Retaining your employees is important for staying in business

07 July 2022

Sometimes your employees may quit for better working conditions or a company that better suits their values. Having loyal employees ensures the long-term success of your business. That said, retaining your employees is important for staying in business.

What your employees want

When an employee quits, no matter what the reason, you should try to understand what could be improved within your company. The important thing is not to see your employee’s departure as negative.

Job security

Your employees want to feel that they are critical to your success. This is even truer for your most senior employees.

Working conditions

Good working conditions for your employees can involve several aspects.

Vacation

Vacations are important to your employees. It’s a time that’s set aside for them to do what they love, full time. A 4.5% or 5% vacation at hire is a good incentive for your employees to work for you longer.

Reasonable breaks

At the very least, your employees want breaks and meal times that meet labour standards. Giving a little more, without going overboard, is another thing that will tell them that you’re the right employer for them.

Activities outside work

When your employees have been working for you for a while, you could suggest a social activity outside work to strengthen the bond between your workers. Why not invite new employees as well, to make them feel like they belong?

A union

Starting a union is not a requirement. The important thing is to take your employees’ well-being to heart. You’ll be able to see they’re happy if they arrive at work raring to go, whether they’re unionized or not. On the other hand, a union is one more step toward workplace harmony.

Retirement

A retirement fund is a good way to motivate your staff to stay for the long haul. Many companies don’t offer retirement plans early enough in their employees’ careers, so you’ll be giving them more. Making employees eligible for retirement benefits two months after they are hired is a benefit people appreciate.

Shared benefits

Employees who have to pay for all their own benefits won’t necessarily be happy. No one likes to see all sorts of charges coming off their paycheque. As an employer, it is always a good idea to pay a portion of the benefits. In short, Retaining your employees is important for staying in business. To retain them, have their best interests at heart, offer them good working conditions including benefits, and then try to manage employee conflicts internally as best you can.

 

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