Burnout is real, and recently, it’s become a growing problem.
We are now seeing higher burnout rates than ever. Some professions experience it more than others, but every profession must face up to it. If you’re a business owner, you’ve surely asked yourself: What can I do to retain my employees?
Happy employees are less likely to quit. We’ve all recently seen more and more sign-on bonuses that companies have been offering to attract new employees, but how do employers keep the employees they already have? What can a company do to get their employees to stick around? What makes an employee loyal? Here are five ways to retain employees long-term.
1. To whom much is given, much is required
Giving your senior employees more responsibility shows them that you trust them and believe in their abilities. Giving them more opportunities to contribute will help them envision playing a role in the company’s future.
Aretha Franklin summed it up best: respect is essential! The golden rule applies to employees too: treat them as you would want to be treated.
3. Performance Bonuses
Giving out bonuses, based on your employees’ performance as well as your company’s performance, is a powerful incentive. Plus, it gives your employees something to look forward to once a year. At the end of the day, who doesn’t want to make more money?
Gift cards and certificates tell your employees “we appreciate you,” even if it’s just a $10 Starbucks card. The value you get back is worth more than the $10 you spent on the card.
It is important to keep families and their home lives in mind when planning incentives for employees. Over 72% of today’s moms are working mothers (Mullen, 2019). Children get sick, and it is important for parents to have the time off to care for them. One of the most important factors in ensuring a healthy work-life balance is paid time off or PTO. This includes not just sick days, but vacation time as well.
There should be no maximum limit to how much paid time off an employee can accrue at one time. Once the time is earned, employees should be able to use it or get paid out for it – even if it’s at the end of their employment. This is an extra incentive to the employee not to use their paid time off, to be at work more frequently, and to use this time only when necessary. This is a win-win for everyone.
Overall, we have no sure-fire way to keep all employees forever. However, these suggestions will affect your employees’ way of viewing your company, because at the end of the day, these are the things that people care about.
For more information on incentives for employee retention, follow the Journey blog.
Mullen, C. (2019, September 17). Bizjournals.com. Retrieved September 24, 2021, from https://www.bizjournals.com/bizwomen/news/latest-news/2019/09/employed-moms-say-working-is-best-option.html.