How Not to Lose Your Employees in 2013 (or Maybe Ever!)

This is the first post in a five-part series on employee retention tactics for 2013. Read on for tips on how to keep your ‘A’ players committed and fulfilled, and how to attract new top talent while you’re at it.

Why is it that employees choose to leave your company, especially when you, as the employer, think you have done everything in your power to retain them? Well, for starters, have you really?

When I think about some of the most important things I value within a workplace, the following are at the top of my list. According to a recent article from Meghan Casserly at Forbes, “The Top Five Reasons Employees Will Quit in 2013,” some of these factors seem to be at the top of many others lists, too. As an employer, here are some things to think about:

Compensation / Benefits / Perks

Although there are many reasons why employees choose to join a certain company, the compensation and benefits package (as well as the perks you offer) tend to remain at the forefront.
In order to remain competitive in today’s market and attract as well as retain top talent, it’s simply not enough to provide someone with a basic paycheck and benefits package. These days, it’s all about rewarding strong performers, offering equity in some cases, and emphasizing all the additional and unique benefits and perks that your company has to offer.

Rewards / Recognition

How are your employees recognized and/or rewarded for their efforts and for going above and beyond their job description? It takes more than a simple bonus to make them feel that all of their efforts paid off.
How can you empower employees to aim high, and reward them accordingly? It’s all about knowing what they really want, and remembering that everyone is different.
At the end of the day, putting in a bit more effort in learning about your employees’ interests and rewarding them accordingly may pay off more than you expect.

Opportunities for Autonomy and Advancement

Do you provide your employees with opportunities to take on individualized assignments that are both personally meaningful and have the potential to impact the bottom line?
Do you offer employees a vision of their individual career paths in your organization? If they can’t envision it, then how would they know if there is a place for them at the company in the future? Of course, they have to pave their own way to get there, but there needs to be a path in place for them to follow, and they should feel that they are adding value to the organization.

Company Culture (Environment and Relationships)

What type of culture are you creating in the organization? Is it a warm and welcoming environment that fosters cohesion, trust, and teamwork? Are managers encouraged to nurture positive relationships with their employees?
It’s important to remember that having a manager who mentors and empowers employees is just as important as having one who can lead or manage the team to get the job done effectively.

Work-Life Balance

More and more employees are choosing to re-balance their lives by prioritizing the things that are most important to them (i.e., family, health, leisure etc.). Employers need to be quick to ensure they recognize and address the changing needs of their workforce. What have you done within your organization to ensure that your employees are able to juggle the pressures of work and also obtain happiness with life outside of work?
This is the beginning of a five-part series on employee retention tactics, where I will be discussing all of the above in greater detail with some tips on how to move to the head of the pack in the eyes of your current employees and your current top prospects, as well.
Click below to continue the series:
Part 1: Does the Ideal Compensation Package Exist?