How to keep a valuable employee in a company?

The report by Deloitte – “HR trends 2014: How to attract and retain employees in the 21st century” – shows that an employer, to keep people important to the company, should help them discover their passion and give a sense of purpose. There is a study that has been conducted every year for ten years and is called Global Human Capital Trends. It clearly indicates that talented employees want to be part of something they can believe in.

New generation of employees focuses not only on salary but also a possibility to identify with a culture and values of a company they work for

According to surveys conducted among employees around the world, adequate pay is not a sufficient reason to achieve full satisfaction with work – although it is a necessary condition for taking it. People with many years of experience in a given profession also pay attention to other aspects. What is essential for them is the atmosphere at the workplace, incentives and the possibility for personal development.

The responsibility for keeping the best employees in the company rests with the employer, who should be able to appreciate their value. Of course, this is not without a cost. In the long run, caring for an employee brings a return, or even a surplus, of funds invested in them.

9 tips to help you reduce the turnover in your company and keep the best employees:

1. Build a sense of belonging to the company

Make your employees feel that they are participating in something meaningful and valuable by engaging in the implementation of the company’s vision. Such actions will make them more committed and loyal. By increasing integration with the brand, companies can also become its ambassadors. Here is why:

• tell people what’s important to your company and what’s important to your customers;
• talk to them about your vision of the company and the role of each employee in in their contribution to it;
• organise integration events and trips for employees, sometimes also with their families;
• prepare additional attractions as part of the training.

It is worth informing the company’s environment about such events, for example, through the company’s profiles on social media. Updating the company’s life events will help build a positive image inside and out.

It is crucial for the employee to show clearly and transparently what the purpose of his work is and and how he will influence company’s achievements.

2. Maintain a good atmosphere

People work much better in a pleasant atmosphere where there is space for a positive word, a sense of humour and optimism. 

• Be friendly to the team, bring a good mood, eliminate stress. In such an atmosphere, everyone is more creative and uses their potential to the fullest.
• Treat everyone politely and respectfully, don’t shout or raise your voice. A prospect of being punished does not motivate to work but causes fear, and intimidated employees do not give their best.
• Prevent situations in which team collaboration is based on fear of failure and unhealthy competition.
• Create a friendly work environment so that the employee comes to work with enthusiasm and eagerness to give their fullest to their job that is their passion.

It is worth systematically demonstrating your interest to your employees, e.g. through regular meetings to establish a future strategy. However, remember that the most valuable are everyday, seemingly minor situations that confirm the authenticity of intentions.

3. Create an atmosphere of trust and credibility

Today’s employees, especially the young generation, expect partner treatment and empathy. They want to be appreciated and feel that the employer takes their opinion into account and considers them a part of their company. They should know that if necessary, they can reach out to their boss, who will find time for them and listen to them – and not send them back. To create an atmosphere of trust:

• treat everyone equally and be fair;
• share your knowledge and experience, but also listen to what others want to tell you;
• keep your word – you don’t have to talk about what you do, but always do what you say;
• admit your mistakes and take responsibility for failures resulting from unclear expectations and lack of appropriate training or tools.

The research company Great Place to Work Institute has distinguished five essential features that make a given workplace attractive. At the fore is the credibility of the bosses. It is understandable because the employer expects the same from each employee. Credibility allows you to trust the other person. This is a trait of professionals that confirms their authenticity.

4. Articulate expectations and provide feedback

The employee needs to know what is expected of him to carry out his tasks properly. He also wants the feeling that he and his opinion are important to the employer, which increases motivation and work efficiency. Therefore, clearly express your expectations while showing support and interest in the views of subordinates. Not only ask questions but also listen and give feedback. Include your subordinates’ responses in planning and assigning tasks. By providing feedback (positive and negative), you show that you care about team relationships. Remember:

• provide it as soon as possible;
• criticize in private but praise in public;
• present the matter objectively, focus on facts, avoid expressing opinions;
• indicate the impact of certain behaviours on business goals, customer satisfaction, costs;
• ask the employees for their assessment of the situation and let them present their own solutions;
• offer support in the event of changes.

The employee performs his duties better and shows a more significant commitment to work when he is aware of what the organization is heading towards and what its goals are: operational, tactical, strategic.

