Bringing in new hires costs thousands of pounds. You need to retain your best employees and avoid hiring every down and down due to employee churn. Here are five ways you can invest in your new workers to keep them in your company for a very long time.
Many businesses make the huge mistake of thinking that the personal development of their employees is not their business; after all, if the employee leaves, the business loses. Ironically, companies stand to gain more if they help their employees grow professionally as well as personally.
First, there will be an increase in employees productivity and quality of work. Two, they will feel indebted to the company and remain loyal to the company. It’s the classic Law of Reciprocity at work. Three, employees will be better equipped to generate superior and innovative ideas that can help the business grow. So, if you want your employees to stick with you for long, empower them.
It’s human nature to want to be appreciated. When your employees do something good or exceed expectations, recognize their performance publicly, appreciate them, and reward them. This will send a positive message to others and help create a positive environment that encourages your employees to go the extra mile for the company.
Beyond the monthly paycheck, your employees should have something more to gain from working for you. If it’s down to just salary, they will leave without thinking twice when a better offer comes long.
There are many perks and benefits you can offer that will be worth their while. Some great ideas include paid time off, insurance (which is a legal requirement), paying for their personal and professional development, vacation sponsorship, train tickets, more vacation time, and gym memberships.
No employee will be content to remain in the same position for years in your company. They need a clear vision of the path they need to take to climb to the top in your company.
By knowing the career advancement opportunities available in your companies, the benefits and perks that come with the office, and the specific things they need to achieve in order to climb the ladder, they will work hard to achieve them, stave off competing offers, and bid their time.
5. Celebrate employees birthdays and work anniversaries
Nothing touches employees more on a deeper level and creates loyalty better than celebrating days that matter to them, especially their birthdays. In addition to joining them to celebrate their birthday, consider celebrating the day your employees were hired. All these matters to them in ways you cannot imagine.
In marking their work anniversary, you can have someone from top management to eulogize them publicly and mention all their achievements for the company and thank them for their service to the company. If you put these tips to work, you should have no problem retaining top talents in your company.