Most companies face a problem with the loyalty of their employees. The attrition goes up, and productivity suffers. Whichever way we see it, it’s not a win-win situation for the business. A company invest on their people and if someone leaves that is considered loss on investment. Here’s the thing, employees do not just leave because of salary. It is not always the case. There are other things that entrepreneurs should pay attention to keep their employees. Check these things that employees want aside from the compensation they can get.
People get tired if they are stagnant. If a company does not offer any opportunity for growth, it is more likely that they would have the highest attrition rate. It is human nature that we don’t get contented. We all know that is a fact. A company should have space for employees to grow, that way people will work hard to get the opportunity.
2. Fair Treatment
Everyone has the right to our opinions and ideas. The worst thing that a company could do is taking for granted the things that people have to say. Entrepreneurs should learn to listen and give fair treatment to their employees. You should remember that these employees are the first people that will be affected and they experience things first hand. Learn to listen and weigh the options where you and the employees will be in a win-win situation.
Nobody wants to be kept in the murk. Any decision made in the company affects everyone. It is important that the purpose and reason are clear. It is also critical to build trust with the people who work for you. However, trust and respect are not things that can be bought out of a supermarket. It needs to be earned. Showing transparency to your people is a good way to get the trust and loyalty.
It is a common mistake of business owners to feel above anyone else. Yes, in reality, you are the boss, but you wouldn’t be if no one else is left to work for you.