Staff Retention Without Giving Raises
7 Strategies for Staff Retention, Without Giving Raises
Staff retention without giving raises can be successful. As a leader, once you have your ideal staff, the next thing on your mind is how to keep them. As a company grows, employees become better at their jobs and consistently provide higher value with their work. At the same time, they increase their own value as professionals.
Replacing a staff member is an expensive and time-consuming process. Not only due to the costs of recruiting and new employee training, but also because it interrupts your company’s workflow and productivity. Losing a valued employee also destabilizes your team, swaying morale and upsetting their familiar team culture.
Susan Heathfield, a Human Resources expert confirms:
“Key employee retention is critical to the long-term health and success of your business.”
Offering a raise often falls short. Company culture, management style, workplace environment, and benefits are all hard-hitting factors when putting together a staff retention strategy. That said, here are 7 tips for keeping your top performing members where you need them the most.
Know Your Staff
A common lament in exit interviews is that employees didn’t feel acknowledged or cared about by their senior managers. In fact, Business Insider discovered that this is one of the main reasons why people quit their jobs.
You may feel like you don’t have the time or energy to mingle with every single employee. But think of it this way: you wouldn’t do business with someone who can’t remember your name or ignores your calls.
It’s important to balance being a leader with being a human. So take the time to learn the names of your staff, learn one or two key things about them, and even set up a calendar with their birthdays.
Acknowledging your staff and taking interest in them will make them feel welcomed, important, and increase their loyalty to your organization.
Manage Their Expectations
When an employee has a clear picture of what is expected of them, they will have all the tools they need to deliver quality work. If expectations are unclear or frequently changed, then your staff will feel on edge and unsure of their contributions to your company’s success. This, in turn, can create unhealthy stress and a creeping sense of inadequacy.
When a new employee enters the company, make sure to detail their job outline and responsibilities. Make it perfectly clear what is expected of them. Not only will they feel more secure about their role, but you’ll also save yourself from any unpleasant surprises upon receiving their work.
Give Recognition For Their Achievements
Excellent work deserves recognition. When achievements go unnoticed, your staff may feel like their contributions are not of importance. Frequently showing gratitude towards your employees plays a huge part in retaining them.
Some companies set up intricate rewards systems that incentivize employees to perform better, but sometimes a simple and genuine “thank you”, a workplace-appropriate gift or even a team celebration can go a long way in making an employee feel like their efforts are appreciated.
Provide Feedback On Their Performance
Staff members on all levels always want to know how they’re performing. Keeping your staff in the dark about how their work is helping your company succeed is a sure-fire way to lower morale and job satisfaction.
Be sure to send a quick word on how they did a good job. Adding a few details on what you liked about it and, if necessary, some suggestions on how it could be improved.
Foster New Skills and Career Development
Offering additional job training or paying for a course to further their education as a professional can make all the difference and help with staff retention. Top performers are what they are because of their need to keep learning and improving. So if their current company offers no opportunity for professional growth, they will search for a company that does.
Offer Small Perks
Sending in a pizza delivery on Fridays or offering extra vacation days for hard workers are examples of perks that are of low value to you, but highly appreciated to help ensure staff retention. Small benefits here and there are surprisingly powerful in keeping employees happy in the workplace.
As a leader, you’re trained to look at the bigger picture. But, as they say, the devil is in the details. If you don’t feel like small things like these are your strength, ask your HR manager or team supervisor to organize a few treats for the staff every now and again.
Ensure a Healthy Work-Life Balance
Being overworked is a major reason why people decide to pack up and leave. When a long workday is over, the last thing an employee wants is their boss sending texts or emails for the rest of the evening. Spending too much time at work can create rifts in their personal relationships and cause stress, which lowers their focus and productivity at work.
A healthy work-life balance is essential for employee retention. If they constantly feel burned out then they’ll begin looking for a new employer who understands that life goes on outside of the workplace.
Give your staff the rest time they deserve. If a project made them pull an all-nighter, allow them to come in a few hours later the next day or offer an extra day off. This will definitely help with staff retention.
You can’t build a successful company without the right people, so be sure to review what you’re doing now to retain your staff, and begin to implement some of the key strategies above.
Once you have a solid staff retention strategy, be sure to review it every 6 months or so. You’ll want to stay up to date on current best practices for developing company culture and improving manager-staff relations. By doing so, you will increase company morale and maintain a low turnover rate – a known recipe for company success.