When you find a great employee, you want to do everything you can to hold onto them. After all, to lead an organization that produces consistent work AND grows steadily, consistency is a baseline expectation. To avoid employee churn, you need to know what qualities make an employee want to stay.
While employees are individuals and you should never forget that when dealing with them, there are three big picture elements that, when satisfied, cause an employee to want to stay with your company.
Overall compensation. This one is fairly self-explanatory. Is the compensation fair for the work being done? How does it compare to your competitors? Beyond financial compensation, whe rat kind of lifestyle benefits can you offer that can make the experience of being employed at your company more attractive? If you can’t compete on compensation, you’re going to have a tough time even assessing the other two categories.
Jobs satisfaction. Many things come into play here, and to a certain extent, the employee controls his or her own happiness. You can’t make anyone be happy. What you can do is listen to employee concerns and make changes based on their feedback. You can offer praise when good work is done and foster a sense of community among your employees. You can do your part to help make the work as enjoyable as its nature allows.
Career progression. And third, are you offering fair opportunities to advance within the company? Do you have examples of people who have learned and grown into bigger roles? How have those people shaped the company’s growth? Are they an example for more junior employees? Ultimately, employees are looking to be nurtured. If there isn’t ample opportunity to advance within the company, you can be sure they’ll find that opportunity elsewhere before long.
How does your company stack up in these three areas? If you’re concerned that a specific area might be deficient, reach out to me. I’d be happy to have a conversation and see if I can help. Drop me a comment below or send me an email at firstname.lastname@example.org.