Employees’ expectations of their employers have changed a lot in recent years and are much more varied than they used to be. Working is no longer simply about being paid. It is a way to achieve your full potential—materially, socially and individually. Executives and HR Directors now need to reconcile all of these demands if they want to attract and retain talents. Here are 5 ways to maximise long-term retention.
Transparency is a management method that creates healthy and constructive relationships with teams. Sharing information on the company, its goals and future development shows employees that you are honest and trust them. It makes them feel like they are truly a part of the company for which they work. Companies now have a wide variety of digital tools they can use to communicate transparently: Intranet, Slack, WhatsApp, podcasts, Skype, etc. But communication needs to be a two-way street. Employees should also have a voice and be able to point out issues or suggest solutions. This is the only way for employees and companies to work well together.
Teamwork is essential for a company to succeed. It is also a key factor in employee commitment to the company and well-being at work. It promotes group cohesion and the value of solidarity. When you encourage teamwork, your employees are more likely to help and support each other. You are also providing them with opportunities to develop new skills by working with their colleagues, which opens them up to new possibilities. This is a great way to combine professional development and an open work environment, which makes your company brand more attractive. This only works if your company’s infrastructure encourages interactions between employees of all levels, however. Create open working spaces, which encourage dialogue and meetings between all employees.
Give Credit Where It’s Due
Performance reviews are important, but they are not nearly enough to make employees feel valuable or help them to improve. Whether it’s congratulating an employee on their hard work on a project or reminding them that they’re often late, quick, regular feedback is necessary. This will make your employees feel that you care about how well they do at your company. Recognition should be a key element of any executive’s management policy. It’s also a foolproof way to ensure retention. Promotions, bonuses or voting for employee of the month—there are many ways to give credit to employees who deserve it.
Offer Diverse Flexible Benefits Plans
A company is composed of many different types of people who each have specific needs depending on where they are in life. Your benefits plan should take this diversity into account if you want to make everyone happy. Employees at the end of their career will be more interested in advantageous opportunities to save for retirement, whereas parents or young recruits may prefer childcare or low-cost gym memberships. This is why intuitive benefits platforms like Swibeco provide employers with solutions for custom flexible benefits plans. From public transport cards to meal subsidies to discounts on entertainment, companies can offer a wide variety of benefits. These personalised plans encourage employee retention and commitment.
Promote Work-Life Balance
If you want your employees to stay happy, you need to make sure that work is not interfering with their personal lives. If you ask them to take their work home with them or be available during their holidays, they will quickly lose motivation. Staying flexible and open-minded is the key to ensuring work-life balance for your employees. Give them more independence in managing their schedules or working arrangements. For example, let them work from home a certain number of days per month, set their own schedules or truly disconnect on the weekends. You will be contributing to their well-being by helping them balance their professional obligations and home life.