Techblog
How to retain employees for the long run
Worried your best employees are going to move on? There are actually many ways for SMEs to keep staff motivated, challenged and keen to pledge their long-term loyalty.
For most businesses, the most difficult aspect relating to employees isn't hiring them, but keeping them. Once you've managed to get them to work for you, retaining them is the key. But this isn't always as simple as it sounds.
Employees need to be motivated in their job as well as fairly compensated and rewarded. If not, they will have no qualms seeking out better career opportunities. Here are a few ways to ensure you don't lose your best resources.
Be Clear with Goals
When your employees know exactly what is expected of them, they will not only be more motivated to do their job, but will also want to do it well. Be precise from the start about what their job entails so they understand what is expected of them.
However, they also need to know the rewards of achieving a goal, as well as the assurance that they will be given the support to help them achieve them. Good managers instill a sense of responsibility and ownership within their staff. Make the staff aware that they are a vital part of the organisation and that they are needed for the company to succeed.
Allow Growth
This doesn't mean they shouldn't be allowed to do anything beyond their job scope - make allowances for them to take on tasks beyond what they're expected to do. Taking on more responsibilities and allowing them to develop gives them a greater sense of pride in their work, which pushes them to stay on in the job.
Just don't flood them with various other jobs when they are already at capacity. Another way for them to grow is through sponsoring them for courses or encouraging skills to upgrade themselves. The Ministry of Manpower encourages skills upgrading through the Singapore Workforce Skills Qualification to help workers devlop the necessary skills to stay relevant and improve productivity. A company that helps its employees grow in that way is more likely to gain the gratitude of its employees.
Show Appreciation
A reward system can work wonders. Tag small perks to things like weekly or monthly targets so employees are motivated all the time - not just when it's time for work reviews or annual bonuses. When they know they can be rewarded at any time of the year, they will stay focused and work hard consistently. Read about ways to retain your staff (without raising their wages).
Engage Them
Whether it's getting feedback on their or the company's performance or looking for ideas to help your business, employees will want to stick around if they feel involved. Having a solid rapport with employees can keep them engaged and also gives them a sense of responsibility towards the company and its success, which spurs them on to take pride in their work and work harder. Read more about how to engage employees effectively.
Promote from Within
When employees know they have excellent opportunities within the company, they will be further motivated to do well. They will also be less inclined to look elsewhere for career advancement when they know they can do well and climb the career ladder within your organisation.
It's worthwhile for all managers to spend some time thinking about staff-retention strategies and career-development opportunities for their employees. A little time spent now might save a lot of inconvenience (and money) later.