Hiring new employees is always a troublesome process. It costs time, energy, money, and a lot of effort to train them for the job. So, when an employee leaves the company to join a new company, it is no small feat to start the hiring process all over again.
Sometimes, the employee (especially if they are popular and respected) takes other good employees with them- and it does not make sense to have some of your best employees working for your competitors.
This is why it is critical for you to prioritize employee satisfaction and have an effective employee retention strategy you can fall back on.
Why Companies Need to Focus on Retaining Employees
By maintaining a happy organization, you can retain your quality talent, and thus improve the performance of your business.
1. You can reduce costs
Losing good talent means bearing the additional costs of lost productivity, new recruitment, and training.
By retaining your employees, you can invest all of the saved effort and money into advancing and promoting your business and keeping your current employees happy.
2. You get to recruit and keep the best talent
Losing talent means low morale among the existing employees as well as a bad image as an employer. And with the kind of competition companies now face, it is crucial to hire and retain the best talent.
Good employees leaving means that you have lost skills and knowledge that you would have been able to utilize to keep your company at the top. By delighting your teams with employee recognition gifts, perks, benefits, and favorable working conditions you will be able to keep them from seeking jobs elsewhere.
3. You get to raise strong teams
It is human connection, compatibility, and communication that make for strong teams and teamwork.
If employees are going to keep joining and leaving the organization, there will not be much of a chance for team bonding or creating long-lasting relationships, or, most importantly, building trust. When good employees leave, the first thing to take a hit is team morale. That is definitely not something you want for your organization.
4. You end up with an organization of happy employees
It is common knowledge that performance depends on employee satisfaction.
If you are doing your best to keep your employees happy, they will perform better, be more engaged and put 100% into their work. By building a solid work culture where employees are satisfied and can communicate freely, your employees will become your strongest brand advocates.
So, what can you do to retain your employees?
1. Hire the right talent
First and foremost, the best way to ensure that employees don’t leave your company is to hire the right people for the job. This begins with clearly defining the role you want to be filled.
But, it is not just the role that is important.
You also have to make sure that the candidate fits into the culture of your company. This is extremely important because an employee that does not fit in is very likely to leave the company.
2. Recognise and reward
Everyone likes their efforts to be valued, appreciated, and rewarded. This goes for your employees too- whatever their designation!
The reward does not need to be the sun, moon, and stars. It could be simple things like employee recognition gifts. By recognizing and rewarding your employees and celebrating their as well as the company’s successes with gifts, you will encourage a culture of generosity and ownership for work.
So, make your employees feel special by making their rewards specific and tangible.
3. Be flexible
Everyone values work flexibility today.
In fact, it has a direct impact on retention. And more and more companies are beginning to offer their employees flexibility. It has become a popular perk and offering it will help you retain your employees.
4. Create a culture of respect
Creating a culture of respect at the workplace is crucial.
Everyone likes to be shown respect, and if you create a positive culture of appreciation in your organization, you shall be able to maintain higher levels of retention.
5. Update your perks and compensation
There are a million websites on which you can now compare salaries, perks, etc. It is no secret anymore. Most people have an idea of the compensations and perks that other people of the same designations receive.
It thus becomes crucial to pay current salaries, offer competitive perks, and benefits as your counterparts. Although this might seem like a no-brainer, very few companies actually pay or raise their employees’ salaries to keep up with what they are really worth.
6. Keep your employees happy
This may sound a little vague but, employee happiness has a significant impact on job satisfaction, absenteeism, and alignment with company values.
By investing in the happiness of your employees, your company will benefit from higher engagement, productivity, and retention.
7. Don’t forget to help your employees grow
Nobody wants to stagnate in their careers.
Growth is extremely valuable to employees. If you aren’t helping your employees to grow, then you are not supporting them or investing in their advancement. By creating development opportunities in your company, your best talent will not go looking for it elsewhere.
8. Prevent rather than cure
Pay attention to what is going on in your company and keep your ear to the ground at all times to watch for morale, engagement, and the overall culture in your company.
It’s not enough to run an engagement survey merely once a year. Building a positive culture takes time and effort and is an ongoing process. Therefore, by getting a sense of the overall mood in your company, you can prevent negativity from creeping in by course-correcting before it is too late.
So, how do you go about delighting your employees?
We strongly suggest employee recognition gifts.
If you are wondering, “Why gifts?” Well, because:
- They are a highly versatile way of keeping your employees happy.
- They can be used as rewards and recognition.
- They can be used to show that your value your employees.
- They can create a culture of generosity and appreciation.
- Gifts are also always fun to receive and do not have to cost you an arm and a leg.
- Gifts are adaptable- you can use them to reward a team or individuals, you can give significant gifts or small gifts depending on the achievement of your goal, and you can give them any time of the year- unexpectedly.
- They will not cause employee politics as cash incentives will.
- They are an expression of gratitude. Showing your employees gratitude will help create a healthier and happier culture in your organization, which means employees are more likely to stay with the organization.
- Investing in your employees is bound to benefit the organization.
- The cost and effort are very low compared to the benefits of giving your employees gifts.
In fact, we will go further to say that when it comes to employee recognition gifts, there is no better method than Eva, our gifting assistant.
Eva will do everything for you, from understanding what your employee likes, to choosing the gifts, to packaging and delivering them. Simply put- all the perks and benefits of employee recognition gifts without the hassle.
To Sum Up
Creating a healthy work culture of reciprocity and cooperation between the organization and employees is key to creating a positive and healthy work culture.
It does not matter what the company or job is. Your employees will leave if they are unhappy. Treating them with respect and recognizing their contributions is crucial to retaining your best talent.
Hence, keep yourself in tune with your team’s needs and requirements and find ways to fulfill them.
Let Eva put your mind at ease, and do the needful to delight and keep your employees happy! Try our 14 days free trial now.