s

Tag Archives: stock options

How To Retain Your Employees

How To Retain Your Employees High turnover costs business owners time and productivity.  Are you experiencing hiring pain because your current employees are leaving?  Some employees leave for family reasons, medical reasons, relocation, commuting reasons, but most leave for a better opportunity.  A better “job” opportunity can be defined as either a promotion, more pay, a company having room for advancement,  less or more work hours, a better job title , more job responsibilities, or just a different type of job all together.   The current Unemployment Rate in LA is 6.2% and in New Orleans alone it’s 7.5%.   Here are some tactics that I have seen businesses do within their organizations that help to retain employees:

  • Hosting Holiday Parties for your employees
  • Allowing a ½ day work schedule once a week or once a month
  • Allowing them to work remotely one day a week or a few days a month
  • Promote employees from within
  • Tuition and/or Certification Reimbursement
  • Offering Stock Options
  • Having Flexible Work Hours
  • Paying out Bonuses-Annual or Project Completion
  • Having a Workout Facility at the Workplace
  • Offering Daycare services at the Workplace
  • Implementing a Wellness & Fit Program
  • Conducting Lunch and Learns
  • Birthday Acknowledgments
  • Offering Dry-Cleaning Pick Up Service
  • Use Contests and Incentives to Motivate & Reward
  • Having a Casual Day per week or month
  • Inviting Employees to attend a Movie Premiere Outing Together
  • Having an Annual Trip – Paid for by employer
  • Creating an Open Floor Work Space instead of Cubicles
  • Providing Annual Raises – Average Raise goes by Cost of Living, which is usually around 4%-5%
  • Offering Better Benefit Packages – more time off or pay 50% or more of their benefits portion
  • Performance Reviews (or “Stay” Reviews): Ask questions such as: Why did you come to work here? Why have you stayed? What would make you leave? And what are your nonnegotiable issues? What about your managers? What would you change or improve?

Maybe you saw something in this list that you may NOT be doing that can be implemented within your work space.  The idea is to make their work environment more like home because they are spending 8-hours a day or more at work.  Some of these tactics also help employees better manage their busy lives.