One of the worst things that can happen to a company is having a series of valuable employees retire, seek employment elsewhere, or being too unhappy to continue working at their present job. Keeping average employees happy should not be the priority as the star employees are the ones that make the most money for the company.
What's the best way?
Throwing money at an employee can help keep them in their current position but not everyone is drawn to cash. Most people just want a job where they do not mind coming in as the morale is good and the rapport with coworkers is great. The following are tips to keeping those great employees happy and with the company for the foreseeable future.
Great benefits package.
Health insurance can be a nightmare to pay month after month so a company covering it for employees can be a huge reason for an employee to stay at the company. Packages that include different types of insurance whether it is dental insurance or vision need to be explained to employees.
Certain phrases of copays can confuse people and asking about what other types of insurance people are interested in is important. A person considering term life insurance need an agent to explain the ins and outs of the policy as it will take care of their family in the case of unplanned death.
A company that takes care of its employees via insurance can retain employees as not all employers are willing to do so.
Working from home.
The number one perk in many people’s minds is that of being able to work from home. Offering a few days a week or permanent work from home privileges can attract and retain top talent. This of course comes with a caveat of productivity staying consistent during this transition.
Some professionals will actually become more productive as they will not have to deal with pointless meetings or a chatty coworker first thing in the morning. The freedom that working from home allows an employee can be enough to retain employees for years as nobody wants to leave a gig that they can work from home.
Matching offers from other companies is going to be a big part of retaining top talent. With this being said, if an employee is constantly throwing offers in the face of management, these offers might not be real. For a sales professional an added percent of commission or not capping commission puts the earning power in the hands of the employee.
Most people trying to leverage an offer want more money but some people do want their ego stroked by being told that the company wants them to stay regardless of what they want.
Everyone loves perks.
An extra few days of paid time off per year can be given in lieu of a pay raise and can be extremely effective. Daily things like free energy drinks or coffee in the break room is a great start. Providing lunch can be one of the best things that a company can do especially if they employ younger people that are riddled with college debt.
The office gym is another great perk as it shows employees that the company cares and it convinces people to show up to the office early to get their exercise for the day in. An employee wide eyed after a workout is far more productive than an employee who is not functional until they have a few cups of coffee.
As you can see it will take a proactive approach to retain top employees but it is more than worth it. Invest time and money into these employee’s happiness and they will continue to produce at a high level.