3 Key Ways to Retain Your Best Employees
Building a successful company requires having an engaged and motivated team. Your team members need to be focused, productive, and invested in your company’s long-term vision. Sound ideal?
If you’re committed to building a positive company culture where your best employees are inspired to exceed expectations, they’ll stay with your company. Make your organization a place employees want to be, not somewhere they’re counting the hours to leave.
A positive company culture is made up of its collective employees and a supportive environment, which allows its people to grow and thrive. When your organization establishes and nurtures this supportive environment, employees will rise to the occasion and co-create a company culture that will yield long-term financial success and stability for all parties involved.
Once established, a positive culture will enable your company to attract and retain the best team members in a very competitive job market.
Employee Retention
Let’s talk about retention. Retaining your best employees is critical to establishing a solid foundation of consistency, internal cohesion, and stability. These elements will elevate the entire team morale and nurture your company’s growth.
If that isn’t enough motivation, the alternative to retaining the best employees is turnover which can be devastating to a business and its bottom line.
The cost of replacing employees is incredibly expensive. According to the Employee Benefit News (EBN) report, it costs employers 33% of a worker’s annual salary to hire a replacement if that worker leaves. For instance, if an employee’s salary is $45,000, it will cost $15,000 to replace the individual.
This cost includes the resources needed to find a new hire, the time it will take to train the new hire on their role, and the administrative and miscellaneous expenses incurred during the onboarding process. All of this can be avoided if your organization invests in its culture – according to the Work Institute’s 2017 Retention Report of 34,000 participants, 75% of employee turnover is preventable.
Want to retain your best employees? Here’s how…
Offer a financial wellness program.
Rising student loan debt and increasing living costs are adding a lot of pressure to employees’ already maxed out financial obligations. While many companies offer 401(K) matching, employees are looking for guidance that goes above and beyond dollars in their bank account.
They want expert advice on how to save up for a home, when to open a trust for their children, how to talk to aging parents about their finances. They need a low-maintenance, reliable money and budget management tool.
A financial wellness program provides the educational support and financial resources employees need to thrive financially and the motivation to remain within an organization that demonstrates that it cares about their well-being.
Provide professional development opportunities.
The best employees are personally committed to becoming the best versions of themselves. They are eager for challenging projects, continuing education that allows them to improve their skills and develop new ones, and feedback on how to elevate their executive presence.
Companies that provide these resources to their employees will keep their best team members inspired to remain at their job with the promise of personal improvement and career advancement.
Make self-care a priority.
Whether it is offering 16+ weeks of parental leave like Facebook and Square or unlimited PTO like Grant Thornton, employees want to grow with companies that care about their personal well-being.
PwC announced that they’ll institute company-wide shutdowns on various holidays to give all employees the opportunity to really disconnect. Seem drastic? Maybe. But in today’s culture, employees are looking for benefits that make employers stand out. They want to work somewhere extraordinary.
You may not be able to offer unlimited PTO or shut down your organization. But you can offer a financial wellness program that affords your employees the ability to establish a solid financial foundation. Your employees deserve the chance at a promising financial future. Be an employer that cares.