In this topsy-turvy world of recruiting in late 2021, this topic is of the utmost importance. Employees are changing jobs at record rates. Candidates are accepting counteroffers and leaving would-be employers in the lurch. That’s why it’s high time we look at why employees stay… These are the factors that create an irreplaceable job. We implore you to add that It-Factor to your business.
Let’s keep this simple and focus on the three most important things that will ensure your employees stay with you for the long haul.
Clearly Map Out Success
As an employer, it is important to be 100% clear about job expectations, associated responsibilities, and KPIs because being unclear decreases morale and job satisfaction. Make sure you give clear details during onboarding and performance reviews. An even better practice is to discuss and review each team member’s top priorities for the week.
Show Employees How They Fit Into the Bigger Picture
In our guide to motivating remote employees, we talked about how important it is to have a clear company mission and to show each employee how they impact your business. This is such a crucial factor in why employees stay at a company. People love to work at companies where they are part of the bigger story. Think Shopify, Google, Canva or any company with an incredibly strong culture. If you know anyone who works for one of these companies, you’ll likely hear that they have worked there a long time and are never leaving.
Make Outstanding Pay Your Norm
All the perks in the world will not compensate for sub-market compensation packages. If you don’t pay top talent what they deserve, someone else will. In fact, our recent experience with candidates indicates that above market average pay is pretty much a given. Candidates expect the money to be good in addition to things like perks, flexibility, and education opportunities. There really isn’t a good excuse for sub-par pay except that your business isn’t doing well enough to keep the best employees in the market. Check out some of the perks that top companies offer on top of paying great salaries.
Next time an outstanding employee jumps ship, take a long hard look at whether you are catering for each of these factors. Have you made the road to success clear and articulable? Do your employees know how they personally impact your clients and the company as a whole? Are you paying competitive salaries? Odds are if one of these ingredients are missing, you’ll know why your employees aren’t staying.