5. Take care of communication in the organization vs philosophy of reciprocity

As Jack Hawley notes, how much employees give to the company is directly proportional to how much they get from it. The principle seems trivial – you get what you give. The key here, however, is the sequence. A boss is supposed to be the person who takes the initiative and gives rise to reciprocity.

There are specific mechanisms that enhance reciprocity, such as adequate internal corporate communication. Clear communication about goals, strategies, the impact of the organization on the economy or the environment, and combining this impact with the specific efforts of employees is a substantial factor in building a sense of the meaning of work and community. Communication is also crucial for creating the company’s culture and brand.

New generations want to learn and develop and have the opportunity to do the job they like, in which they can pursue at least some of their passions and interests.

6. Support the development and improvement qualifications

However, the atmosphere at work is not everything. Ambitious employees care about the development and improvement of their qualifications. It would help if you tried to provide him with the conditions to expand his knowledge and competences. It can be done by co-financing or covering the costs of training, courses and industry conferences. Such must be tailored to individual needs, which are good to be based on prior employee assessment – it will show who should develop and to what extent. By investing in improving the professional competences of employees, you also invest in your company, which translates into its profits. Remember that through the word “development”, an employee also understands the possibility of continually climbing the career ladder. Therefore:

• look for ways to develop your people and support them in their success;
• delegate ambitious tasks – this way you allow an opportunity for development and self-realization;
• create a mutual learning culture in the team;
• share your knowledge and experience;
• hire people who are better than you, without fear of competition from them;

In a survey for Pracuj.pl, 80% of the respondents declared that they did not realize their desire to develop in their current workplace. People like challenges. They are curious about the world, things they do not know yet. Employee development is a benefit for the company.

7. Appreciate and be fair

Recognition from the supervisor has a significant impact on employee’s feelings. It dictates whether a person feels good in the company. This is confirmed by the results of the study “The Dream Workplace for a Professional” conducted by the HRM Institute, according to which employee appreciation is the second – after financial issues – essential attribute of a dream employer. It costs nothing and can have a significant impact on motivation and commitment to work. So:

• learn to “catch” people at exceptional work and reward them with praise, bonuses, awards, additional holidays or even a corporate gadget;
• don’t favour anyone without a particular need;
• reward fairly for the achieved results;
• remember that people do work to earn money, so establish transparent rules on compensation and bonuses.

8. The remuneration system, that is a long-term investment

It is worth focusing on people who have been a part of your company for years. Take care of a clearly defined and communicated remuneration system, adapted to the needs of a changing market. Take into account that the costs of recruiting and implementing a new employee may significantly exceed those related to the maintenance of already employed people. How to do it?

• The salary must reflect the competences and commitment of the employee, and the incentive system – take into account his needs.
• The salaries of employees in equivalent positions should be equal, although people should be recognized for doing more for the company and showing a particular initiative.
• Salary supplements can provide excellent incentives, such as awarding a periodic bonus to each employee or rewarding one for exceptional achievement.
• Other wage supplements are valuable, such as paid holidays, holiday financing, group insurance, medical benefits packages, gym cards, and meals at work.
• It is worth noticing the diversity of the characters of your subordinates and adjusting the incentive system individually. For some a professional advancement will be important, for others – a salary premium, and for the rest may be benefits, such as medical insurance.

9. Respect the private life of employees

Recently, the work-life-balance philosophy has been gaining popularity, promoting a balance between a private and professional life. It is worth supporting employees in this balancing act. Avoid situations where the employee has to choose between work and family. See in them a man, someone’s husband, father, daughter. So:

• show that you understand and respect it;
• be understanding and helpful in difficult times;
• provide financial support, if possible, in the event of illness, death of a loved one or other significant events, such as the birth of a child, wedding, etc.
• introduce flexible hours and enable remote work, thanks to which you will facilitate the reconciliation of private and professional life.

Such gestures will not be forgotten but may be reflected in the form of better work results or positive opinions about you as an employer.

Summary

Inspiring people, empowering people, learning from their skills and appreciating them are vital practices that will help you retain valuable employees. After all, people are the future of a company. As a good leader, you need to see the broad spectrum of what work means to people, especially young ones. And the fact that people want to pursue personal development and individual goals also through work.

New generations of employees focus not only on remuneration, and even work-life balance, but above all on whether they will be able to identify with a company’s culture, its values, goals and practices.