Inspire Success

In recent newsletters we have discussed the importance of finding and employing the right employees, their induction and their probationary period. Hiring employees is just a start to creating a strong work force. Next, you have to keep them. High employee turnover costs you in time and productivity. Here we discuss ways to reward and retain those employees, the importance of showing employees why they should stay working for you and also how it can improve your reputation with future employees. Salary increases and bonuses are ways to reward and retain employees but in this article we will focus on non monetary ways for retaining that key talent in your business......

Why put so much effort into keeping them?

Retaining employees is a good measure of how healthy your business is. If you are losing key employees chances are that other employees are looking also.

There are a lot of benefits to retaining your employees and these include:-

• Cost savings – the cost of staff turnover is very expensive as well as time consuming
• Improved productivity – continued work efficiency and customer service. It also ensures a reliable knowledge base about your business processes, policies and procedures
• Positive staff morale
• Happy clients – clients have continued relationship with same staff members
• Allows employees to build on their knowledge base and make career development
• Positive culture for your business which is good for current employees and new recruits

Ways to reward and retain employees
It is important for your business to keep your employees motivated and engaged and in return retain them. As the saying goes; “A happy worker is a productive worker”.

Salary is not the only way to motivate staff. There are a number of non monetary ways to  help your staff feel important and rewarded and keep them motivated and happy. These include:-

• Incentivise your employees – there are low and no-cost incentives you can use to make your staff feel valued e.g. an afternoon off, cinema tickets, breakfast morning etc
• Meet your employees regularly to talk about their work, what motivates them, their professional development and discussing the long term vision for them with your business
• Good quality supervision of employees – supervisors have an important role in the retention of employees. Its very important the supervisor does not make the employee feel undervalued. Examples of good supervision include providing feedback about performance, having regular meetings and being clear about work expectations.
• Allow employees to offer ideas, have open communication and give feedback – let employees feel comfortable doing this and encourage their involvement
• Having a fair and equitable company – treating employees equally is very important in retaining them
• Giving employees the opportunities to learn and grow in their knowledge, skills and career -   coaching employees by Managers, attending seminars, training, conferences etc
• Promoting from within whenever possible, having clear paths of advancement for employees

To retain staff you must make them feel rewarded, recognised and appreciated. It is good to be creative in (non monetary) ways of keeping employees happy and choose whatever works best for your business, even the simple act of saying “thank you” can go a long way…….