Let’s face it, when you want to keep good employees you’ll do just about anything to deter them from leaving. But you don’t have to worry about employee turnover as much when you provide a desirable work environment. Following a few simple guidelines will help you keep your best employees for the long term.
Set Performance Objectives With Rewards
One of the best ways to keep good employees is to set clear performance objectives and offer rewards for meeting goals, according to Santa Clara University. Such rewards might be monetary like bonuses or commissions (especially for sales roles). Other ways to reward top performers for hitting performance objectives include days off, early release or family trips.
Offer Flextime or Telecommuting Options
Your best employees provide you with quality performance, regardless of the environment or hours worked. These key employees always do what it takes to get the job done effectively. One way to retain such top performers is to allow them flextime (variable and individualized work hours) and the option to work from home at least one day weekly. This perk is invaluable because it allows workers the opportunity to maximize work-life balance—and in the case of parents, allows options to stay home with a sick child or for school closures.
Establish Revenue Sharing
Revenue sharing is a perk many good employees appreciate. Harvard Business Review suggests linking part of your employees’ wages to company performance and revenue, to create incentives for longevity within the company as it grows. While your employees should receive base salaries as well, profit-sharing paychecks are icing on the cake—and a perk not offered by all organizations.
Provide Unique Perks
To make your company a more desirable place to work than your competitors, offer extra perks (along with standard benefits) that aren’t readily available at other places of employment. In addition to telecommute and flextime options, other unique perks that help retain good employees include drycleaning pick up, on-site fitness facilities, on-site or paid childcare, concierge services, casual dress, stock options, tuition reimbursement, on-site parking, sabbaticals and half-day Fridays. Employees will appreciate the thoughtfulness and convenience of these unique added perks and be motivated to stay long-term.
Tie Financial Incentives to Tenure
Linking financial incentives with tenure is a strategy recommended by the Society for Human Resource Management to help keep good employees for the long term. This means providing yearly raises or offering employee retention bonuses to incentivize long-term retention.
Create Growth Opportunities
Promoting from within when possible offers more than a few advantages. Doing so and creating growth opportunities within the company is something many employees desire, according to Harvard Business Review. The opportunity for advancement—and the higher pay that comes with it—motivates employees to work their hardest and stick with a company for the long haul.
Give Respect and Autonomy
Nothing deters professionals faster than micromanagement—hovering over their every move. Show employees respect, give them autonomy and praise them for doing a good job. Most importantly, demonstrate employee trust by giving them responsibilities they can complete on their own without feeling as if they’re “under the microscope.”
The bottom line is employees are motivated to work hard for companies that show appreciation, give respect and treat employees right through offering unique perks and performance-based rewards.