First, if your employees are unhappy, that could reflect poorly on the company culture, morale and/or management. Second, it costs 20% of an annual salary to replace a mid-level employee, and it could cost 213% of a year’s salary to replace a C-suiter, according to a study by CAP.
1. Have a Mission Have a purpose that’s bigger than your company, adding that your company should make a difference in the world. Method brings water to impoverished areas, Chalkfly invests profits in teachers, Privy helps small businesses master web marketing and Greatist helps people be healthier. You don’t need to be Mother Teresa, but you should show you care about other people and your community, not just your profits.
2. Give Employees Ownership People work best — and are happiest — when they have ownership, when they can solve problems their way and express their individuality. When your employees feel that they can tangibly impact the direction of the company, they’re more likely to throw themselves fully behind the cause. At Hire Space in London, teammates design their own workspace — a decision based on a study that found employees who had control over the layout of their workspace were 32% more productive. Whether they want a stand-up desk, some plants or a stability ball, these employees feel more comfortable (physically and mentally) and efficient in their space.
3. Get People Talking to Each Other Whether you’re using Skype, Hipchat, Canpfỉe, Salck or Honey, encouraging teammates to interact will make employees feel more connected to and informed about their company and one another. Host a happy hour, hold a company picnic in the summer and celebrate the holidays as a team at the end of the year. By creating a culture where employees know and respect each other, small businesses can boost employee morale, create better communication and collaboration and improve long-term results.
4. Provide (and Ask for) Regular Feedback Don’t wait till the end of the year to inform employees they weren’t doing well, or not as well as their perception led them to believe. And don’t forget that feedback is a two-way street. One of the standout ones is to make sure everyone understands they have a voice, regardless of title, and that their voice is heard loud and clear by senior management at all times.
5. Encourage The Team to Live the Brand It reminds them why they work for your company, and it ignites passions that can be shared with your customers. At Plated, each teammate gets four plates per week — yes, it’s free food, but it also helps the team become familiar with the service’s offerings and recipes, so they can make knowledgeable recommendations and provide the operations team with direct feedback. They’re always immersed in Plated and become even stronger brand ambassadors because of it.
6. Place a Premium on Employee Health The companies with superior retention rates are the ones that recognize that wellness is essential to productivity. Wellness isn’t just physical, it’s mental, too. Minshew recommends setting a cut-off time, when the person should turn off their computer and cellphone, in addition to encouraging vacation days and taking a lunch hour.
7. Recognize That Perks Are Nice, But They’re Not the Ticket to Retention “People think culture translates to parties, vacation, and non-business-y policies. I disagree — culture is the personality of the business, and you have to mean it and stick to it inside and outside of the company,” says Brandon Kessler, founder and CEO of Challenge Post. As your company grows, culture will help keep it on track, steer hiring decisions for the people who will maintain that success and safeguard your company from spiraling into something you don’t recognize — even if you no longer know everybody’s name. Employees must understand your culture, and why it’s important. Reward employees who advance your culture, and be open and honest with those who don’t.
www.joliesiam.com, based on mashable.com