Finding an employee whose talents, skills and demeanor can fit into your company is hard. But, as soon as you’ve hired them, you need to start thinking how to retain them. Talented and hard-working people are not easy to find, and chances are that others will need or want their services as well. The most obvious choice is to offer your employee a raise to try and motivate them. This, however, isn’t always the best way to go. There are a lot of factors that determine the level of content of your employees, and a paycheck is only one of them.
Most employees make a distinction between a job and a career. A job is something you do to make money and a career is something you strive for that puts your knowledge to the best possible use. Provide your employees with the opportunity to grow on their job and to advance to the positions ofgreater responsibility and authority. You don’t always have to set a schedule on which the progress will occur, but let the employees know their work is being appreciated and noticed.
When asked about the benefits they would like to be provided with by their company, most employees answer in two ways. Firstly, a great health insurance plan that will keep them safe and healthy, without burning a holein their pockets is more desirable than any pay raise. The second answer is about college tuition. It was a standard practice a few decades ago, but now it’s a rare thing. The company is obligated to pay the student loan. In return, they retain the services of the student a number of years after graduation. With the rise of the cost of student tuitions,this could attract a lot of young professionals.
Gifts And Perks
Small gifts and bonuses for a job well done can mean a great deal. Not that much because of their value, but because they are a sign of trust and appreciation. In order to avoid choosing a perfect gift for each employee (or getting the wrong one),get a visa prepaid gift card. That way, you allow the employee to choose their own gift, and you only decide on its worth. Aside from presents, an unexpected (more or less business-related) trip is often a desired perk.
Having A Clear Success Metric
There isn’t always a clear line as to what the obligations of the employees are. In smaller companies in particular, it’s often the case that everyone’s doing everything and that’s sometimes great for morale and bonding. On the other hand, it’s important to have a clear metric of success. Every employee needs to know what part of their work is the most important one and on what scale are they measured. This will alleviate a lot of pressure and make everyone more productive and focused. Also, knowing how often the performance is being reviewed might be helpful.
Many companies are reluctant to provide on the job training because they fear that the employees will use the skills they’ve acquired to find a better employer or to ask for a different position within the company. This is simply wrong. Giving your employees the education they deserve or want will only make them appreciate the company more and give their current work a new layer and a new perspective. The training could be organized in a traditional format of classes or your employees could be provided with a mentor they could shadow and learn on the spot.
Money isn’t the only, or the best way to motivate your employees. Showing them how much is their work relevant to the company and allowing them to grow both personally and professionally is even more powerful.