Hiring the right employees is just the first step to creating a strong workforce. The next step is to ensure they are engaged enough to stay. High employee turnover costs business owners in time and productivity. Below are several tactics you can use to retain your employees.
1. Provide opportunities for growth and learning
Ensure that the work you give your employees is challenging and stimulating. Tap into their passions and allow them to focus their energy and time on projects that challenge them and improve their skills. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
2. Make the expectations and goals of the company clear.
Make sure that the company’s vision and strategy are clear so employees know how they fit in the big picture. While this may seem basic, but it’s easy for employees to find themselves lost within the organization if they are not entirely clear on what their jobs entail leading to dipping morale.
3. Provide some small perks.
Google became famous for providing free gourmet lunches and massage rooms onsite to make their employees happy. While that might not be feasible for every company, especially in Kenya, organizations might consider smaller perks such as on-site daycares and corporate members to gyms.
4. Create open communication between employees and management.
Open communications through regular meetings and an open-door policy where employees are encouraged to speak frankly, ask questions and offer new ideas.
5. Offer financial rewards.
Consider offering stock options or other financial awards for employees who meet performance goals and stay for a predetermined time period, like 5 – 8 years. Also, provide meaningful annual raises and bonuses. Nothing dashes employee enthusiasm more than no raise over a long period of time. Or, if you don’t want to be stuck with large permanent increases, you can create a bonus structure where employees can earn an annual bonus if they meet pre-specified performance goals.
6. Mentorship programs
Pairing a new employee with a mentor is a great idea for onboarding. New team members can learn the ropes from a veteran with a wealth of resources, and the new hire offers a fresh viewpoint to experienced staff. Mentors shouldn’t be work supervisors, but they can offer guidance and be a sounding board for newcomers, welcoming them into the company culture.
Strengthening your business starts with keeping your employees on board. When you focus on employee retention, not only do you wind up with a team that knows how to do the job well, but you also get to save the money you would have used to replace them.