Hiring takes time and money which makes your staff a precious resource. But when you have a great team and things are going well, how do you ensure that you hold on to your talent?
In an ever-changing world, workplace cultures are becoming simultaneously increasingly collaborative, whilst allowing for more independent working. Sounds counter intuitive? Heard the saying about the sum of the parts being greater than the whole? That’s what we should be aiming for.
Collaborative work spaces are increasing in popularity, with hot-desking and open floor plans becoming more and more popular in larger work spaces. Allowing for more interdepartmental working and creating a deeper understanding of the other functions of a business and - perhaps more importantly -nurtures a sense of 'team'. Feeling part of a company culture is important to employees, being 'another brick in the wall' isn't desirable.
Offering employees the opportunity to create their own work-life balance through remote working is a great way to improve morale amongst workers. Of course this does not work for every business function, but it is a great way to show that you not only trust your employees, but give them the ability to work independently when required.
On the topic of trust, offering more responsibility in the workplace is a good way to make employees feel valued. However, it is very important not to over-assign responsibility where it is going above and beyond a job description without first consulting employees. As an employer, offer responsibility and work with those who are willing to take it on. It may be that someone you did not expect is willing and able to take on a new challenge. Offering the opportunity for growth, learning and training is a great way to keep employees engaged.
Recognition and reward are also important when considering how to keep hold of great employees. I am not just talking about offering more money, but ensuring that employees within your business feel valued. This is not about hand-holding, but being aware when someone is doing a good job, and letting them know it. 'Thank you' goes a long way, and a 'Kudos!' for a good job can really help maintain a positive working environment.
Although money is not always the most important thing, it does make the world go round. Just make sure you are paying fairly. With companies of 249 employees having to disclose their pay gaps, and people keeping their ear to the floor about industry averages it is imperative that you pay fairly. Employees often do not need to be paid the best, but they do not want to feel under appreciated.
All in all, creating a happy and productive environment for your employees is the best way to hold on to precious talent.