A high employee turnover rate can be a very costly problem for businesses. So, how do you keep your workers from leaving your business and going elsewhere? You can start by making sure your workplace offers a positive, rewarding environment. If it doesn’t, you’ll continue losing your most talented people to employers who treat their staff members better.
It’s no secret that happy employees tend to be loyal employees. Therefore, it’s worth your time as a business owner or manager to make sure your team members are content at work. You can start by being kind and showing genuine interest in your workers’ lives. But you should also evaluate your company policies to make sure they’re employee-centric and build morale. Here are five company policies you can implement to help your team members feel valued and supported.
1. Generous Sick Leave
Life isn’t always predictable. There are a lot of things that can impact your employees’ ability to work their regular shifts. Illness is one of those unavoidable aspects of life that can become a huge stressor for both employers and workers. Sending a get well gift basket to a sick employee is a thoughtful way to show you care. But you should also consider how you can relieve their financial stress and help them provide for their family.
There’s no federal law requiring employers to offer paid sick leave for short-term illness. However, a growing number of states have decided to pass their own sick leave laws. It’s crucial to make sure you’re familiar with and following your state’s sick leave laws. Some companies decide to go above and beyond state requirements and offer even more generous paid sick leave policies. The more generous your policy, the happier and more loyal your employees will feel.
2. Offer Employee Rewards
It’s hard to work for someone who rarely or never acknowledges your efforts. If you want to keep your employees happy, make sure you’re regularly recognizing their contributions. The best way to do this is by creating an official employee rewards policy. As part of your policy, you might arrange an annual, semi-annual, or quarterly rewards ceremony. During the ceremony, you may choose to publicly recognize and reward top performers and earners.
Prefer to implement a policy that’s a little more practical and helps with workers’ everyday expenses? Consider implementing an employee discount program. This is a type of program that offers exclusive discounts for everything from groceries to travel expenses. It can help employees save money on everyday staples and fun entertainment options. Consider polling your workers to see what types of exclusive discounts they’re most interested in receiving.
3. Flexible Working Options
If you’re still requiring workers to be in the office Monday through Friday from 9-5, your attendance policy may be a bit outdated. Today’s professionals often look for employers who offer more flexible working options. Examples of flexible working arrangements include:
- Part-time and full-time options
- Remote working opportunities
- Job sharing (when two part-time employees perform a job normally done by a single full-time worker)
- Compressed schedule (when employees’ full-time hours are compressed into fewer days, such as four 12-hour shifts)
- Results-only work environment (when employees have the freedom to set their own work hours and get paid based on their output)
You may find it easier to attract top talent if you offer some degree of scheduling flexibility. Of course, not all of the above options are feasible for every business. Therefore, it’s up to you to decide which, if any, of these flexible work options you’ll offer to your workers. Just keep in mind that more businesses are stepping away from the standard 9-5 to offer better work-life balance to employees.
4. Competitive Benefits and Salaries
Financial security is one of the biggest morale boosters you can give to your team members. If your current policy is to pay as little as possible for talent, you’re almost guaranteed to attract low-quality workers. It’s far better to offer competitive benefits and salaries that will help you retain your best employees.
If you’re not sure what a competitive wage is for the various positions you’re filling, take a minute to hop online. Look up competitor job postings for similar positions in your area. Then make sure you offer a similar or slightly higher pay rate. You should also analyze your employee benefits policy to make sure it’s competitive. This includes offering generous retirement matching, discounted health insurance coverage, and additional perks like a wellness program or free gym memberships.
5. Opportunities for Growth
If your company doesn’t offer opportunities for growth, low morale is almost inevitable. No one wants to feel like they’re stuck in a dead-end job that will never go anywhere. It’s essential to help your workers feel hope and excitement for their professional futures. You can do this by giving them the ability to advance in your organization.
When hiring for vacant high-level positions, consider opening them up to internal employees first. Allow workers who have been loyal to you for years to apply for the position before accepting applications from the outside. You may be surprised to discover how willing and capable your employees are to accept a new challenge. If no one internally has the qualifications to perform the job well, then you can begin interviewing outside professionals.
If you want to keep employee morale high, it’s crucial to take good care of your workers. Implement these policies to support your staff and let them know how much you value and care about them.