Hiring top talent is only half of the challenge when it comes to achieving organizational success. The other half is keeping your team happy and motivated to improve productivity and reduce employee turnover.
How to Keep Your Startup Employees Happy and Engaged
Did you know that over 3 million Americans leave their jobs every month?
The key to reducing employee turnover rests in your ability to keep your team happy and engaged. According to a new report from Harvard Business Review, happy employees are less likely to leave and more likely to satisfy customers.
That said, keeping your employee happy is critical to the success of your business. It not only increases their morale but also boosts your bottom line. A happy employee is an efficient employee, and you need as many of those as possible to keep your bottom line healthy.
But how can you keep your startup employees happy and motivated? Here are the various ways you can integrate happiness into the office every single day.
1. Give Benefits that Matter
Your benefits package is undoubtedly a top concern for your employees—and one that can significantly impact the churn rate. So, plan to give benefits that matter.
Don’t just offer “gym membership” because other companies are doing it. Instead, tailor rewards to individual employee’s tastes.
You can achieve this by conducting a company-wide survey to see what benefits are important to keep your employees happy and engaged. Are education benefits crucial? Retirement benefits? Daycare? Paid vacation? Better pay?
Your employees will appreciate that you’ve taken the time to know what they’d love in return for their hard work. Oh! And it might work for you too, as you’ll get to know them better, and on a personal level.
2. Pay Frequently and Provide Pay Stubs
Reward frequency is more important than size. Business intelligence tells us that employees respond better to small, frequent payments than a large one-off sum. And no one can bring this point home better than Ron Friedman—the author of the Best Place to Work.
In his words, Ron reckons that “Even the biggest salary increments “wear out” in less than a year with most people opting for small doses every now and then.” So, it’s imperative that you recognize your employees’ efforts and give them rewards frequently.
And when you offer rewards and tips, make sure to provide pay stubs to help your employees keep track of what they have earned. You can easily achieve this using a reputable online paystub maker and get your employees’ pay stubs ready in minutes.
3. Create Opportunities for Growth
If you want your startup employees to be more productive and stay longer, create opportunities to foster their professional development. In other words, create opportunities for growth.
Employees tend to thrive and perform optimally when an organization prioritizes their professional growth and development. And when they grow, your company will grow with them, which will be reflected in the form of higher efficiency, new ideas, and more.
You can achieve this by creating new opportunities for formal and informal learning. For example, you could support employee growth and professional development through in-house mentoring and coaching programs.
4. Prioritize Work-Life Balance
A healthy work-life balance is critical for your employees’ performance and well-being. As an employer, you need to acknowledge that your employees have a life outside of work.
The trick is to make sure your employees aren’t overworked and have enough free time to spend with their loved ones. If you consistently make them come early and leave late, they will inevitably suffer from employee burnout—a known productivity killer.
If possible, provide opportunities for remote working. It provides the flexibility your team needs to maintain a healthy work-life balance.
5. Don’t Micromanage
We can’t stress this enough! Your employees need autonomy and space to breathe. So, yes, your input is valuable, but know when it’s needed.
Not leaving any wiggle-room for your employees thwarts their creativity and can turn any task into a boring chore. Instead of micromanaging them in every step they take, give them room to challenge themselves, work at their own pace, and then give feedback.
6. Promote Company Bonding
When your staff form connections and build friendships at the workplace, they are naturally less likely to leave. Switching to a new job carries another cost to them—the cost of starting afresh from an interpersonal or social perspective.
As a startup owner and employer, it’s your goal to promote company bonding by availing of workplace activities that bring people together. For instance, you could sponsor meals and drinks out between your staff or even arrange team-building activities and games.
These company bonding activities promote the exchange of ideas and make it easier for your employees to predict each other’s strengths and weaknesses.
As an employer, you should make it your number one priority to keep your employees happy and engaged. Happy employees are more creative and productive, which is precisely what you need for your business to scale up and achieve a competitive edge.
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