Employees are a valuable asset for every company. Without their performance, the company will not be able to achieve its desired targets. Typically, a company has several exceptional employees—individuals who should be retained because they possess the potential to propel the company forward. However, retaining such high-quality employees can often be challenging, as they are well aware of their valuable qualities and are sought after by other companies. Without the right strategy, a company may risk losing these exceptional talents. So, how can you retain potential employees for your company? Check out the full explanation below!
1. Create a Comfortable Work Environment
The first step is to establish a comfortable work atmosphere. Comfort can be derived from various aspects, including work culture, colleague relationships, and the physical workplace. For instance, company leaders can organize events to foster camaraderie among employees and superiors, such as team dinners, group outings, or visits to employees affected by disasters. The more comfortable the work environment, the more at ease the employees will feel within it.
Also read: 8 Ways to Increase Startup Employee Productivity
2. Appreciate Employees’ Hard Work
how to retain employees
Sometimes, leaders forget to express appreciation to their hardworking employees because work is seen as an obligation. However, even a simple “thank you” can hold great value for them. Beyond verbal appreciation, recognition can take other forms, such as providing meals for employees working overtime, in addition to their overtime pay. Companies can also offer bonuses or paid leave to employees who have achieved their targets through hard work.
3. Involve Employees in Advancing the Company
A company cannot progress without its employees; they are not just tools for achieving company goals. Therefore, employees should be involved in the development of strategies, rather than simply receiving orders. This way, they will feel that they are making a significant contribution to the company’s advancement, and their suggestions and opinions can positively impact the company’s progress.
Also read: 7 Ways on How to Improve Employees Quality of Work
4. Give Periodic Raises
One of the primary reasons employees consider switching to another company is an uncompetitive salary. Various factors, such as annual inflation and rising living expenses, contribute to this. Employees eagerly anticipate salary increases, so it’s essential to provide regular and proportional raises based on their performance. Avoid letting the situation reach a point where employees resign due to feeling underpaid for their efforts.
5. Offer Promotions
In addition to regular and proportional salary increases, promotions can boost employee satisfaction by providing a clear career path. Promotions not only expand the scope of an employee’s responsibilities but also lead to higher salaries. Don’t hesitate to promote employees with potential, ensuring that the promotion process is fair, ultimately benefiting the company’s future growth.
Also read: Advantages of the Transformational Leadership Style in Startups
6. Provide Opportunities for Innovation
how to retain employees
This is particularly valuable for startup companies. Innovation can help employees maximize their potential and introduce fresh ideas into systems and products. When employees are given the opportunity to innovate, they become more engaged in propelling the company forward. Conversely, if they don’t have the chance to innovate, they may seek opportunities elsewhere in organizations that embrace their ideas.
Also read: The Difference Between CEO and Director in A Startup
7. Maintain a Work-Life Balance
Balancing work and leisure time is a universal desire for all employees, whether in traditional companies or startups. During holidays, avoid burdening employees with work, as this can lead to burnout. Holidays offer valuable leisure time that can actually boost productivity when employees return to work.
In addition to these seven tips, companies should also focus on improving their employee management. Many employees resign due to dissatisfaction with management practices. If there are complaints about management, conduct an evaluation promptly. To learn more about effective employee management, consider downloading ASEAN’s Growth & Scale Talent Playbook!
