HOORAH” you were planning on. You’ll forget, but your employees will not.
On the other hand, your employees will not get tired of you saying, “good job” or “perfect” or “thank you for doing that” every time they do good work. Also, you should censure in private. Criticism, for lack of a better term, sucks—and it should be delivered appropriately in a private setting. Think of it as “employee improvement” instead of “employee correction”.
Remember, if you don’t value your employees, how can they possibly value your business or long-term goals?
4. Set Realistic Expectations
Setting realistic expectations may be the most important part of working for any business. For example, when you interview candidates and ask them if they work well in a fast-paced environment, do you mean:
- We have a lot to do in the day and routinely handle real emergencies
Or
- We’re a little disorganized and don’t set reasonable expectations
Make sure that you are realistic and reasonable. Your staff will get burnt out very, very quickly if you are moving too fast, working everyone too hard, and setting goals that no reasonable person could accomplish.
In short, pump the brakes a little bit and pitch in more so that everyone wins.
Contact Martinelli Benefits Advisors for Assistance With Employee Benefits Packages
Reach out to the team at Martinelli Benefits Advisors for help with employee benefits packages, additional services, and workforce retention. We’re happy to help you serve your staff, offer the best perks, and create a workplace that is beneficial for everyone.