Finding the right talent for your business is challenging. Once you have, holding onto those employees is even more challenging. Yet, the best companies have found a way to keep the best employees — and it’s not by accident.
Ultimately, investing in your employees will result in them investing in you and your customer. According to the Society for Human Resource Management (SHRM), “Studies have suggested that employees become embedded in their jobs and their communities and as they participate in their professional and community life, they develop a web of connections and relationships, both on and off the job. Leaving a job would require severing or rearranging these social and value networks. Thus, the more embedded employees are in an organization, the more likely they are to stay.”
Here are three strategies for integrating your employees into your organization and providing them the satisfaction that will keep them there.
1. Financial motivation
They say money doesn't buy happiness, but it does provide necessities to survive and thrive. And while it may not be the most important aspect of a job, but it’s a major one. The fact is, money is important and it is a driving factor for why we all work. Provided you are offering your employees competitive market rates for compensation, there are other financial perks you can provide that encourage employees to stay. Matching savings plans, vested stock options, pension plans, Health Savings Account (HSA) options, healthcare benefits and more play a significant role in fostering longevity in your employees’ dedication to your company. Companies who offer a variation of these kinds of benefits that require time and consistency provide benefits for both parties: long-term loyalty for the company and financial support for the employee.
2. Learning opportunities
A company culture that encourages employees to become better versions of themselves will be difficult to walk away from. Organizations that focus on continued education, opportunities for growth and on-going performance check-ins create a culture of learning, innovation and satisfaction amongst its employees. According to a report conducted by Deloitte, companies who focus on establishing a learning culture are 46 percent more likely to be first to market, experience 37 percent higher productivity and 92 percent more likely to innovate. As an organization, be committed to creating a culture with a growth mindset. Help your employees take advantage of learning opportunities by offering resources for personal and professional growth.
3. Investment in personal well-being
Companies who genuinely care about their employees create lasting relationships with its workforce. Commitment to the personal well-being of an employee can manifest itself in several ways including personal leave time, health benefits, corporate activities and customized wellness programs. Traditionally, these may have been considered merely “icing” perks for a job, but in today’s workforce these characteristics and the associated benefits are not only wanted — they are needed.
If you want the best talent to stay, you need to give them a reason to stay — just like your customers.
Invest in your employees; give them reasons to embed themselves within your company and its culture. Contact ClassPass Corporate to explore how you can create an environment where employees choose to stay.