In the world of heavyweights such as Apple, Google, and Amazon, retaining quality staff is as easy as throwing as much money as is required or providing a range of benefits from homes, cars, and even trips to exotic destinations.
And while this works for companies with deep pockets, if you are running a medium sized enterprise then keeping quality staff isn’t that easy.
If you find yourself in this position, below are some great ways for you to retain quality staff without eating into your profits.
It’s likely that your company already provides your employees with a level of healthcare, however, does it extend to their partners? How about their children? Does it include dental?
While it may seem like a large addition, including this addition to your employee’s health benefits is not only a great way to retain staff but is also a tax-deductible one, meaning that while you will have to spend the money upfront you can use the incentive as a claimable deduction.
As you can imagine, a secure health insurance plan is an important part of life for your employees and they will appreciate the extra benefits and coverage.
If you are looking to retain front-line staff then it can often become expensive because of the sheer volume of employees you have. To keep their important knowledge within your company, consider options like the Groupon Coupons page for Express which can allow you to take advantage of discounted prices while allowing your staff to choose a gift which they will enjoy.
While you may not be able to afford to send your staff to beach laden destinations, you can provide additional time off.
In addition to the leave currently provided, look at extending the days you allow each year. Something as simple as an extra week of vacation leave can mean that an employee can travel to see their family in a distant location and is a well-appreciated benefit to any employee. Of course, when you are considering this tip, ensure that any additional leave options you provide also need to be approved like any other request so that your business isn’t put at risk.
To take this tip even further, considering extending other leave types such as family leave or personal leave which can be taken during more emergency-based moments.
While money can be a great incentive for some, progression is an even greater for others. Consider offering programs which can outline a clear career progression path for your employees, especially those in lower management positions as they have direct control over your staff and are often the most ambitious.
While it may seem counterintuitive to provide a benefit which will see the employee move out of a department, the importance is on retaining the employee’s whole business knowledge and skill-set, not just restraining them to one role or function.
Just because you don’t have more money than many developing nations doesn’t mean that you can’t provide sufficient incentives to retain high-quality staff, it just means thinking outside of the box with the tips above.