When a top employee suddenly decides to quit their position out of the blue, that can leave business leaders and managers confused, making up for the mess of lost money and morale. In an increasingly competitive job market, many companies cannot afford to lose their top employees. What keeps a company going day-to-day is its employees, which is why employee satisfaction and retention are incredibly vital for higher management to pay attention to and regularly address.
Scott Crockett, Everest Business Funding’s Founder and CEO, has a track record of creating thousands of jobs and at one time managed seven hundred full-time employees. Crockett utilizes personal experience and acquired knowledge to break down five proven strategies to boost employee satisfaction and retention below.
1. Start with Culture
A workplace’s culture is a significant factor when it comes to employee satisfaction and retention. If employees feel miserable entering a workplace environment because of the culture, they probably will not want to stick around for very long. Creating a company team that embodies the ideal culture a company wants to embrace will prove beneficial in the long run. It gives more room for solid bonds to be generated throughout the organization. Employees with deep-rooted relationships in an organization will have a more difficult time leaving.
2. Prioritize Clear Communication
How many times has a company promised something to an employee but never delivered it? Too many times, unfortunately, which is why many employees end up leaving their jobs. Being upfront with what a company can provide from the start and carrying that open communication policy throughout the entire experience of the business will help cut unmet expectations from employees. Clear communication also entails upper management listening to what their employees need and want from the organization.
3. Get to Know the Needs of Employees
Business owners should take the time to get to know the needs of employees, especially their top employees, to meet employee satisfaction adequately. If a top employee needs to see progression and growth within a company, then grant opportunities for promotability so that employees do not feel like they have a dead-end job. Avoid the “one-size-fits-all” employee retainer approach that too many companies practice. Employees differ for many reasons, and what works in the workplace for one generation is not the case across the board.
4. Let Employees Know They Are Appreciated
“If employees go above and beyond their job description but never get recognized for it, you better know that they will find a company who will appreciate their work ethic,” said Scott Crockett, Everest’s CEO. Employees who feel appreciated by the organization they work for are more likely to be dedicated and loyal to the place they work. Something as simple as a hand-written “Thank You” letter or an “Employee Appreciation Night” with dinner provided by the company goes a long way.
5. Allow Employees to Utilize or Grow Talents
Business owners and managers should pay attention to employees’ talents and grant opportunities that allow for those talents to bloom. Managers can recognize talents for particular projects or even host workshops to enable talents to be practiced and skill levels to advance.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a world traveler and serial entrepreneur with an impressive track record in the finance sector. Scott has raised over $250 million in capital and helped create thousands of jobs during his 20+ year-long career in consumer and commercial finance.