A competitive salary is an important part of retaining employees. But, it’s not the only deciding factor when your employees decide to pursue new opportunities. “Money is rarely the real reason anyone quits,” writes Mel Kleiman writes for Ere Media Talent and Recruitment. Kleiman believes these four factors especially encourage employees to stay:
Hiring the right people is a critical part of creating a workplace where people want to work, write Jeffrey S. Kopp and Thomas C. Pence for the National Law Review. “You should look at prospective hires very carefully to determine whether the candidate is the best choice,” they write. “Try to determine whether this person shares your company’s values, vision, and goals; is committed to helping to develop business; and seeks to provide quality services or goods for customers.”
Those hired through your referral program are more likely to stay longer than those who are otherwise recruited, Karen Hogan writes for Ere Media Talent and Recruitment. This could be because they come in knowing they’ll fit well. “Your referral program is invaluable to the success and tenure of your new employees.”
A flexible workplace
Flexible work time and spaces are crucial for keeping employees. “Workers, especially Millennials, have raised their expectations for employers to support varying work styles and preferences so that they can balance their professional and personal lives,” Plantronics CEO Ken Kannappan writes for SiliconIndia.com.
“A 2015 survey by Ernst & Young found that 75 percent of Millennials want the ability to work flexibly while still being on track for promotion, and that 78 percent of this generation are part of a dual-career couple.” Likewise, telecommuters are 50 percent less likely to quit, Hogan writes, likely because they’re working at their own pace in a comfortable environment.
Fringe benefits can help. “Added perks such as on-site daycare, gyms, coffee shops, and other fringe benefits often add value to creating best places to work,” Kopp and Pence write.
Opportunities to learn and grow
“When employees don’t see the prospect of building their career within the organization, they leave,” Brett McIntyre writes for Business2Community. “In most cases, this occurs when there aren’t opportunities for training, growth, development or promotions within the organization.”
This is especially true for Millennials, who are moving toward leadership roles but don’t always feel they’ve been properly trained, Shana Lebowitz writes for Business Insider. Deloitte found “71 percent of those likely to leave in the next two years are dissatisfied with how their leadership skills are being developed,” she writes.
Recognition and appreciation
“Studies show that when companies include employee recognition as a line-item, employee behavior increases across engagement, productivity, retention, customer service and morale,” Kathy Stark writes for Employee Benefit News.
Employees gravitate toward companies where recognition is ingrained, she writes. “Organizations whose cultures demonstrably value innovation, people development and big thinking attract better employees. Smart organizations use recognition as a way to consistently promote the elements that make up a strong culture.”