Exciting work and challenge
This is the opposite of boredom. Boredom leads to a loss in productivity and focus. Rather than letting your employees just go through the motions, challenge them with stimulating work that has a direct impact on your company's success. Set expectations and let employees know when they are doing something right.
By sharing your company's vision and goals you are providing employees with a clear understanding of the direction in which your organization is going. Above all, practice honest and open communication to help build trust and loyalty.
Career Growth, learning, and development
Aim to foster a desire among employees to want to stay with your company. Research indicates that one of the key elements in an ‘employee's intention to leave' is their level of commitment to the organization. Commitment is directly related to opportunities for employee development, so by offering training you are cultivating commitment.
Once you've identified your top talent seek to promote and develop from within. As well as formal training options think about coaching too. Coaching helps develop high morale and helps improve both efficiency and productivity.
Working with great people
How do you know you work with great people? Simple. Offer opportunities (both inside and outside of work) for your employees to get to know one another. Don't just leave it at that though. As an employer you must get to know everyone too. Why? Because, as an employee, one of the worst feelings is invisibility; thinking that no one would notice if you didn't show up one day. Showing that you understand and appreciate your employees is a fundamental aspect of getting them to stay.
Fair Pay
Think about what fair pay means in terms of both the job and the area in which your business is based. On top of that, depending on what works for your organization, you might want to think about also offering incentive pay, retention bonuses, compensation after long projects, a creative benefits plan and flexible work schedules (the Emerging Workforce Study, 2005, revealed that 60% of workers of all ages rated time and flexibility as important to retention). Don't forget that non-monetary rewards can be just as important. Think about what might work for your organization. If you're unsure, ask your employees.
Supportive Management/Good boss
Last but not least, the fifth most important reason. Don't be the reason employees leave. Be a true leader for your employees. Foster their respect and help develop them as employees. However bear in mind that despite a bad manager or supervisor being one of the main reasons that employees leave, having a good manager or supervisor may be an insufficient reason alone for staying. Don't underestimate its importance – just know that it's not a reason that works alone, without support from other areas. No matter what industry you're in, it is vital to know what your employees think and feel about your company and about their positions.
Don't make the fatal flaw of assuming that employees stay solely for money. If so, you may be vulnerable to losing your star performers. Take pro-active steps towards retaining your top talent and avoid the expensive process of replacing good employees.
