Employers Must Give To Get
The employer/employee dynamic is a two-way street.
The pendulum swings with the economy: In times of high unemployment, the employer has the upper hand. In a robust job market, employees know they have other options, and their loyalty is harder to ensure.
We’re in a robust job market now, and your employees know it. According to TradingEconomics.com, “The US unemployment rate came in at 3.7 percent in August 2019, unchanged from the previous two month’s figures and in line with market expectations.”
What this means for employers: You’ve got to give to get.
Of course, that reciprocity is always the reality, in every aspect of life, regardless of the economy. However, the balance does shift and right now employers can improve their position by making sure they are giving. Giving employees concrete benefits; giving them a reason to stick around; giving them faith that even when the power dynamic shifts, they’ll still be content and valued under your employment.
Employers Give Staff a Reason to Be Loyal
How can employers make sure that staff wants to stick around?
It’s simple. Make them feel valued. Give them benefits, both concrete and abstract, that exceed the competitions’. Ensure that they can grow both professionally and personally.
Make Employees Feel Valued
Cultivate an atmosphere which encourages positive, meaningful interactions between people at all levels, in all divisions. Make sure relationships between supervisors and subordinates are no exception. This gives everyone an expanded sense of meaning and purpose, which is essential for satisfaction and retention.
Annual reviews are not adequate in today’s fast-paced society. Make it an ongoing conversation: Show your interest and appreciation on a regular basis, along with tactful performance critiques.
Engage in random acts of appreciation: Order in pizza, host a happy hour, arrange a sports outing, share public praise.
Give Employees Better Benefits
Be flexible with time off, working hours, and working from home. Respect their personal and family needs with maternity leave, paternity leave, mental health days, and the like. Give them more control over their workday and they’ll be more productive.
Onsite child care, lactations stations, work-out rooms, transit passes, tuition help: Give employees concrete reasons to stick around.
Personal and Professional Growth
Encourage continuing education with tuition help. Build a thriving mentorship program. Optimize internal training programs.
Promote from within, so employees can envision their own path to the top. Share the stories of senior employees who worked their way up the ranks.
According to a Health Affairs study, each dollar invested by corporations in wellness programs saves three dollars in subsequent medical expenses. Emphasize employee wellness. Set up softball, disc golf or bowling teams. Arrange volunteer cleanup days in the great outdoors. Bring in services to help employees pursue their health goals like quitting smoking, losing weight, getting fit.
Why It Matters
You know that a solid, cohesive staff is the bedrock on which greatness is built. When you’ve got trustworthy people contributing to your aspirations as well as your bottom line, let them know that you value them and depend on them. They’re the source of new ideas, growth and stability and you can’t afford to let them go.