Adapted from “Five Ways to Keep Valued Employees” by David K. Williams https://www.forbes.com/sites/davidkwilliams/2017/01/22/five-ways-to-keep-valued-employees/#4092b66a1246
Here are five ways to invest in healthy employee relationships and retain your valued employees.
1. Share responsibility. Show your employees you trust them by giving them responsibilities that allow them to grow, and encourage them to gain new skills. Provide ample continuing education opportunities. Hire from within wherever possible, and give generous promotions at appropriate times.
2. Show respect. Employees want to know they are respected and appreciated. People may readily forget the things that you said, but they will always remember the way you made them feel. “If you must give criticism, combine it with praise for what the employee does well,” says Peter Daisyme. By showing respect, you will help your employees develop confidence in their skills, which will encourage greater productivity and enthusiasm for accepting new challenges.
3. Incorporate revenue sharing. If you want to show genuine appreciation for your employees, put your money where your mouth is. Tie a part of your employees’ wages to the company’s performance. This will align their interests with the company’s revenue and profit goals and will serve as an incentive to stay with the company as it grows. By making the fixed cost of payroll inherently more variable under differing business conditions, you can make your company more resilient and agile while also treating your employees very well.
4. Offer rewards. The rewards you give your employees should speak to their emotional needs and go beyond their monetary compensation. Recognition in front of the company, department parties, service projects, lunches with the boss, logo clothing, handwritten notes, etc. can all contribute to the positive culture of the company and can be good morale builders, as well.
5. Allow for relaxation time. Be generous with time off. Provide sufficient time for sick days, family vacations, new babies, etc. Pacing workflow can be highly beneficial to enduring employee relationships.