No matter what size your company is having employees leave is just bad for business.
One of the biggest problems facing companies today is unmotivated, unengaged employees and the loss of a great employee means the cost of a new one. So we show you 4 great ways you can retain employees without breaking the bank.
4 ways to retain employees without breaking the bank
By giving employees extra responsibilities it shows that you trust them whilst allowing them to grow. Encourage them to obtain new skills whilst providing them with the opportunity to partake in training courses. If the opportunity arises hire internally instead of outsourcing showing your employees that their work is recognized and appreciated.
Recognizing your employee’s work should be balanced. You don’t want to compliment them on every little thing that they do. The idea is to create a sense of entitlement or the compliments will fall on deaf ears. For exceptional work, innovative ideas etc. let your employee know. A compliment to an employee can go a long way and can keep them motivated and engaged.
Rewarding your employees should be something that speaks to their emotional needs. Throwing a staff party is a way to keep all members of a company motivated and a great way to team build. If your budget doesn’t allow for it, think of something more personal like an email sent to all of the department recognizing their hard work. It may be small but it is an effective approach.
Sometimes an extra half an hour can mean everything to an employee. Award employees with time off whether that means an extra half an hour in bed in the morning or leaving half an hour earlier from work will result in a productive day and a motivated employee.