Good employees can be hard to come by, despite many becoming unemployed due to the pandemic. The unemployed right now might not even have the necessary qualifications to replace your good employees if they do leave. In addition to this, your good employees might start thinking about building something for themselves instead of working for you. Considering how digital companies were such a success last year, it’s relatively easy for your employees to start their own digital company. Your employees of today can easily be your competition tomorrow.
Moreover, it can also be more expensive to procure new employees in the market than to maintain old ones. Procuring new employees amidst the pandemic can lead to more costly salary rates, depending on which market you are in. So losing your employees are not an option at this time. So what can you do to keep them?
Insurance
Getting your company in touch with insurance companies to give your employees insurance policies can be a great way to keep them during the pandemic. You can get your company business insurance, which will cover any employee-related problems and more. After this, you can then leverage the connections you have from your business insurance to get your employees their individual insurance policies.
Health insurance is a priority for most companies because not only will it protect their employees from the virus, but it can also retain them to work for their company as well. This is one good way to motivate your employees to stay and work for your company. Good benefits such as insurance might also push applicants to apply to your company. It is a sure way to protect themselves and their families from the virus.
Ultimately, investing in insurance for your company and your employees is beneficial, especially during a pandemic. Having insurance means that you have your backs covered against the ever-changing circumstances.
Better Incentives
Employee incentives are a great way to keep your good employees in your company. There are many ways to facilitate incentives, all of which depend on your budget and strategy.
Bonuses are great incentives that should help your employees work harder, but they might not entirely keep your employees. You’ll have to tailor bonuses that actually reward them for their work and smart thinking. Bonuses that reward employees for pitching in their ideas are a great way to keep your employees because not only do they receive a monetary value for their smart thinking, they are also affecting the company in meaningful ways. Other incentives do not require you to spend too much money.
Other incentives can be as simple as having an on-site yoga class once per week. Yoga is beneficial in reducing stress, and it can help your employees blow off some steam. You can also opt to reward your employees a day-off after a month’s worth of hard work. This can be called a ‘creative day-off’ where they refill their creative juices by visiting a nearby park or a creative seminar. All of these are great dynamic incentives you can offer to your employees. They are meaningful incentives that impact their overall being and not just put a monetary value on their work.
Fuel Employee Growth
Being a part of your employees’ growth should be a priority, especially when you think that there is a possibility of them leaving. One of the main reasons employees leave is they don’t have meaningful relationships with their work and bosses. They think they won’t grow their career and their lives by staying in their company. So they start to look for a company that can give that to them.
One way you can fuel your employees’ growth is by listening to them. They might have career choices they are willing to make within your company. Some of them might even think of pursuing an online education during the pandemic. All of these problems should be addressed by the company if you want them to stay. You don’t necessarily need to jump into handling these individual problems right away, but you can reassure them that the company will help them grow within the company.
Additionally, if an employee thinks of leaving, consider giving them a counter-offer to address their reason for leaving. Employees leave for numerous reasons. By addressing these reasons, you can retain and facilitate employee growth in your company instead of just leaving the company without a fight.
Good employees are hard to come by, and by following these ways, you can push them to stay in your company. You should keep track of your employees once in a while, talk to them and ask them about their plans for the future. You should also remind them that their work in your company isn’t ignored, and you can do these through incentives and being a part of their personal growth.