‘’The last year has been the most difficult period I have ever encountered in my business. The revenue is not what it used to be and I have had to make my employees take pay cuts and let others go. As a result, I have lost my best employees as they have found greener pastures. How do I ensure to retain the rest of the performing employees?’’
This is an email we received from our client who was used to having 30 employees and had to downsize to 15 employees and was finding it hard to ensure they retain the best employees in the organization.
At the end of the day, your best employees care about the business. They know the culture and attract and maintain business contacts through excellent customer service which reflects to the business revenue.
No matter what industry you are in, you are likely to have experienced some changes over the past year. We are all looking to have our businesses survive during these difficult times but how do you do that and retain the best employees you have?
1. Have an Open Communication Channel
Your employees will appreciate knowing what is happening in the organization, the changes that might happen and how it will affect them and their roles. Communicate the expected result of these changes and assure their job security. This will make employees feel valued and increase productivity.
An environment where employees communicate with you about what they would want to achieve for the business is healthy. Employees will treasure the moments where they feel you show genuine concern on what they would like to achieve in their careers and acknowledge their strengths and weaknesses while aligning them to the organization’s mission and vision to encourage them to their desired end goal.
Creating an environment where employees freely engage with you and give feedback on where they feel things can be improved makes them feel valued. Consider acting on that feedback where needed so that they feel heard.
2. Invest in their Learning and Growth
When your communication encourages feedback, you get to identify the gaps for each employee.
Training them adds value to their career development. It also improves efficiency that reflects in your business in return.
If there have been layoffs and the remaining employees have had to take up responsibilities, then train them for those roles. It makes them feel confident in their day-to-day work and boosts morale.
Encourage your employees to apply for free courses or attend free webinars that will equip their skills.
We all know it is a difficult time but you do not even have to spend a coin to promote your employee’s growth.
3. Celebrate Individual and Company Wins
If a milestone has been achieved in the organization, employees will appreciate when it is celebrated. It could be as simple as buying a cake to share with your employees, team building or having meetings that are meant to recognize work well done. Recognize employee’s role towards the milestone.
You can start an employee of the month program to celebrate an employee whose work has been consistently good.
If it is an individual win, consider gifting employees with a gift voucher, writing an email or rather yet give verbal encouragement. Saying something such as ‘’good job’’ or ‘’continue the good work’’ makes employees feel motivated.
4. Recognize Good Performance
A survey found that 91% of HR professionals believe that recognition and reward make employees more likely to stay. So how do you do this?
Studies have shown that moving employees into different roles is an effective way of motivating employees. It shows them that you recognize their work. Reward good employees with more responsibilities. It boosts morale, encourages innovation and increases collaboration with other departments.
Appreciate employees when they take such initiatives or come up with out-of-the-box ideas to improve business. Employees will appreciate when you recognize their extra effort.
Ensure annual performance appraisals are taken as it is an effective way of letting the employees know how they have been helping the company reach its goals. Ensure to show appreciation for what they have accomplished despite the challenges that have come with the pandemic.
Conclusion
Your best employees are your workforce. They drive your business, and their survival is important to your company’s success. By motivating them properly, you can be sure to reap the fruits when your company succeeds.
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