When it comes to employee turnover, it’s not about the money. At least, most of the time.
Most employees won’t leave an employer they love just because someone else pays a little bit more. It’s hard to leave a boss who shows appreciation six ways to Sunday—who makes the average workday gratifying and fun.
If you’re looking for ways to improve your retention rates—and believe us, you’re not alone—it’s time to think beyond wages and salary ranges.
Let’s brainstorm some non-monetary ways you can enhance your people’s work lives. The possibilities are endless. But here are some good ways to start.
According to a McKinsey & Co. study of the post-pandemic employee mindset, the thing Americans want most from their jobs is a better work-life balance. Gone are the days of competing to work the most hours. Today, workers seek employers that respect their personal lives and prioritize their well-being.
So, how can employers demonstrate this? By offering remote and hybrid work options when feasible. By allowing flexible scheduling that gives employees more control over their own work hours—a plus for parents, pet owners and, well, everyone.
By encouraging employees to take their earned PTO—all of it. And by insisting that everyone go home on time. In fact, how about establishing an after-hours email ban, so employees know that their evenings are completely their own?
Such initiatives won’t cost a cent, but can make a big impact. Ensuring that employees get rest and relaxation helps prevent burnout, resentment and frustration. Not only are balanced employees more productive, they’re also more likely to stay.
According to Maslow’s Hierarchy of Needs—a widely-accepted psychological theory—humans don’t just like recognition, they need it, almost as much as food, shelter and love. Yet, employee recognition is something that many employers fail to take very seriously.
Don’t be one of those employers. Make sure you have a vibrant employee recognition program in place—one that richly applauds employees for their performance and contributions. Rewards, if you provide them, don’t need to be pricy, but they do need to be meaningful. Public recognition goes a long way, too.
In addition, consider celebrating employees’ birthdays and work anniversaries—a great way to show employees you value them. In fact, why not give each employee a paid day off on their work anniversary? It won’t break the bank, and it’s a thoughtful perk they’re unlikely to receive from another employer.