Your company doesn’t have to dole out big raises to prevent top performers from looking for greener pastures.
In fact, 51% of employees said they’d accept a lower wage if their work contributes to something “more important or meaningful,” found a recent survey by Kelly Services.
So how can managers at your company make employees stick around, even if Payroll’s not cutting bigger checks?
Give employees more control
People enjoy their jobs more when they feel valued and in command of their own work.
To ensure employees feel this way, make sure their managers allow them to weigh in on important decisions — and give them complete autonomy over certain tasks, as well as the opportunity to take on more challenging assignments.
Keep them in the loop
Giving employees updates on the big picture makes them feel valued and important.
A few ways that work:
- Explain management’s decision-making strategies to employees
- Invite staffers to important meetings, and
- Provide workers with documentation and other proof of the company’s success.
Give them chances to grow
No one wants to believe he or she will be doing the same tasks five years down the road.
If your employees don’t see any opportunities on the horizon, chances are they’ll be updating their resumes before long.
To avoid high turnover, offer:
- education and training opportunities
- career-path advancement
- team participation, and
- cross training.