Today’s workforce is learning not to settle for less. They desire more than just a steady paycheck. Prospective employees are also looking at opportunities for growth, work-life balance, and fair treatment. As a business owner, you’ll have to prioritize these aspects now more than ever if you hope to reduce turnover.
In a word, what you should be looking to do is invest in your employees. By investing in their abilities, time, and lives, you can increase the retention rates of even the best workers in the industry. Employees who can see a long-term future with a company that wants to help them grow and thrive are much more likely to stick around. Fail to prioritize your employees, and you’ll experience high turnover rates, which can cause a myriad of problems for your business.
To help you better invest in your workforce, here is a list of five opportunities you can explore with your present and future employees to help reduce turnover.
1. Provide personal finance education.
Living paycheck to paycheck is a stressful situation. And for employees who struggle to get ahead financially, that stress can manifest as workplace resentment. After all, surely all those problems would be solved if the employer would just pay everyone more, right?
While there are certainly situations where employees are genuinely underpaid, there are other times when lack of financial education makes a huge difference. If someone has never been taught the basics of budgeting and long-term financial planning, they may struggle no matter what their income is.
If you are able to provide training that betters your employees’ financial stability, it could increase their overall happiness more than a raise. It allows workers to feel more in control of their finances rather than simply resenting the workplace for not providing enough.
There are several options for how to accomplish this. You have the option of hosting large-group lunch and learns or webinars. Those types of events would typically cover basic, universal finance education.
Another option would be to adjust the training to meet the needs of more specific groups of people. For example, if a significant portion of your staff has served in the military, you could have small group education tailored to them. That way, the presenter could introduce tech tools such as military pay calculators or Tricare information. Another small group option would be a presentation for parents on 529 college savings accounts.
2. Pay for trainings.
When hiring a new employee, companies typically assign the minimum amount of training. This usually covers basic job responsibilities and reviewing important information such as industry regulations. Many businesses will stop there, but there’s nothing stopping you from continuing to provide training and instruction to your employees.
Let’s say you oversee a marketing team. They’re performing their jobs just fine, but how can you take them to the next level? Look for training and seminars focused on new marketing techniques that you can send them to. Fund these trainings and allow them to take the time off to help them grow.
Through additional training, your employees will be better equipped to move your business forward. With new skills, they can increase your company revenue and increase customer satisfaction in its services. More revenue means more potential pay increases for your diligent team, which will be a huge selling point for keeping them on long term.
3. Provide advancement opportunities.
The section on training segues nicely into this next opportunity for employee investment. Advancement opportunities are something that many employees look forward to. Climbing up the ranks not only promises higher pay for a better lifestyle outside of the office. It also grants a feeling of accomplishment and fulfillment through the achievement of promotions.
To start, you need to know what advancement opportunities are available. Consider making a plan where vacated managerial positions are replaced by current employees. Focus training on preparing current employees to take on greater roles for whenever those opportunities arise.
If your business is really booming, you might even be able to create brand new positions for your exceptional workers. See the need for a dedicated marketing team in the near future? Reach out to one of your current employees. Ask if they have any interest in a leadership role. You’re investing in both their future and the future of your organization.
4. Offer serious benefits.
Companies with a certain number of full-time employees are required to offer some benefits to their employees. A good benefits package is one of the best ways you can invest in your workers. Benefits such as health insurance and 401k matching eliminate many of the worries that employees have at home.
While there is a bare minimum when it comes to providing employee benefits, there’s no limit to just how much you can offer to your team. Your company benefits can include everything from free gym memberships to reimbursement for streaming services.
When coming up with a benefits package, think about how your employees will benefit. Will this make them happier? Will this enable a better work-life balance? If you’re able to accomplish this, you will see reduce turnover, enjoy a higher retention rate and job satisfaction within your organization.
5. Think outside of work.
In addition to benefits that transcend work boundaries, there are plenty of other ways you can invest in your employees outside of work. A company Christmas party is a perfect example. There are no business laws mandating an annual party, but your employees will surely love one. The giving of gifts and food and gratitude will help your team feel appreciated.
Employees want to be known as more than just workers demanding a salary. Take the time to learn about their families. Make a donation to the kids’ sports teams. Send flowers to an employee who is sick. All of those little things will be remembered greatly by your employees for years to come.
An Investment That Pays
Your employees are your greatest resource. Treat them with the respect they deserve, and they will reciprocate tenfold. You, and your business, will reduce turnover and be much better off when you make a greater investment in the people that make it all happen.