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  1. Schmetterling

    Schmetterling Entrepreneur

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    Interviewing, hiring and training new employees is a time consuming, costly affair, so I think most of the time it's more financially convenient to do the best to retain current employees. Is paying them more the best way to get them to stay? Do you have any other methods?
     

  2. Angel

    Angel Entrepreneur

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    I have had HR responsibilities for over 6 years now and this is a question I am constantly trying to find the answer to. I work for a fantastic company. I determine the pay for the employees based on a competitive market. I have tried paying more, I have tried paying median wages. And to be honest, it doesn't seem to matter. My company now offers health insurance and paid vacation time to our full time employees, but part timers are still left with no benefits. Offering benefits is flashy, it attracts people for the initial hire. The way you relate to and treat your employees has a huge impact on whether or not they stay. I treat my employees as equals and with the utmost respect.

    I don't like to to intermingle my personal life with my work life, but sometimes it's necessary to be something other than another workforce face. It really helps to go that extra mile and ask your employees how they're doing. Ask how their family is. Notice if they got a haircut or if they seem to be sad.

    I think paying a decent wage, offering performance based raises and bonuses, as well as paying extra attention is the best way to keep your employees. If you have someone extra good, be extra good to them so you don't have to go through 10 more workers to find another one like the one you lost. Hopefully that makes sense :)
     
    Schmetterling likes this.
  3. briannagodess

    briannagodess Entrepreneur

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    I think retaining employees works for the best because:

    1. It's time and effort efficient. You don't have to spend effort and time to train new employees.
    2. You can just do seminars to sharpen these old employees' skills and relationships.
    3. It maintains the organisation of the office.

    I guess the way to retain employees is by treating them fairly and with respect. If a company treats their employees this way, they're bound to stay regardless of the salary or benefits. Of course, these two are added bonuses but even with a good salary and benefit plans, if the employees aren't happy, they will find another employment. So that's the key, make the workplace a place of equality, respect and happiness.

    Good luck!
     
    Angel likes this.
  4. rz3300

    rz3300 Entrepreneur

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    Retaining employees has always been a difficult issue for me, because when I first started I was always under the assumption that having a set group of long term workers things would run more smoothly, but I quickly found out that it is not necessarily the case, and sometimes some employee turnover is really what you need. That said, though, certainly you have some employees that you really want to keep, and this is also part of the process because you have to have people that they want to work with.
     
  5. ruener79

    ruener79 Entrepreneur

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    The last company I worked with, I stayed for 13 years there. Most of our employees then had been with us for more than five years. Our turnover rate was very minimal. I guess our secret was having a casual environment and treating the employees right. We made sure that our employees are informed about their legal rights, taught proper computation of taxes, and got them involved in the business. It helped that we only had less than a hundred employees. So having them involved in running the business, getting their ideas as if they were the company owners was not that much difficult. Our owner reiterated that we give prime importance on delivering the message that the employees themselves have a stake in the company's success.
     
  6. Schmetterling

    Schmetterling Entrepreneur

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    Great stuff. Thanks for all the excellent replies. Basically it all comes down to treating people properly, giving the sufficient training an opportunities and making them feel valued. It's also important to give them sufficient money and other things such as healthcare so that they can live a fulfilling life.
     
  7. pwarbi

    pwarbi Entrepreneur

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    Looking after your employees is basically what it's all about and a pay rise isn't always the only way to get a good employee to stay.

    If they've been offered a salary you can't afford to match or compete with, there's other benefits that you could offer to make them reconsider such as flexible working hours and holiday entertainment.

    Sometimes though, just expressing how much they'd be missed and how much you appreciate and value their work can be enough to make them stay as money, while important, isn't everything when it comes to work and most employees want to be valued aswell.
     
  8. Rodney

    Rodney Entrepreneur

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    Treat people fairly. Favors for one employee should go to others or it will generate resentment. Honesty helps. As cheesy as it may sound I think it really does help to characterize work as a team effort but you have to work as part of the team, be seen as part of a team. Don't delegate from above and disappear. Don't underestimate the power of saying "please" and "thank you." Say you or the company needs help with whatever task needs completion. People like to help, they may not like to work. Talk to your employees. What do they want in the short and long term? What are their goals? Do what you can to help them reach those goals. If you can't, be honest about it. Ask employees what it would take for them to consider staying long term. Maybe they want certain work, flexible schedules, more time off, working from home. There may be relatively low cost things you can do.
     
  9. ctfranklin28

    ctfranklin28 Entrepreneur

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    The best way of retaining current employees is two-fold, the inner and the outer. The inner is psychological ("Maslow's hierarchy of needs" stuff, such as mastery, belonging, autonomy, etc.) People want to know their work matters. People want to know that they matter. Do that by doing your best to reinforce that in your communication (print and verbal) and actions. For example, don't say "Our employees matter" in the vision statement and then not return an employee's phone call because they needed time off. It's all about transparency. Try to be the best to attract the best and close the gap with the rest.

    The outer is sociological. People want stuff! They want to be paid for their work, be rewarded for good work (this could go along with psychology), and they want to fulfill their duties at work. Reward your employees with the best compensation you can afford. Encourage a culture that is productive, diverse, and inclusive of new members when the time is rgith.

    Overall, despite all of the vague terminology I'm using, the point is to try your best at the Golden Rule. Do what you expect your boss to do if it wasn't you.
     
  10. onlinecashcity

    onlinecashcity Entrepreneur

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    I've been working at my company for almost 3 years. It's a great company and it's fun and I love my job, so I might be a bit biased, but a few things that also made me like it so much, aside the subject of my work, are:

    - made me feel welcomed right away. different employees helped me set up all of my stuff so I got to meet people right away and feel well taken care of

    - was trained by someone but still given time to learn myself. it showed they trusted me and weren't trying to baby me.

    - owners show they care about employees....send monthly emails celebrating birthdays, talking about employees who did well that month, letters from the CEO discussing the business so everyone feel involved

    - random benefits...free fruit delivery every month, yearly movie outings, etc. Yes that costs money, but everyone is happy there. People only leave for a better company...aka Amazon or Google :p
     
  11. Corazon

    Corazon Entrepreneur

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    When an employee wants to leave, it is a big problem if you want to retain that employee. My suggestion is to get a feel of your employee's heart if it still belongs to the company. Once you get a hint that he wants to leave then you have to act fast. The first impulse is to give a salary increase. But I'd say that is the last resort. My first act is to gift the employee with something that would show my appreciation for his performance. Second is rewarding him with something like a trip or a tour. And lastly, the salary increase or a promotion.
     
  12. saraedward

    saraedward Entrepreneur

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  13. Suresh Perumal

    Suresh Perumal Entrepreneur

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    Not just pay they should be provided with good benefits, motivation and other recreational activities to make them stay with the company.
     
  14. Josephine Stuart

    Josephine Stuart Entrepreneur

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    You need to provide a great work environment. You can offer all of the benefits you want -- expense cards, extra paid vacation, health insurance, catered lunches, you name it -- but if people don't like actually working there, they'll seek better employment.

    Often times, people love or hate their job not because of the job itself, but because of the environment. How do your employees treat each other? Does your business harbor an environment of gossip and negativity, or positivity and support? How do your supervisors/managers treat new employees? Do they treat them harshly during the training process, or with patience? The environment is what will get employees to stick around.
     
    djbaxter likes this.

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