Employees are one of the most valuable assets for any business organisation. Hence, it is vital that they feel satisfied and appreciated for their work if employers wish to convince them to stay and develop with the company.
Indeed, employee retention should be every company’s number one priority. It can be a challenge to replace existing staff, especially if they are a key worker. Beyond the time it takes to complete the on-the-job training for the new recruit, there is also no guarantee that the fresh hire has the ability to replicate their predecessor’s work.
However, retaining your top employees can sometimes be a challenge. If they are capable, headhunters will be queuing up to entice them to join other companies. Beyond motivating your employees, you need to give them a good reason to continue sticking with your organisation. This includes making them feel valued for their contributions to your company’s growth. Let us share some of the best ways you can make your staff feel good about their jobs.
1. Provide your staff with learning opportunities
Growth should not be a one-way street. Your business revenues should not be the only thing that you are concerned with increasing in your company. Instead, you should also consider enhancing the skills and knowledge of your employees. This is one of the best ways to convince your employees to stick around for an extended period. When your workers feel like they are growing with your company, they will have a profound reason to stay.
Provide them with learning opportunities by signing them up for new training and courses. You can consider enrolling them for online classes that are applicable to all industries, such as cybersecurity, financial management, and digital marketing. If your employees are interested and you feel it value-adds to the company, go ahead and sign everyone up!
2. Acknowledge success with creative perks
Instead of constantly asking what your employees can do for your company, you should also consider what you can do for your workers. Employees love receiving perks and benefits, as it makes them feel recognised.
In fact, perks and benefits are considered some of the most effective ways to show your appreciation for your employees’ loyalty and hard work. For example, after clinching a deal with a lucrative client, you can show your gratitude to your staff’s efforts by treating them to a meal.
However, not all rewards need to be physical. While physical gifts are practical and well-received, they can sometimes have an adverse effect on company morale. If there is only one reward available, other workers may feel left out and demotivated.
Sometimes verbal praise can be just as effective. You can show your gratitude to your employees by recognising their efforts in front of their colleagues or publish a public thank you note in your company’s newsletter.
3. Empower independent decision making
Your experienced employees may know their jobs better than you do, so it is vital that you let them manage their tasks and goals independently. After all, not everyone likes to be micro-managed. As a business owner, it is your primary responsibility to get the most out of your employees, and sometimes that means letting go and trusting that they can complete the job.
When you empower your workers to develop their own goals that align with your business objectives, you convey how valuable they are to your organisation. Furthermore, the more independence you give your staff, the more motivated and satisfied they will be.
One last thing to note
While it is essential to ensure your staff feels valued, it is vital for you not to neglect your company’s finances as well. After all, if you want to retain your team, you will need to ensure your company keeps growing to match your employees’ ambitions. And detailed and timely financial reports are required in order to help you make informed business decisions to expand your organisation.
However, if you are unable to find the time to maintain your company’s financial records regularly, you should consider outsourcing your accounting needs to a specialised firm. At Ackenting Group, we provide a suite of reliable accounting and bookkeeping services that cater to your business’s requirements. With our seasoned accountants’ assistance, you can rest easy knowing you will receive timely and accurate updates to help you stay on top of your company’s finances.
Salary increments may be a classic way to entice employees to stay, but if they do not feel valued, they will likely resign sooner or later. So if you want to encourage your workers to stick with you, you need to recognise their efforts as well. Hopefully, the tips we have shared can help you retain your staff in a more meaningful way.
If you require any assistance on accounting services, feel free to drop us an email at firstname.lastname@example.org or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.