Employees are an asset to the growth of the company and keeping them to work with the organization for a long period of time is one of the driving factors for its growth. No organization has unlimited resources and funds to hire new talents at every point of time, so they have to take up measures to ensure that their top employees do not consider other options.
- Pay rightly
Salary is not just an amount, but is an indirect appreciation for the sweat and toil and employee puts in his / her job. While providing the salary, make clear of the parameters on which the amount is based so that the employee knows that he / she is fairly paid. Do considerable research on the market rates using other similar business owners in the area. Provide additional benefits such as a life insurance, disability income insurance or special retirement allowances.
- It’s not only about the money
Whether the organization is big or small, employee satisfaction cannot be only achieved by timely payment of salaries. Constant encouragement, efforts to provide recognition and taking them out for business lunches can go a long way to make them feel valued. Travel assistance’s and flexible working options from home are some of the cost effective ways to enhance employee retention.
- Invest on people
The employee in your organization must feel himself / herself growing as the company grows. Encourage them to stretch out of their job descriptions and pay them for conducting seminars, conferences and any additional courses than can enhance their skill sets. Don’t forget about your baby boomer employees, who are approaching retirement. Some may be 65+ already. Do they know about Medicare Supplement Plans for 2019? They can get information and quotes by visiting http://medisupps.com/medicare-supplement-plans-2019/
- Create a culture
An involved culture happens where there is a right flow of information. The information can be in terms of visions, missions, goals and expectations. Hear them out for every suggestion they might bring to the table. Keep following up on them and motivate them to work on a regular basis. Listen to their issues and understand their position before commenting on the same. And lastly, give them a say in the working of the company and organize meetings where they can freely talk without any organizational pressure.
On the whole, a company is not just a place for earning money. It is a place where a large part of the life is spent and the company has to make sure that the workplace provides a high – quality and positive atmosphere for those spending their efforts in it.