Boost Your Employee Retention—Without Breaking The Bank

Rick Goodman

Want to make sure that all your key players stay on board with your company for many years to come? Well, you could give them all big, regular raises—but if you’re like most of the business owners or HR managers I’ve met, you probably don’t have the resources necessary to make that viable.

So what do you do instead? What are some cost-effective ways to keep your employees on the team?

Start by reminding yourself that employees don’t quit their jobs—they quit their bosses. And if people start leaving you in waves, well, I hate to tell you, but it’s not them—it’s you!

But of course, you don’t want to let it get to that point. You want to prevent the mass exodus by investing in employee retention—as affordably as you can. And to that end, I’ve got a few ideas for you.

Affordable Ways To Invest In Employee Retention

Provide training. I say this all the time, but it’s because I really believe in it. Offering training lets your employees know that you care about their development as people and employees; it shows that you are investing in them over the long haul. It sends a powerful message, and it’s a message that most employees really appreciate. So invest in some on-site training options at your company; it doesn’t need to be every day, but do offer it routinely. Computer training, marketing seminars, mentorship programs, trips to outside seminars and workshops—there are plenty of ways to make this happen.

Soup up your benefits. You may not be able to afford giving everyone more vacation time, but perhaps you can allow them to use their benefits more flexibly—providing flexible work hours, sabbaticals, or a PTO policy that gives employees more control over how they use their days.

Offer metrics. Your employees want to see that their hard work is actually accomplishing something. They want to see results—so show them. Run some reports and provide your employees with data to show that their efforts are paying off. Encourage them to keep up the good work.

Be the best. Allow your employees to feel like they’re playing for the winning team. Hone in on your company’s competitive advantage, and then encapsulate that in your company mission and values statements. Make sure your employees know they’re working for a company that’s special!

Open your door. Employees are more likely to stay with a company where they feel supported—so whether you’re the boss or the HR manager, make sure you’re approachable. You’d be surprised how far this can go!

Remember: You can invest in your employees without breaking the bank!

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