It’s important for organizations to focus on retaining the quality of talent that they employ and more and more businesses seem to be realizing that. A recent survey conducted by CareerBuilder found that 50% of employers consider retention a top business priority. It goes beyond just hiring top talent to help grow and evolve a business but investing the time and resources into existing employees to grow a solid foundation for success.
There are several ways to achieve this. The billionaire entrepreneur behind John Paul Mitchell Systems hair products and Patron, John Paul Dejoria, shared his philosophy on keeping employees happy in this Forbes video. Here’s an excerpt:
“When we hire people at Patron and John Paul Mitchell Systems, the people we hire do more than one thing. We purposely give someone the responsibility of several positions. They’re paid extremely well, we take more than good care of them but it gives them the opportunity to be in something that if times are ever tough we don’t have to eliminate anybody. They can migrate into a variety of things because they’re already doing it.
Now as business starts thinking about this and they start hiring people from the beginning with fewer moving parts. We probably have one fourth the amount of staff that our competitors have. (You know, per capita and per you know what we do per year in business) But we hire where you do more than one thing. Where instead of getting one job to do one thing all the time that they draw it out because it gets so boring, they do two or three things. All of a sudden they’re happy in what they are doing, they’re excited about it and their day is full.”
Offer a competitive benefits package that fits your employees’ needs. While providing health insurance, life insurance and a retirement-savings plan is essential in retaining employee other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.
Provide incentives for strong performance. While millennials are known for wanting a lot of feedback on their work, employees at all levels require direction, guidance and constructive criticism. Finding a balance between opportunities for improvement and incentives for a job well done will show your employee that you are invested in their success and personal growth.
Provide some small perks. Whether it’s catered lunches every other week, or having a massage therapist visit once a month, small gestures likes these go a long way with keeping employees happy.
Foster employee development. This could be training to learn a new job skill or tuition reimbursement to help further your employee’s education.
Create a positive work environment. One of the top reasons employees leave jobs relates to issues with management, and a lack of company culture or a lack of culture fit. Focus on building team morale and creating a positive work environment can help overcome other challenges in the workplace.
There are ups and down with every job but those who enjoy the atmosphere, feel valued, and fulfilled at the end of the day are more likely to stick around and overcome challenges when they arise.