Keeping your staff happy, engaged, and motivated to do their best work day in and day out should always be a top priority for your business. Because, as a business leader, you already understand the harsh repercussions of even mildly disengaged employees. But that can be tough when your business doesn’t have the cash to hand out big raises, even when they’re deserved. So how can you compete for talent, increase employee satisfaction, and reduce costly turnover without breaking the bank? Yes, providing competitive compensation is one way to keep your employees happy. But it’s not the only strategy.

Here are 6 low-cost ways to keep employee retention high and show your team they are highly valued.

Be Transparent – Make Employees Part of the Big Picture
Employees become more engaged when they feel they work on a team where they can be comfortable voicing their ideas and concerns. Set the right tone by letting your employees know that you welcome their thoughts on company happenings, individual and department direction, and big-picture company direction. Feedback and the ability to understand employee concerns is important, but it’s what you do after that’s critical to retention. Transparent communication and a simple acknowledgement that we heard you can go a long way.

Promote from Within – Recognize and Reward Employees
There is no denying that your employees will feel discouraged if they sense their current office viewpoint won’t be changing anytime soon. If you want employees to invest in your business, then invest in them. Many managers fail to consider that the talent they seek could very well be right under their nose. Recognizing the contribution and efforts of employees, especially publicly, goes a long way.

Develop a Healthy Workplace
Research shows organizations sincerely devoted to their employees health see higher employee retention rates. While giant companies offer on-site recreational facilities, your organization may not have the resources to provide such amenities. However, there is plenty you and your fellow leaders can do to inspire your teams to be physically, mentally, and emotionally healthy. Some firms partner with local fitness centers, others offer fun workspaces with pool tables, complimentary chair massages or a kitchen filled with healthy snack choices. Whether it’s taking 10-20 minute breaks throughout the day or ensuring a clean, bright office, these types of healthful options go along way toward preventing employee burnout.

Encourage Social Connections
Enabling better relationships among coworkers actually does wonders for employee satisfaction and productivity. When employees are friends with one another, they generally feel more connected to their organization and more excited about coming into work each morning. Strong coworker relationships also help when it comes to collaboration within the office. It’s understandable that amid day-to-day deadlines, encouraging employee connection rarely finds its way onto your to-do list. Here’s a solution: Delegate! Appoint a team of employees to head up fun activities like celebrating birthdays around the office, motivating employees to eat lunch together, or hosting out-of-the office outings.

Offer Professional Development Opportunities
Providing developmental support, such as training opportunities and career mentoring, is an employee retention strategy that pays off big time. Your employees benefit by expanding their skills. You benefit by getting a more productive, versatile and knowledgeable workforce.

Stand for Something
Most likely, your employees hold a cause or two very close to their hearts – especially if you have millennials on staff. Workers of this generation want to be part of a cause that matters. Make a larger sense of purpose and giving back part of your culture by weaving charity into your business plan.

Employees are your organization’s greatest asset. If you don’t keep them happy, they’ll find another company that will — it’s that simple. We live in a time when culture plays a bigger role in employee retention than compensation. As employees begin to adjust the way they approach their employment options, it’s time for employers to start creating cultures that truly value their employees. Fostering a company culture that provides employees with a better quality of work life is the new way to build for a stronger tomorrow.

Looking to add people to your team? ETS connects with hundreds of people each month who are passively looking for their next great opportunity. Call us today to find your next super-star!

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