When it comes to employee retention, offering a large pay check might seem like the best way to win over your employees in the long run. Of course, most workers don’t walk away from a large pay check, but there are also other reasons employees quit and understanding them can help you do something about it. Offering a good work-life balance and respect can go a long way toward helping your team be more motivated.
Many employees view benefits and salary as being two parts of a comprehensive benefits package. While their salary may be competitive, if they have to pay high healthcare premiums or don’t receive much help in funding their 401(k) plan, they may need to use some of that salary to find supplemental coverage elsewhere. If they find that another company offers better healthcare coverage or retirement benefits in one place, that company may seem like a more appealing place to work, even if the salaries are similar.
Do some research to figure out what types of benefits the competition is offering. Perhaps they are offering more vacation days, additional insurance, or company perks, like free gym memberships. While you may not have the funds to offer all these things, you can evaluate your own benefits package to determine what might be missing. If you find you need to invest in better benefits, one option is to use a personal loan to get your funds in line so you can put your money into benefits.
The pandemic allowed many employees to experience the perks of working at home and thus enjoy a more flexible work schedule. As companies have started implementing return to the office policies, employees have been looking for other positions that will allow them to continue working from home and have a flexible schedule. It is easy to customize a flexible work policy. You can set up a remote or hybrid schedule, where employees either work from home all the time or part of the time. You can also give them some freedom in deciding when they work. Some team members may prefer to work four 10-hour days and have a three-day weekend.
Not only are micromanaging employees often disrespectful to them, but it can also backfire. Give them the opportunity to make their own decisions so they feel in control of their work. This can also help with professional growth, making them more confident. Make sure they feel safe by fostering an open environment where everyone’s voice is heard. When someone feels like their opinion is valuable, they will become more invested in their work and become more motivated. Of course, you won’t be able to do this right away when someone starts with you, but you can give them more authority over their work over time. Gradually help them get to know different aspects of your business so they can make informed decisions. Use their skills and talents to help improve the company as a whole.