Building a Case for Employees to Stay

There are many reasons employees may seek out other jobs or careers at another company. Sometimes they’re offered more pay, other times the job may be a better fit for their skills or schedule. In some cases, however, they may not be happy at all with their current positions. How do you keep your prized employees from jumping ship and going to another company? Make them happy.

By no means does this mean bending over backward to go against company policy or giving an employee an unfair advantage or benefits package that other employees aren’t treated to. It does mean, however, that you should try and compromise with the employee to help find a better fit and keep them with you.

First, you must find out why they are interested in leaving. Dig deep, get personal and try to get the details; you can’t compromise unless you know what you’re compromising with. Do they need more money? Does their family or personal life need more attention and a different schedule? Are they not being challenged enough?

If they’re after more pay, thoroughly review their performance and identify the benefits of giving them a raise. You may be able to offer something comparable to the salary the other company is offering. Sometimes it is all about the money, so don’t be shocked if they still want to leave if the other company is offering a much better salary. If you can’t offer a comparable salary, are there other benefits you can offer? Cell phone reimbursement, mileage, paid vacation time, etc? Would a different schedule help with their personal costs? For example: would coming in slightly later or leaving earlier reduce the amount of money they spend on childcare?

Is the job at your company a true fit for her skills? Not being challenged at work can be mind-numbing to professionals. If his skill set is better-suited for another position, can you promote him? Can you add to his responsibilities (with a pay increase to match the new tasks)?

Although these certainly aren’t effective in all cases, trying to make a comparable offer often helps retain great employees. After all, your employees are the backbone of your business, and star employees should be retained if at all possible.

Increasing Company Morale and Employee Loyalty

As a CEO, business owner or manager, you’ve heard about boosting morale and keeping employees happy. You may think you’ve got a great grasp on it; you’re wages are competitive, you offer a great benefits package, so what else is there? Turns out, quite a lot.

Accenture, a Dublin-based investment holding company with interest in providing management consulting and outsourcing services, conducted a study in 2007 (http://newsroom.accenture.com/article_display.cfm?article_id=4485) regarding satisfaction in the current organization among middle managers. Surprisingly, 23 percent of respondents were looking for a new job; 25 percent of those said this was due to lack of advancement opportunities at their current job. In addition, 22 percent of those looking for a new position in another organization stated better working conditions at the other job. Yes, this study is several years old at this point, but it still rings true. Your employees need to be happy at work; unfortunately, great pay and good benefits aren’t going to cut it.

Show Your Employees How Much They Mean

Offer incentives or regular praise for jobs done right. Employees need to feel that their work is appreciated, or they’ll find a place that will appreciate their work. While you can get creative, simply taking the time to appreciate employees’ work will go long distances. In addition, let your employees know they’re more than just numbers; take time to try and get to know them. Mark birthdays on a calendar or other special days.

Time Off is a Must

We all love vacation time, from entry level to executive. Vacations help recharge batteries, explore passions and get much-needed time with family or friends. While vacation time may be an obvious entry on this list, it’s certainly not the only.

Partner with Local Companies for Discounts or Special Days

Speak with the owners of local restaurants, parks, retailers and attractions to inquire about getting a discount program for your employee base. If this isn’t possible, why not see if you can get a discount for one day and treat your employees to a day at the park, a company picnic or a brought-in lunch or dinner.

Get Involved

While not everyone can go on vacation at the same time, everyone wants to get out of the office every once in a while. Entrepreneur.com mentions a company that offers a few paid hours per month to participate in community service or volunteering for charitable organizations.

Conclusion

You don’t have to spend a lot of money or time implementing employee appreciation tactics. The key is to make your employees feel appreciated. You’ll boost morale and company loyalty – and that is invaluable to your bottom line.

3 Types of Mentoring You Should Offer

Companies with abundant mentoring opportunities are more likely to retain their people. To achieve this, offer a range of mentors for people at different career stages. Here are three types of mentoring you should consider:

  • Buddy or peer mentors. In the early stages of a person’s career, a “buddy” can help speed up the learning curve. This relationship helps the protégé understand how things work at the organization.
  • Career mentors. After the initial period at a workplace, employees need to have a senior manager serve as a career advisor and advocate.
  • Life mentors. A life mentor serves as a periodic sounding board when one is faced with a career challenge. Organizations can’t necessarily offer a life mentor but they can encourage seeking one.

This article was originally posted on Harvard Business Review’s  Management Tip of the Day and was adapted from “Keeping Great People with Three Kinds of Mentors” by Anthony Tjan.