While it is difficult to find employees who are the right fit for the job and for the company, it can also be challenging to retain the best ones. The key, though, is to keep your employees happy and loyal.
Having happy employees will benefit your company in terms of profitability and productivity. Studies show that 20% of companies with happy employees outperform the competition and earn 1.2 – 1.7% more than their competitors. Further, studies also reveal that happiness makes employees 12% more productive and that happier workers are more likely to solve difficult problems faster.
The bottom line is, you have to learn how to keep your best employees happy and loyal in order to retain them.
Here are some tips on how you can make your top employees happy:
1. Get their compensation right
True, money isn’t everything but you have to make it a point to pay top talent what they are worth. Always pay the market price or more if you can afford it or else, you just might lose the person to another company willing to do so.
2. Provide a clear growth path
Employees want to know what your plans are for them and how they can grow and learn within your company. Identify opportunities for them to shine and work with them towards a career path that they will be happy with.
3. Train them
People will get bored with their jobs if they’re always doing the same thing and no longer learning new things. Train them so that they can acquire new skills. This will not only help them do their jobs better but will also make them happy to know that you’re investing in their personal and professional growth.
4. Listen and talk to them
A lot of companies conduct annual reviews for employees and that’s a good way to generate feedback from them. However, do not be limited to that. Find unstructured or informal ways to talk to them and get to know them better. Let them tell you their ideas or complaints. Doing so will let them know that you value their opinions and that will make them feel that they’re an important part of your company.
5. Offer other incentives
Aside from bonuses, consider giving other non-monetary incentives for your employees. Fringe benefits, such as telecommuting options, massage services, food, dry cleaning services and other similar benefits, will help make your employees lives easier and more enjoyable. They will, in return, be more appreciative of you.
6. Be generous with praise
It may sound so simple but it’s true, people need to hear compliments every now and then. Studies show that 69% of employees state that they would work harder if they were better recognized. It’s the easiest and cheapest way to let your employees know that they are doing a great job and that the company recognizes and appreciates their efforts.
7. Help them achieve their goals
Each employee has their own personal goals. Consider how, in the framework of your company, you can work together to help them achieve their dreams. Let them feel that you’re not just concerned about the future of the company but in their future as well.
8. Encourage workplace friendships
A study also reveals that 70% of people state that having friends at work is the most crucial element to a happy working life. Encourage building positive relationships within the organization. Making emotional connections and bonding over common interests will improve relationships and help people work together better.
9. Allow flexible work hours
Rigid work hours are now becoming a thing of the past. Be open to giving your employees flexible working hours so that they will also be able to do the other things they want to do, such as spend time with family, friends or hobbies. Not everyone needs to be at the office at a specific time anyway, so allow people to tweak their schedule if possible.
10. Give them a day off
Recognize the people who are putting in the hours to get the job done. Everyone needs a break. Let them have a day or an afternoon off on company time to just relax. They will appreciate it after working so hard.
These are just a few basic examples on how you can keep your top employees happy and loyal. The key is to find out what motivates them and what they value the most so that you can figure out which happiness strategies will work for them.