Throughout the recession, the majority of US companies were laying off employees rather than hiring them. They certainly weren’t worried about employees jumping ship. But as the economy begins to stabilize this situation is changing.
Online job search engine, LinkUp.com, reports that there are plenty of job openings out there and that the trend seems to be gaining momentum. The tide seems to be finally turning on the employer’s market. Now employee retention is key.
So how can you keep your employees from leaving. Though you might think that salary is the number one reason why employees quit their jobs, the truth is that most employees are more interested in “sentimental issues” like respect, culture and environment.
Consider the following factors that can affect job satisfaction and job retention:
- Pay attention to the working conditions. The physical layout of your workspace and the quality of the work-related equipment available to use play a key role in keeping employees happy. Make sure that the office is pleasently decorated and maintained. Even small things, such as applying a fresh coat of paint, can make a difference. Moreover, you can’t expect your employees to take pride in their work if you don’t supply them with the proper tools and equipment to get the job done.
- Create a pleasant corporate culture and working atmosphere. It is important for any business that involves employees to maintain certain values and standards.Establish a clear, written definition of your company’s missions and values, and make sure that your employees are aware of it. A company’s culture encourages employees to take pride in their work.
- Make employee recognition a priority. It is human nature for people to want recognition for their input and hard work. Be sure to acknowledge the achievements of your staff members. By publishing praise in company newsletters or making such announcements at meetings, you are not only encouraging the object of your praise but his peers as well. Many companies hold contests to recognize the best employees in certain areas. Give prizes to the winners. Even something small like a gift certificate for a meal at a restaurant or a movie rental is enough to give your employee an appreciative glow.
- Have an open dialogue with your employees. Your employees need to feel that you value their opinions. Try to have one-on-one meetings with as many of them as you can (depending on the size of your company). If you make an effort to implement some of their suggestions, they will surely feel more connected and loyal to their jobs.
- Offer adequate employee compensation. In order to attract quality employees, keep your base pay competitive within the industry. You can encourage your employees through the use of a performance-based compensation plan. Compensation should be fair to all of your employees. Staff contribution deserves to be justly rewarded.