With endless options as a business owner for you to look for highest qualified staff to run the matters of your business without any hindrance, there are many choices available for your employees to explore too. Hiring the right employee is not so tricky, however, retaining the right one is quite a challenge. Most of the times, your employees are lured into higher pays, greater job benefits and above all relaxed work environment that makes them switch to your competitors, a practice that can be both financially and mentally exhausting for you.
Running a business is not a one-man show. It requires a committed teamwork on all levels. However, if you keep hiring the top talents of the industry but are unable to give them a motivation to work for you for long, then it can cause your business many harms.
The solution is workable, but it does require a serious commitment and a mind frame willing to accommodate your employees rather to treat them as paid servants. There are a variety of factors that your employees look for while working for, and though money can be the foremost, it is not always the only reason they work for you.
So how can you provide feasible environment for your workers so that they feel entitled to work for your business for a long time to come? Here are few tips that would help you in identifying the factors that can motivate your employees to stick longer with you for a long time.
Money Is Honey
In this world of profits and gains, there is no denying the fact that money attracts a large number of your workforce. When your employees decide to work for your organization happily, they look to be honored for their services – in the form of monetary compensation. Higher the compensation would be, greater would be the quality and productivity of work. The first and biggest factor that attracts employees to work for a particular business is the amount of financial gains they can get from there.
Let’s assume you are paying your managers US $ 5500 and they get offered to perform the same job from your competitors at US $ 7000. It’s only natural that your employees would consider switching to the other job regardless of how long they have worked for you or how happy they feel with their job role.
The biggest mistake that most businesses make while considering giving their top resources pay raises is that they overlook the costs and time involved in hiring new employees in an event they leave for greener pastures. Even if you get hands on the right replacement with the help of some references, the cost of training these employees would be there. And then you don’t know for sure if that new employee would be able to perform up to mark or stick with you for long.
If you replace an old, talented employee with someone who is unable to meet the benchmark left by his predecessor, you will be susceptible to huge money loss. It would not only bring the business services to decline but can turn your loyal customer from your product/service to your competitors.
In order to avoid such implications, it is very necessary to compensate your employees with amount of money they truly deserve for the services they give to your company.
Consider your existing top talent as a running revenue stream. Losing it can be far more painful than to pay them more to keep them motivated.
Money Is Sweet But It Doesn’t Always Motivate
While a lucrative pay cheque is what most employees look for while signing the employment contract, it is not always money that motivates your employees to work for you in the long run. Your employees subconsciously look for factors such as job satisfaction and acknowledgement. If you treat your employees like a family and give their problems due importance, it is most likely that they would respond to you in a similar fashion and would stick with you through thick and thin. Therefore while you pay your top talent a hefty cheque at the end of the month, make sure that you show your emphatic side too so that they feel entitled while working for you.
Provide Conducive Work Environments
Regardless of which industry you are working in, it is very essential for you to provide a conducive work environment for your employees so that their best potentials could be tapped on. It is important to provide occasional trainings to all the employees of your business including top management about work ethics. Improper practices such as discrimination on basis of gender and colour and glass ceiling effect should be shunned. The ethos of your business should be based on respect, equality and trust. Try creating bonds with employees on personal level by holding team meetings. The purpose should not be merely to discuss business rather to build a community that would share all their best talents without holding back their opinions because of fear of being not taken seriously.
You do not have to invest heavily to make your employees feel special. Occasional cards on birthdays and Christmas, as well as gift vouchers can make your employee feel cared for. With practices like these intact in your business, you can expect your employees to work for you for a long period of time.
Encourage Promotions And Formal Acknowledgements
While a good payout and some benefits may change the way your employees view their workplace, encouraging promotions and formal acknowledgements when the need be can also be a great motivating factor for your employees. You should invest your time in creating an atmosphere that encourages growth both on individual as well as business level.
This should not be limited to certain level of employees. Reward deserving and hard-working employees regardless of which level they work on. Equipping your employees with leadership role within each team will also give them a sense of responsibility along with entitlement. Giving proper training to enhance skills of employees is also a good way to encourage them to work more diligently. This may as well open doors for them to work with you for many years.
Have An Open Door Policy
With all the above practices in place, make certain that everything that you do is within the parameters of your business’ guidelines. Having an open door policy makes your employees feel equally treated. Also everything becomes transparent and your workforce doesn't feel tricked about anything. This way you can inculcate positive vibes within your organization and keep their motivation level and the intention to work for you up.
End Note
While considering your options to retain your top talent, it’s not mandatory that you keep yourself limited to aforementioned tactics. However, they are amongst the most important factors that help employees stick to their current jobs for a considerable time. Therefore, you should definitely consider these options so that you can enjoy a long-term relationship with your top talent in your business.
