Keeping quality employees on the payroll can be challenging in any industry, especially in 2018. Workers are more likely to seek new opportunities in a shorter span of time than in previous years. So how can you retain your best staff members? We’ve found it’s not through cheap swag or good intentions. We’re here to take a look at a study that suggests increasing your base pay to see a better pay-off. These are the factors that impact employee retention.

Company Culture

A majority of employees that went through a recent job change credited the company culture as their reason for leaving. This can include critical issues like harassment or overbearing supervisors, or smaller things like a lack of amenities or flexible scheduling. One way to retain your best workers is to offer perks that keep people happy and ensure a positive and productive employee environment. Make sure your workplace is a space where your employees can feel welcome and comfortable by keeping the lines of communication open and meeting the needs of your staff.

Lack of Progress

Employees see a lot of value in potential leadership opportunities. Stagnant work situations are poisonous to morale: if you don’t provide growth opportunities for your workers, they won’t be able to contribute to the team. Escalating in a role is important to professionals, especially when they are presented with other job offers. People want to learn and grow in their organization. If you don’t give them that chance, they won’t stick around and wait for it. Offer professional development webinars and workshops, or cover the costs of third-party networking events. Show your employees that you care about their growth, and they’ll want to grow with you.

Base Pay

One of the biggest factors in employee retention is salary. The bottom line is, no matter how many perks and benefits you float to your workers, decisions are typically made based on pay. One study found that a 10 percent increase in base pay can be instrumental in keeping employees on. Even if you can’t manage a 10 percent bump, try to make a measurable difference.

Don’t wait until your employee is ready to walk to show your appreciation. Consider offering a pay increase after a successful project or professional advancement. Waiting until a performance review is not the way to proactively manage your team. If you’re not able to offer raises, make a genuine effort to find out what your team needs. Arrange one-on-ones to find out what your team needs to stay ahead of the curve.

Work With a Top Staffing Agency in Chicago

To learn more about effectively managing and retaining your staff,, contact the professionals at Davis Staffing. We help managers employ Chicago’s best candidates in a variety of roles, and can provide tips and tricks on how to make your people happy and productive in any setting. To learn more, visit our website today.