Attracting and recruiting employees is only the beginning. It is as important or even more crucial for employers to find ways to retain the hired workplace talent. If you cannot offer your employees promotions or salary raise, there are still other ways to retain them.
Corporate study programMEs
If your employees start feeling stuck in their position, they might be interested in self-improvement and growing horizontally rather than vertically career-wise. Your employees will appreciate your company if you can offer them study programmes that will help them improve. It is also potentially be beneficial for the development of your company. Your employees can implement the material learned from the programme in their daily work tasks and improve overall work performance.
Corporate study programmes can include courses in business skills, soft skills training, professional coaching, leadership training etc. Your employees may not find the time to enroll in such courses or they may not be willing to spend money on them. However, if the courses are included as part of their continuous learning and development, they might feel more engage and inclined to attend such programmes.
Extra time off
You may consider offering your experienced employees who outperform their tasks extra time off. The employees who have been holding the same position in your company for some time will likely need less time for fulfilling their work responsibilities. You can interest them with extra time off when they achieve more results than in their KPI.
This could be in the form of an additional day off once a month or a few months. Everybody loves long weekends and enjoys spending time with their family. Also, if there is a young mother who needs to pick up kids before 6 p.m. or an employee who needs to take care of his family, you may show understanding and let them go some time before the end of the workday. However, it should not be frequently repeated so that the other employees don’t feel like they are treated in a just way.
Flexible work schedule
Your employees may have different times for their prime performance. Forcing them to be ready by 7 a.m. is not always necessary. If your business won’t suffer because of the flexibility of employees’ work schedule, it will be a great advantage in their retention. They will appreciate the flexibility and have a better work-life balance.
Also, with the lockdown restrictions, many employees started working remotely and got used to it. They may not want to spend extra hours commuting anymore. A 2021 survey found that almost a third of employees working from home would not stay at a job that requires full-time office work. If remote work does not affect your business, you can offer your employees such an opportunity. Thus, they will save money and time on the commute. It is also beneficial for your business as you will not need to pay for rent and maintenance of the offices.
Shared values and team work
To retain employees, your company’s values should align with theirs. Every company has a certain “social role” and strives for it. They are divided into these categories:
- family companies (with different relationships within but united by a “kinship approach” to employees);
- hobby clubs (where one or more hobbies unite employees);
- company-institutions (focused primarily on continuous training of employees);
- banking companies (building relationships on the principle of “did the job – get the money”).
If it’s important for your employees not only to get a good salary but also to be treated with kindness and support, they won’t feel comfortable working in the banking type of companies. Also, if you do not organise any events to celebrate your employees’ hobbies, those who prefer hobby clubs company types will not feel completely fulfilled with your working conditions.
Team work also plays an important role in sustaining employees. If you have effective communication and clear responsibilities for the processes within the team, your employees won’t want to leave such a workplace.
It is important for your employees to be healthy and stay in their best shape to succeed in work performance. Wellness programmes, such as gym memberships or a corporate masseur, will make them feel cared for. It will also allow them to establish better communication with each other by sharing the same experience. A tailored meditation class at the beginning of the work day can help your employees concentrate and be more mindful. A work-out at the end of the working day can help to take their mind off work and release stress.
Your employees will also appreciate health or medical insurance. There may be various unexpected situations in life and your employees may not be ready to pay for the necessary medication. However, health insurance will make them feel more secure and comfortable. It will also help them to recover, return and bring their whole selves to work faster.
Compensation packages, such as retirement plans and paid parental leaves, will help retain workplace talent. Such packages will assure your employees that they can rely on their company to sustain work-life balance. For example, those who decide to start a family will not feel abandoned or unimportant. They will also return to work with relief and gratitude.
As for retirement plans, your employees will feel more secure if your company offers them compensation for the time when they get old enough to leave work, even if they are far from retirement. They will stay loyal to your business and feel appreciated for their work.
In the present-day competitive market, it may not easy to retain workplace talent if you cannot meet them half way and provide opportunities for growth. However, you may find that your employees appreciate developing horizontally as much as vertically. Therefore, you could attract them by offering extra time off if they outperform their work duties. You may also interest your workers in corporate study programmes, wellness activities, flexible work schedule and compensation packages.
All in all, it is very important to find people who share your company’s values and are team players. A company of team players will have a sense of belonging and be more collaborative for a well-functioning working environment.
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