Dec 3, 2008

7 Ways to make your employees stay without salary increase.

Often I have asked myself before why people leave their work for another and how we (as a company) can help curb this exodus without unnecessarily giving pay increases right away.
While some people I asked about the reason for leaving their old jobs says it's their low salaries many, I believe, would have rather stayed longer if only the following will be provided for them even without salary increase.

1. Additional healthcare coverage.

Though they already have their existing medicare plan, it still is insufficient and would require members to contribute a certain percentage of the total healthcare cost. Getting an add-on healthcare plan to supplement medicare provides flexibility and convenience to your employees. Providing healthcare plans shows that the company is serious about the health and well-being of their employees and their respective families as well. Many will cling-on to a company because of excellent healthcare plans.

2. Establish a compelling reason for them to stay longer.

Good employees always looks to staying to a company until they retire. One of the many things they always consider aside from healthcare privileges are: nature of business, longevity of business, its profitability and of course their boss' character. As an employer, one must give a very compelling reason for them to stay and really stick with it. This could be job security or other employee benefits. This must be clearly conveyed early and the company must not lose focus on achieving this for their employees.

3. Allocate enough 'leg room' for fun at work.

Many companies disregard this single yet most important aspect in work - fun. For many, employees must always focus and be serious at work to achieve its productivity goals. While it might be true to manufacturing companies, it is quite the opposite to the service and technology industry where I work. In my experience, providing 'leg room' for fun even promotes creativity and increased employee camaraderie. Don't be afraid to experiment and find your niche that works.

4. Give milestone perks.

Everyone wants to be recognized by the efforts and hard work they put in to their company. It is just but appropriate to give small rewards of their efforts as one form of recognition. They may not necessarily be in cash but in forms that the employee will appreciate. This may be movie tickets or a good book to name a few. This way, they will surely feel important and that they will strive to their best and stay loyal whenever possible.

5. Provide a Savings and Loan Program.

There will surely be times where your employees need to borrow some money from the company for emergency or other immediate purposes. Protect those employees from loan sharks and provide a program where they can benefit in the long run. It is particularly helpful if a company can setup or guide the employee to enroll in a cooperative or any other form of savings and loan program. This will help employees to save and earn at the same time while at work within the company.

6. Create outdoor activities for employees (and their families).

Fun should not only involve employees but all their family members as well. Provide fellowship activities among family members within the company like an outing at the park, a children's day, a family city tour and other things that everyone can get involved. This provide a very good avenue for closer camaraderie among employees and their family members.

7. Be a good leader to your employees.

Of course what a good working environment does not only involve a comfortable work place or having wonderful co-employees but also having a leader that knows how to tap the potentials of his employees and leading them to success. There are lots of qualities what a good leader should be but in my opinion, I will just include what I feel are the most important ones: 1) cool tempered, 2)understanding 3) and a model.

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