Many employers believe the secret to employee retention lies only in the employees’ compensation. The truth is, however, that employees put a greater value on their relationship with their employer than the amount of money that they make. More employers are realizing just how much employees value the connection that they have with their employer. While compensation is important, employees are looking for a reason to stay with a particular company. Employers should consider the following when trying to boost retention:
Loyalty from Upper Management
Employers that demonstrate loyalty to their teams will find that their employees will be loyal in turn. Employees need to feel valued by their employers in order to want to stay at a company. Franchise owners often adhere to the sentiment “quick to fire, slow to hire” which spells trouble in the long run when looking at attrition metrics. Employers should have a greater sense of loyalty for their employees. Instead of firing them after a single strike, employers should work to build a relationship with their staff, working through issues as they arise.
Though money isn’t always the deciding factor for staying in a career, a higher compensation could be the answer for some. Some people tie money into how highly they are appreciated. You should show your employees that when they go above and beyond during their time at the company that it doesn’t go unnoticed. A possible raise or bonus for acts of excellence could be what keeps some of your employees on board.
An employer’s management style can have a significant impact on the company culture. While every employer has their own management style, there are certain ones that should be avoided as they will likely drive employees away. Employees that want to stay at a job need to feel a sense of sense of security at work. Having an employer that is quick to fire will make any employer feel less comfortable envisioning a future at that company.
Franchise owners must truly be emotionally invested in the company if they hope their employees to do the same. Employees can’t be expected to pour their soul and heart into their jobs if they see their bosses are checked out of the job.
There is no one way to ensure that an employee stays on at their job. However, these five strategies are simple ways an employer can help promote retention among their employees.