Traditionally, employers have relied on giving employees raises to retain their staff and reward their hard work and loyalty. However, raises can become expensive, and there is often a limit to how much you can increase salaries and wages.
Keeping your employees happy makes good business sense. Retaining talented employees saves the cost of finding, hiring, and training new staff. Moreover, satisfied and valued employees are more motivated and productive.
Here are some ways to keep your employees happy without relying solely on higher salaries:
Offer Flexible Work Arrangements
Not everyone can work a standard Monday to Friday, 9 to 5 schedule. Some employees have family commitments or other responsibilities during regular business hours. Consider flexible work arrangements, such as compressed work weeks (longer days for more days off), varied start and end times, or job-sharing. Remote work is another option that many employees appreciate.
Flexible work arrangements not only benefit your employees but can also increase your business’s availability to customers and clients.
Pay for Professional Development
Good employees want to improve their skills and grow professionally, but other priorities often get in the way. Paying for professional development—whether through a fund employees can access or by bringing in experts for workshops—demonstrates that you care about their growth. Your business also benefits by having a staff trained in the latest procedures and technologies.
Encourage Work-Life Balance
Employees strive for a fulfilling life, but balancing work and home can be challenging. Employers who encourage work-life balance make this easier. Avoid contacting employees after work hours and make it clear that personal time should be enjoyed. Encourage employees to take their sick leave and use their holiday days. Lead by example by maintaining a work-life balance yourself.
Be Transparent
Being open and honest with your workers fosters trust and a sense of belonging. Hold regular meetings to discuss your organisation’s goals, strengths, and challenges, and invite input and feedback from your team. This engagement shows that you value their perspectives.
Apply Your Values to Your Staff
Organisations often create noble values for their customers but fail to apply them to their employees. Ensure your values are consistent. If you want your customers to feel valued and supported, extend those same values to your staff. Clearly define how you want your employees to feel and what that looks like in your organisation.
Ask Your Staff What They Need
Finding solutions that everyone values can be challenging. Ask your staff what would make them happy enough to stay. They might appreciate additional vacation days or more banked sick time, for example. Listen to their suggestions and consider implementing the options that could work for your organisation.
While increasing salaries is one way to keep employees happy, there are many other valuable options you can offer.
Looking for a Fulham accountant to help with your small business? Get in touch – we’d love to help.
e: office@londonaccountants.co t: 0203 137 9791
Kind Regards,
The Team at London Accountants
