Smart Tactics To Retain High-Performing Employees
41% of workers around the world are thinking about quitting their jobs within the next six months, while 69% say they’re already passively looking for a new position, the World Economic Forum reveals.
Moreover, hiring new employees is no cheap task — it costs around 6-9 months’ salary on average for a business to replace just one salaried employee. It’s therefore essential businesses go out of their way to attract and retain high-performing employees; aside from being just good for company morale, smart incentives are also good for the bottom line. Pay employees a competitive salary Although training and managing employees effectively is essential for driving retention and performance, paying a good salary is also crucial for fostering employee loyalty. And, paying your employees a competitive salary that’s at least as much or even more than similar businesses in your industry is a particularly effective way to do this. So, every so often, make a point of finding out what your competitors are paying their employees, and adjust your offered salaries as needed. This doesn’t have to be complicated to do; for example, you can simply ask potential employees about their salaries with other companies during their interviews with you. Alternatively, you can get in touch with an outside consulting firm to assess your compensation plan, see how it compares to others, and suggest improvements. Accessibility is key As many as around 135 million people in Europe live with a disability, which means accessible workplaces are key for welcoming and retaining this significant demographic. Above all, accessible landscaping can help ensure access to your premises welcomes all and isn’t limited. So, start by incorporating disability-first principles into the parking lot design — this includes featuring clearly-marked disabled parking and distinct curbs, so the entrance and exit points can be easily seen. Additionally, a non-slip concrete path should lead up to the front entrance; concrete is an accessible alternative to uneven materials like gravel and wood chips, which aren’t suitable for people with disabilities. And, as steps aren’t feasible for everyone, don’t forget about ramp access to the front entrance. It’s particularly important the ramp is wide enough to accommodate wheelchairs of all sizes comfortably and safely. Attractive incentives As many as 50% of UK workers say employee benefits would make them feel happier in their jobs. Indeed, although a good salary is still important, businesses are also using non-financial perks to attract, retain, and motivate employees. Some companies, for example, hold annual trips to reward employees for achieving key goals. Company-sponsored trips don't just boost engagement and motivation, but they also go a long way in fostering vital camaraderie and teamwork between employees. Other attractive perks, such as, flexible working and unlimited holiday, are also effective ways to incentivise employees. Attracting and retaining high-performing employees should be a priority for all successful businesses. Paying a competitive salary, making the premises accessible, and offering attractive incentives are simple yet smart ways to improve employee happiness, motivation, and loyalty.