While big businesses may throw around the big bucks to keep talent, these same options are not available to smaller firms.
In fact, some studies have suggested that extrinsic motivation is more than it’s made out to be. As it turns out, employees are much more likely to stay put through non-financial forms of motivation.
This is what today’s article is going to dissect. If you’ve taken the time to form your team and are desperate to keep it together, read on and find out some of the key ways you can achieve this.
The power of annual reviews
We’ve called this “annual reviews,” but they can be more frequent. Some employers treat reviews as a tick box exercise – don’t fall into this trap.
A performance review can indicate to your workers that they are on the right path and working towards something worth staying for at your company. It’s a chance for you to value their worth and note points for improvement that can help both sides.
Some companies will merge this with a pay review, as well. If you decide to go down this route, make sure the process is fair for everyone. Particularly with recent changes to national insurance and other increases in fees for businesses, pay reviews are a difficult subject. They require a lot of thought in a bid to keep everyone happy.
Promote from within
This is a great way to show your staff there is room to progress within your company. After all, nothing is more demotivating than being stuck in a dead-end job.
If you can promote from within, it shows that you value your employees’ skills and abilities, giving them something to aim for in their careers. Suddenly, the chances of people moving on at record speeds plummet. They can see the light at the end of the tunnel.
Offer training and development opportunities
Investing in your staff is another way of showing that you value their abilities and want to help them progress in their careers.
Offering training and development opportunities is a great way to do this, and it can also help improve staff retention levels.
Your employees will feel appreciated and valued, and they will also have the opportunity to improve their skill set, which can only be a good thing for your business.
Some businesses will build this into contracts, as well. For example, you might pay for training but stipulate that the employee has to remain in their role for a specified time after completing it.
Encourage a good work/life balance
One of the main reasons employees leave their jobs is because they feel like they are being overworked.
Encouraging a good work/life balance is a great way to prevent this from happening.
Make sure your employees have the opportunity to take time off when they need it and that they are not expected to work excessive hours. Of course, the modern way of looking at this is to offer unlimited holiday (yes, this is becoming a thing) or remote working. Both are becoming popular practices and can transform the mood of your workforce.