We're nearing the big thank you season. Time for gratitude in many different shapes and forms. You might be planning your end of year office party, figuring out what gifts to get your coworkers and employees, and all while keeping your eyes intently fixed on the bottom line. Here's the funny thing: if you show your employees that you appreciate them, the bottom line and talent retention will improve.
Talent Retention in Northwest Arkansa
Given the high turnover rate of both employees and citizens in Northwest Arkansas, it's imperative that companies strive for greater employee retention. Between talent recruitment, retraining, and possible moving costs, companies can expect to pay about 20% of a person's salary to replace them. On top of that, there's the potential for distrust and wariness from clients, potential customers, and even job seekers when there seems to be a revolving door for employees within a company.
One of the easiest ways to boost talent retention is by showing appreciation for both them and for their work on a regular basis. If you're looking for inexpensive/free ways to improve this in your company, consider speaking your positive thoughts out loud more often. Thank your coworkers for their efforts, and make it known when something they've done has improved the situation for the team (and hey, this works outside the office too). A thank you here and there can make a big difference.
Another inexpensive way to show appreciation is through food. Whether you're bringing in a homemade lunch for everyone or taking a few people out after a big sale they made, this can make a big impact on employees feeling valued.
This is the busiest time of year for many businesses, and your coworkers are probably feeling the stress. As you plan your office party, wellness is an excellent addition to making your employees feel appreciated. Hiring a massage therapist to come do chair massages, having a yoga teacher talk you through some simple exercises for relaxation, or being coached through a meditation are all excellent and affordable ways to show your team how much you appreciate them.
However you show gratitude for your team, let it ring true with who you are and how your company operates. And maybe get yourself a treat too while you’re at it!