What is the strategy for employee retention at your workplace? Have you defined what is your employee value proposition? What makes your team go beyond their responsibilities to meet company objectives? What is the probability of your team rejecting better job offers from other companies?
The answer to the questions above cannot just be the pay package. If your company has a policy of paying well above the market rate, it will help you hire fast. It will surely be a deterrent when someone is making up her mind to quit. However, you cannot bank upon higher wages or incentives alone to retain employees. Certainly not the talented bunch you would like to retain at all costs.
So, what’s your strategy for employee retention?
Creating an employee value proposition is not just a retention strategy. There are other tangible and intangible benefits.
A valued, committed team will help the company:
- Create customer delight
- Better manage change
- Perform well under stress
- Take accountability for outcomes
- Attract new talent and multiple other benefits
How can you create an Employee Value Proposition?
Here are 7 proven tips to strengthen your strategy for employee retention:
- Bond with the person, and not the job role
- Invent in their growth and skill development
- Never miss out on an opportunity to appreciate
- Never missing out on giving feedback too
- Test them with challenges
- Value employees who come and leave on time
- Do not ignore poor performance
1. Bond with the person and not the role.
There is more to an employee than being an accountant, designer, sales executive, HR Manager. Create those few informal moments in your team to interact with your employees on a personal level.
Understand their goals and challenges. Learn what makes them happy. Discover their talent. All you need to do is initiate a conversation and then listen all along. Tell them and make them believe that you understand.
2. Invest in their growth and skill development.
There are smarter ways of doing this to avoid budget constraints. As a leader, you yourself could spend some time teaching them new skills.
Identify relevant, free online courses for each employee and motivate them to enrol and complete those courses. Small rewards, incentives or a complementary off could be used to encourage them.
3. Never miss out on an opportunity to appreciate.
Be consistent with appreciation. Treat everyone the same. Small gestures go a long way – a pat on the back, a short appreciation email with a copy to everyone, walking up to the desk to say “Thank You” with a warm handshake.
Employees who report receiving recognition and praise within the last seven days show increased productivity, get higher scores from customers, and have better safety records. They’re just more engaged at work.
Tom Rath
4. Never miss out on giving feedback too.
Unlike appreciation, feedback needs to be in private. It does not always have to be in a cabin or a meeting room. Try taking an employee out for a walk or a cup of tea and share feedback.
5. Test them with challenges.
As much as we resist change, monotony gets the better of most of us. Everyone loves challenges at work. The degree may vary.
Help them overcome these challenges and join them in the celebration.
6. Value employees who come and leave on time.
They have a life beyond the office. Often, managers and business owners tend to look down upon employees who pack up immediately as the shift ends.
Productivity and efficiency should not be about clocking extra hours. Helping your team maintain a healthy work-life balance helps reduce stress and prevent burnout in the workplace.
7. Do not ignore poor performance.
Make all efforts you can to help each employee at work, however ensure you take the appropriate corrective actions if someone cannot deliver as needed. Accepting non-performance sends a wrong signal to everyone and before you notice, it becomes the culture at your workplace.
These are few of many ways you could create an employee value proposition as your strategy for employee retention.
What are your best practices for retaining employees? Share your tips and ideas in the comments below! Let’s build a library of inspiration together.
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