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  • Writer's pictureJ.Yuhas

5 Strategies To Increase Employee Retention Without Breaking The Bank

Every organization goes through ebbs and flows of employee engagement but what keeps employees satisfied in their careers is an influential team and strong leadership.

Leadership is the foundation and essential component of maintaining consistent sustainability. It keeps each level of an organization engaged and motivated starting with c-suite executives down to management and most importantly, the employees.

Effective leaders know its critical to keep employees inspired as it impacts the health and wealth of the company. If your employees are encouraged and supported in their role, it promotes long-term growth for productivity, increased performance, and stronger relationships internally and externally amongst all team members.

Here Are 5 Strategies To Increase Employee Retention Today:

1. Utilizing Active Listening To Give Your Employees A Voice

In a healthy workplace that focuses on positive morale, there’s usually a lot more listening going on with executives and management teams. This gives employees a voice to feel like they are part of a team where they can advocate for the things they need and want to maintain productivity. Employees who feel valued are more inclined to work more effectively and efficiently towards goals when they get to have a direct influence on the decision-making processes.

Another bonus to having employees provide valuable feedback is that an organization can’t solve all company problems without knowing the nitty-gritty details. If a solution is offered too soon to resolve an employee's issue, the employee is less likely to feel heard or understood. This can make them feel undervalued and less likely to engage in their current role. Therefore, it’s much more beneficial to ask questions for engagement and learn about the current problem where collaboration on a solution creates a win-win outcome.

By actively listening, employees are more willing to be transparent and highlight issues or challenges when they start before it reaches executives. The more an organization capitalizes on its employees, the more inclined they will stay at a company for years to come.

2. Offering Weekly Support and Encouragement For Positive Culture

Employees like to know they are doing a great job especially if they are passionate about their career and professional development. Since they don’t have access to data points, it’s hard for them to know how they are making an impact or if they are meeting their optimal performance goals.

Offering encouragement to employees keeps them motivated to continue on their current trajectory to push the needle a little farther each day. And even on their hard days, they want to know someone is on their team and willing to support them through the trenches. Employees are likely to feel valued and part of an organization when they have a leader who desires to understand their journey through their eyes and extends support along the way.

3. Recognizing Milestones and Goals For Employees

Besides weekly support and encouragement, recognizing when an employee hits a milestone or goal can be another way of showing great leadership and keeping employees engaged. However, this can look a little different than one-on-one performance reviews.

Giving an employee recognition in front of the entire organization can make an employee feel like a valuable asset knowing their hard work is appreciated and rewarded. When their talent is highlighted amongst team members, it can create healthy engagement between other employees for connection over the competition. This can be done at the office, virtually during a team meeting, or by email.

4. Providing Career Advancement or Opportunities

While every organization has a limited cash flow, offering coaching or professional development to your employees can be a great way to show you value their careers. Employees are more inclined to stay with an organization where they receive professional advancement training to grow and learn new skills. Taking a chance on their development shows you value keeping them within your organization.

At the same time, you turn your employees into leaders when they get new opportunities to improve their skillset which affects the organization’s bottom line. Not only are your employees happier but your clients will be satisfied with the service your organization provides. This ends up being a win-win without breaking the bank.

5. Giving Incentives or Perks When Earned

Not all employees are looking for a salary raise but they do appreciate monetary bonuses, lifestyle perks, or referral incentives to continue to grow in their role at the company. Giving an incentive or lifestyle perk for continuous growth supports the entire ecosystem of the company. Each employee and leader are all working towards one big goal, so rewarding people in a way that benefits their life makes them feel good and want to stay at their current company.

By leading the way, employees are more likely to stay working for an organization where they feel respected, honored, and valued for their talent. While most employees desire financial freedom, sometimes saying the right thing at the right time and giving something small can be worth keeping your employees satisfied long-term.

Is your company having a tough time keeping your employees engaged all year round? It can be a challenging process if you don’t have the leadership skills to keep your employees motivated. Reach out today to learn more about our leadership training to retain your top talent employees.


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