SmallBusinessNewz

In Hong Kong, employee turnover reached a record high last year. In the UK, 75% of businesses don’t have any strategy for employee retention. Does your business have a strategy?

While it certainly doesn’t end here, employing these four factors will significantly increase your chances of keeping your best employees around for the long haul. 

Respect

Respect is the most important factor when it comes to employee loyalty. You can’t expect an employee to stick around forever if he or she does not feel respected.

In fact all of the other factors are really just extensions of respect.

Communication

Communication is a very important part of maintaining employee loyalty. This means listening to what the employee has to say. If he or she comes to you with problems, acknowledge them and act on them accordingly.

Communication also includes things like admitting your own mistakes and building relationships with the employee on a human level without getting too personal.

Trust

This means not only being honest with your employees, but also showing them that you trust them. Include them in decision making when applicable. This overlaps with the respect and communication categories. By showing an employee that you trust them to make certain decisions related to their job, they are more likely to feel respected and more content with their position.

Appreciation

Employees want to feel that their employers appreciate them. When they feel appreciated, their morale is higher and they are more likely to continue doing a good job because they feel motivated to do so.

There are many ways to show employees appreciation, whether it be a bonus or a few encouraging words. Ty Freyvogel goes into a number of them here, but be creative. There are limitless ways to show appreciation while staying within the budget of the business. 

There is no clear-cut way to keep your employees loyal, as every person has different needs and goals, but by showing them respect, communication, trust, and appreciation, you’ll be giving them good reason to stick around. Have you used other strategies to keep your hardest workers around? What were they?