The great resignation. Quiet quitting. Massive turnover. No matter what it’s called there are things every business can do to keep and retain their best team members. How? Show your employees you trust them by giving them responsibilities that allow them to grow. Encourage them to gain new skills. Hire from within wherever possible, and give generous promotions at appropriate times.
As the saying goes, people may readily forget the things that you said, but they will always remember the way you made them feel. Make it a priority to show outward respect for employees on a regular basis. Tie a part of your employees’ wages to the company’s performance. This will align their interests with the company’s revenue and profit goals and will serve as an inherent incentive to stay with the company as it grows. Recognition in front of the company can contribute to the positive company culture and can be a good morale builder as well. Be generous with time off. Despite the hard economy, provide sufficient time for sick days, family vacations, new babies, etc. Pacing workflow can be highly beneficial to enduring employee relationships.
Layoffs have been prevalent in the news lately, from Disney to Amazon and more. Not only is retention in general important, but hiring valuable individuals whose talents are indispensable is just as critical. Hiring one person who is great at their job will be more efficient in the long run than hiring a team of workers. Invest in your employees and help them improve where it’s needed, while recognizing the areas in which they excel.
It is important to remember that a long-term commitment requires effort in both directions. Remember that if you expect and hope that employees will make and keep long-term commitment to your company, it will be equally vital that you give them good reasons to stay.