Do your employees like working for you? Finding and hiring the right people is one thing, but what really matters in the long run is employee retention. In this blog article, learn what matters and how your employees want to stay with you and feel comfortable in their day-to-day work.
Why is employee retention important?
Ensure happy employees who feel valued and comfortable in your company. Happy professionals stay with the same company longer, which brings many benefits. On the one hand, you have less to contend with shortages of skilled workers and fluctuation. On the other hand, happy employees perform better. When your employees enjoy working for you, they are engaged and motivated at work. Most of the time, these employees are also more connected to the company and committed to it. This is a great thing, especially in terms of employer branding.
Hiring new people is expensive. So you can save a lot of costs if you know how to deal properly with your employees and work colleagues. This is not the only way to increase the company's success. Competent employees who are convinced of their work are better
are better received by customers and increase customer satisfaction. This in turn has a positive effect on the success of the company.
Last but not least, it's also a nice thing to know that you work for a company that values its employees and gives them something back.
Reward Management
One way to support employee retention is to offer rewards in the form of financial incentives or non-cash benefits. In addition to a fair wage, offer your professionals other benefits that set you apart from other employers. Bongo put out a rewards study in 2022. It found that 71% would turn down a new job with a higher salary to continue working for an employer with reward management because it means they are thanked for their performance. Rewarding employees for good performance does have its benefits. For one thing, you offer your employees added value for their efforts. This appreciation helps retain current skilled employees. This in turn ensures the company's success, as rewards have a motivating and encouraging effect.
Would you like to set up a reward management system, but don't really know when is the right time to offer such rewards?
How about the following occasions:
- Target achievement
- As a thank you for the commitment
- Special bonus due to length of service
- Promotion
- Birthday, wedding
- Sales bonuses, sales increase
- Employee recruitment
- Company celebration, company anniversary
- Holidays like Easter or Christmas
But you can also achieve employee loyalty in other ways. For example, ask your employees and work colleagues for feedback on the working atmosphere, how they are doing at work and what can be improved. This will give you an overview of points that should be addressed.
As an employer, you should definitely value your employees and ensure a good atmosphere.
Closing words
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