November 2, 2017 Lauren Gallagher

5 Inexpensive Ways to Retain Employees

It’s no secret that it’s an employee’s market right now. While retention is likely at the forefront of many business leaders’ minds, solutions often come at a price. Fat salaries, robust benefits, and annual company trips are helpful in attracting top talent. But there are other, much less costly ways to do so. Read on to learn about 5 Inexpensive Ways to Retain Employees. And let us know, what might you add to the list?

5 Inexpensive Ways to Retain Employees

Volunteering

Working together towards a charitable cause can be a great bonding experience for employees. Even those that are less inclined to volunteer on their own time will likely enjoy the group energy. We shared on the blog recently about a fundraising event with a long-time partner, UMOM. The walk was at the Phoenix Zoo and proceeds went to support homeless families. Other events, such as packing up canned goods at a local food bank, cleaning public parks, or assisting at animal shelters are cheap if not free options. The work itself is fun and everyone leaves having gotten to know each other better with the added bonus of giving back.

BBQ Fridays

Is there a time of year in your local area that’s particularly nice weather? Why not fire up the grill on Fridays and take a BBQ break? Fridays tend to be slower in most offices, so it’s a great time to kick back and enjoy some inexpensive, grilled eats. Have employees chip in with side dishes. They’ll enjoy sharing their personal specialties (or favorite store-bought options) and it’s a fun way to get the conversation flowing. Simple breaks away from the day-to-day like this bring a familial vibe to any office.

Birthdays Off

One popular, inexpensive way to retain employees is giving them their birthday off. No matter what age, it always nice to feel special on this day. While it may carry more weight with some, most people will at least appreciate the bonus day off. It’s also a great way to attract potential hires. Advertising small perks like this in postings shows that you care about and invest in your people.

Show Your Appreciation

Do you remember the last time you told an employee “thank you”? It’s easy to get hung up on things your employees need to improve upon. Make sure to also acknowledge a job well done. It’s always a good business practice to keep an even keel and not over or under celebrate. But you can still give credit when credit is due. People will start to feel resentful if they are only hearing the negative without regard to a deserved “job well done”.

inexpensive ways to retain employeesContinually Provide And Ask For Feedback

Employees can go weeks without having any solid feedback. While all may be well and good in your mind, this isn’t always obvious to them. Feedback doesn’t have to come in the form of a seemingly ongoing performance review. Take people out to lunch and keep things light. Ask them their opinion on various projects and happenings within the organization. Showing that their input is valuable is a powerful engagement tool.

We hope these topics give you a solid foundation for creating a stellar workplace. It doesn’t always have to cost a ton to make your people happy. Trust that with a little flexibility they will only be better employees for it.


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