Employee retention is one of the most prevalent problems in today’s workplace. Most employees find it hard to adjust to the new work-from-home setup or are otherwise preoccupied with the stress of the COVID-19 pandemic to perform at their absolute best. If there’s one thing to be said about this pandemic, it has continually brought the safety, well-being, and overall happiness of employees and essential workers to the forefront of everybody’s minds.
If you run a small business or company, you want to give back to your employees and give them something to look forward to, so they’ll remain with your company for a long time yet. Here are some ways you can keep your employees not only productive but satisfied with their job.
Compensate Them Generously
Understandably, everyone’s been going through some tough times lately, especially financially. But one way you can keep your employees happy with their current jobs is by giving them adequate or even more monetary compensation.
One major reason workers tend to quit or leave their current jobs is low compensation or pay. Even if your company or business hasn’t exactly been earning a lot lately, you still have to pay your employees the amount you promised them. As much as possible, stick to the set or agreed-upon wage when you first hired them and try not to deviate from it without letting them know first.
Especially in a small workforce, your employees are probably taking on more jobs and tasks than what was in the job description or putting in more hours of their day toward extra work. The least you can do is compensate them fairly for any work that gets done. Higher paid employees feel more motivated to work, which leads to overall productivity and satisfaction.
Offer Them Benefits
Employee benefits, such as healthcare and retirement plans, are often mandatory for hiring full-time employees. If you don’t offer your employees any of these benefits in addition to their monthly pay, then they’re less likely to consider your company or business for long-term employment. Implementing employee benefits such as medical, paid time off, maternity or paternity leave, and overtime incentives can do a lot to improve an employee’s state of mind and their opinion of a company. Like with their monthly payroll, offering them due compensation is always an effective way to retain them.
If you don’t have the money to be paying them what they’re due just yet, don’t fret. Just be honest and completely transparent about it to your employees. Maintain direct and clear communication between yourself and your employees so they don’t feel left out or feel otherwise dissatisfied with any decisions you make. Your employees want to feel like they’re part of the company, and they want to feel like you trust them enough to talk to them about any important decisions regarding the company.
Be completely transparent when it comes to financial matters especially. Your employees will understand if your business has been going through dire straits lately and appreciate your honesty rather than leaving it unsaid. It’ll make employees feel more like they can trust you, open up to you, and foster a safe and healthy environment.
A Good HR Department
If your company or business is lucky enough to have an HR department, then make good use of it. Most of the time, HR gets a bad rep among employees due to their stereotypical policing nature and not taking employee concerns and issues seriously. A good HR department can drastically change the workplace atmosphere and is one way to foster open communication between all departments, higher-ups and employees alike.
A good HR department will help you hire good employees who are likely to stay with your company long-term and help organize and recommend benefits, events, and other strategies to improve employee retention. In short, HR is a key player in employee retention, and an investment in a good HR department can greatly benefit your company in the long term.
Make Your Employees Feel Appreciated
One primary reason employees feel dissatisfied with their jobs or are more likely to quit is because they feel underpaid and underappreciated. Showing your appreciation for your employees is more than just paying them generously or giving them benefits. It also involves a lot of verbal communication and showing your gratitude in whatever ways you can. You can offer them time off or give them small rewards such as free meals or gifts. As long as you show the same amount of gratitude and appreciation for all employees—meaning no playing favorites—your employees will feel like they’re worth something to you and the company and will add to their overall satisfaction.
In this new employee-oriented normal, every workplace is expected to invest a lot of time and resources into the well-being of their employees or risk putting themselves and their company in danger. Most of all, remember to be kind and understanding of your employees’ situations and compensate them for their hard work. That’s the key to employee satisfaction, and the results will certainly speak for themselves.