Valued employees come in several different forms. A remote employee can be just as crucial as another working in a traditional role. Others might be contractors that help empower other employees by handling administrative work. The importance of retaining top employees and contractors cannot be overstated. Low employee retention numbers can lead to overall services/products decreasing quality. The money spent on training employees can be immense without guaranteeing that the employee will stay for over a few months.
Time and money need to be spent on making employees feel valued. Feeling essential for a business can provide a sense of meaning professionally that is unrivaled for many. The “Great Resignation” seems to have stalled, but the ease of finding available jobs is as seamless as ever. Even happily employed individuals look at the job opening landscape to see if they can advance their careers with another company. Below will highlight ways to create great relationships along with perks that help improve staff retention statistics.
Compensation Is Always Critical
Paying above the industry standard matters with so many companies having pay transparency. Showcasing that the compensation is more than competitive can work wonders. Not only can this attract top talent, but it can provide satisfaction to staff. Vacation is another form of compensation that some view as more essential than that of a few thousand dollars. Free lunches or meals can bring the company into a favorable light but won’t convince an unhappy employee to stay. Years of service awards can show employees how much their loyalty means to the organization.
Deals To Cover Costs Of Additional Education
Investing in the education of the staff should be viewed as an investment in improving the company in the future and becomes very valuable. Paying for post-graduate degrees or certifications needs to be done with some form of agreement. Helping pay the costs of an MBA only for an employee to leave as soon as they get the degree is not wise. Commitments of a few years after covering a portion or an entire degree need to be worked out.
Remote Work Opportunities
Working remotely oozes convenience for those with busy lives outside of their jobs. Many professionals have stated they would take a substantial pay cut to work from home. The additional time remote work gives to a professional daily can change their lives. A large percentage of remote workers that are happy with their compensation will stop looking for jobs. The work-life balance that remote workers can possess can improve quality of life and personal relationships. Exercise and health are the focuses of a number of remote workers looking to make a major change.
New parents are going to have quite a bit in terms of workload at home. Parental leave after having or adopting a child can be so important in terms of bonding. There are a number of parents that need this time to adjust. You do not want to lose valuable employees due to a lack of compassion when it comes to a new child. Parents are going to be drained, which can lead to a drop in performance over the short term. Quick decisions can be made about employment when sleep-deprived after having a child. Even seasoned parents are not ready for babies that do not fall asleep easily or are constantly sick.
Current employees could have been offered a job they cannot refuse for multiple reasons. Offering part-time/contract work if an employee ever needs it can be valuable. Do not underestimate parting positively, as the individual could reach out in the future. A potential employee who understands systems and has a rapport with staff is a great fit. Not all job offers work out, so giving former employees a soft place to land is not something lost on the current team.
Offering contract work to those that need additional money is essential. Instead of picking up another job, contract work can be done from home. Below-average performers should not be offered this opportunity as they could struggle with their current role. The ability to source work in-house provides reliability that outsourcing simply cannot for many reasons. The only aspect to watch out for is whether the employee is doing their contract work during their full-time working hours.
Staff retention matters when it comes to valued employees. Even average employees matter as they could provide a form of morale to other staff that makes them invaluable. Not all valuable employees will be the most productive, as those that bring levity to the office can help dictate morale.