4 Great Ways to Retain Your Employees

When it comes to growing your business successfully, it's all about who you hire and who you keep on board. There are multiple reasons why it's a good idea to retain your employees, rather than hiring new candidates. Back in 2013, more employers were taking the initiative to raise compensation for current employees (72% of employers) and new hires (47% of employers). Out of that number 70% of employers reported that increasing salaries was a good way to retain talented employees. Fifty-eight percent of employers said that increasing compensation lead to better benefits. Let's take a look at some of the other reasons why retaining your employees is a good idea and how you can retain them.

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1. Open the Doors to Growth Opportunities

If you give your employees opportunities for growth they will be much more likely to stay with your company. One of the biggest benefits of retaining your employees is for growth potential. When you keep your employees and give them regular raises, it boosts morale, which leads to more productivity. This will soon translate to business success for you. Employers should want to have happy employees, because it leads to more work being done. If you're unable to provide more funds to your employees, you can instead offer advancements or give employees new projects. Continuing industry education is another way to grow your employees for your own benefit.




2. Offer Flexibility

When you ask employees about what they value in a company, flexibility is always a top answer. A survey that was done by Mom Corps shows that 61% of working adults agree that flexibility is a factor when looking for work. Twenty percent of working adults strongly agree. Offering flexible schedules, time-off and even telecommuting can be a cost-effective way to retain your employees. A lot of progressive companies are finding success with this method.

3. Basic Perks Go a Long Way

You don't have to go out of your way to create out-of-the-box perks to retain your employees. Instead, you can just offer the basic ones, like competitive vacation time, reasonably priced health care coverage and bonuses. Perks like bring-your-pet-to-work day or casual dressing are things that may only appeal to the minority.

4. Provide a Positive Culture of Recognition

Sometimes, showing appreciation to your employees is worth more than having their favorite coffee in the break room or a monthly chair massage. Providing a positive atmosphere that involves engaging with your workers and making them feel good about their work is very important. If your employees feel like they have value, they're more likely to stick around.

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