Finding and training top talent can be costly and time-consuming, especially for lean startups. Did you know it can cost 33% of an employee’s salary to find a replacement for a team member? Employees today are less concerned with company loyalty and more interested in opportunity, benefits, and feeling appreciated, often moving on to another position for the opportunity to work on an exciting project. While 44% of employees say they are happy in their current role, according to a recent report, 46% of employees would accept another job if the opportunity arose and 50% of millennials would consider another job opportunity even if they weren’t looking to leave.
So how do you retain your top talent? Sure, fresh fruit, spa water, and ping pong tables are great, but to keep them happy, you’re going to need to do even more. Here’s how these seven companies work to make sure their employees are happy and want to stay.
Deliver the Best Experience
"To keep employees happy, you need to think not just of one benefit, but look at all aspects of their role and ensure you’re giving them the best possible experience at every point. McAfee has an ongoing commitment to creating a diverse and inclusive environment where employees have the freedom to bring their full, authentic selves to work. This starts with ensuring employees feel rewarded at work, which is why we train all managers to give timely, relevant feedback so employees feel fulfilled and that their accomplishments are recognized.
Employees also need to see that they have an opportunity to grow while staying at the company. We ensure that everyone gets career path planning and offer schemes like tuition reimbursement and skills training to allow them to energize their careers to reach their own goals." -Chatelle Lynch, McAfee’s Chief Human Resources Officer
Giving Praise When Praise Is Due
"Money is always welcomed in any form, but recognition of a job well done goes a long way to creating happy and engaged employees while increasing retention. Recognition needs to be timely and specific: “Great Job” is satisfactory, but “Great job on the XYZ project, your insights really helped us secure that contract” is better. Providing timely and specific feedback allows employees to see that their contributions to the business matter and are important while showing them gratitude and respect." -Patrick Colvin, Strategic Human Resources Business Partner for USA Today
Start With Good Management
"One major factor in day-to-day happiness is management. Managers have the most impact on happiness and engagement - but if you focus on hiring and building up the people who fit your culture, you'll have a lot more engagement and happiness from the C-Suite down." -Lisa Oyler, PHR, HR Director at Access Development
Understand What They Want
"I've found that if you are just competing on salary, someone else will always win, but if you really take the time to understand your employee’s goals, you can align with those and win an ally for life (or at least for a long time!). For example, there are some people that really want to further their education, so supporting them in that can work well. Others have ambitions to travel the world, so coming to an agreement where they can take extra vacation time can carry a lot of weight and makes these people extremely appreciative of their position." -Fiona Adler, Entrepreneur, Founder at Actioned
Prioritize Career Development
"Employees at Badger Maps are encouraged to explore different areas of the company. They can join any project they find interesting or even switch roles or positions entirely if they identify another area of the business that is a better fit for them. A lot of people, especially young professionals, don’t always know what the best role is for them in an organization. They don’t know which position is best for their unique skills, interests and goals.
By allowing employees to be flexible and letting them explore what they’re good at and enjoy doing, we find the best position for them within the company. We've found that when people work on things they’re passionate about and can develop their careers, they are not only more successful at their job, but are also more motivated and happier." -Steven Benson, Founder and CEO of Badger Maps
"Not everyone wants the same thing. To some, time off is far more important than salary, to others PTO is just an afterthought. Some want a fixed guaranteed salary, others want a variable earning scale with higher potential. Every year, team members have a 1on1 meeting to breakdown and cover what they liked about their compensation in the past year, what they want to change, and what’s going to be important to them in the next year." -BJ Enoch, Vice President of Enterprise Accounts for SocialSEO
It's All About the Java
"Keeping employees happy is imperative not just for your retention, but for your company culture, your productivity, and simply being the kind of business you’re proud to run. When it comes to tech teams…Invest in a good coffee. As simple as it sounds, tech companies (and developers especially) hit the coffee stereotype for a reason. By investing in quality in what may feel like the little things to you, you’re showing your team you won’t cut corners for them, and that the little things matter." -Rob Mead, Head of Marketing, Gnatta