The competition for valuable employees can be a tough one.
Offering employees more money is great, but sometimes that isn’t an option when budgets are tight. The good news is, a pay increase isn’t always the top driver of employee engagement. In fact, recognition, growth and a fun company culture are some of the top factors employees cite for staying at a company.
Rewarding existing employees in other ways can have a positive impact on their decision to commit to your company, and in turn help your business succeed.
This new trend might seem terrifying and costly, but in fact is proving to be a huge success for many small businesses. Ask.com is saving 52 HR hours every year with their unlimitied vacation policy, freeing up those hours to be spent on company growth efforts. Employees are working harder because they feel a greater sense of responsibility and trust. The idea behind this utopian-esque vision of office culture is that happier workers will want to do what’s best for the company over time. So far, companies who have implemented unlimited vacation are seeing increased productivity and employee satisfaction. They’ve figured out how to retain employees who were leaving to find a better work-life balance.
If you aren’t quite ready to take the plunge into unlimited vacation time for your employees, you can still use the concept on a smaller scale. Every now and then reward employees with a surprise half-Friday. Starting the weekend a little early can go a long way to feeling more refreshed on Monday morning.
Work Location Flexibility
Remote workers are becoming increasingly more common for many companies. Giving employees that can do their job remotely the opportunity and freedom to do so, say once a week, can do wonders for employee satisfaction. Plus, getting away from the typical work environment and being somewhere new can help employees be more productive. We may never know if it’s the freedom to wear PJ’s all day or the change in the surrounding environment that makes us happy to work remote, but whatever it is, employees appreciate the flexibility.
Positive Work Space
Give your employees an office space in which they feel comfortable and content working. Use happy colors that increase productivity, and stock the break room with good coffee and healthy snacks. Here at Ving, wellness is encouraged with stand-up desks and medicine ball desk seats. There has even been talk about getting a standing desk treadmill for those moments you just need to get up and walk, but still want to be productive. Having nice break out areas with visually appealing furniture is a simple way to motivate and reward employees for their daily work.
If you aren’t sure how to retain employees, this is arguably the most important thing you can do to that won’t cost you a cent. Showing gratitude for employees’ hard work is the number one factor for retention. A shocking 90% of Americans occasionally feel underappreciated on the job, so it’s no surprise that they end up leaving to find a job where they’ll feel like they matter.
Employees who feel this way are more likely to decrease in productivity because they don’t have motivation to keep going above and beyond. If their hard work isn’t recognized, why wouldn’t they simply do the minimum? This is a huge problem, and one that is so easy to avoid.
I once left a position because I felt my 5 years of hard work and dedication to the company were going completely unnoticed and unacknowledged by my supervisors. If my manager had just said ‘good job’ even once, I might have stayed with the company. For me, it wasn’t about compensation — I received pay raises regularly, but I just wanted a genuine thank you.
When you notice an employee doing great things, let them know you’ve noticed. Expressions of genuine appreciation go the distance for company loyalty. Creating a plan for how to retain employees doesn’t have to cost you an arm and a leg. Sometimes life is all about the little things.
Want to read more about the high costs of employee turnover and what you can do to keep employees engaged? Download our free eBook “Employee Turnover Costs More Than You Think” today!