The Top 8 Reasons Employees Stay With a Company

Employee retention may be decreasing. Data from the Labour Force Survey (LFS) show job-to-job moves have increased from 530,000 from July to September 2020 to 994,000 from January to March 2022 in the UK alone. Still, there are things you can do to help improve it, which will save you money and time in the long term by avoiding having to find replacement members of the team.  Here are the top 8 reasons employees stay with a company and some tips on achieving them…

1. They believe they are part of something special: Culture, team, environment

   Being part of a team is essential as it signifies people working towards a shared purpose or goal.  As a company, people need to feel as if they all have a common understanding that they are part of something special and that everyone has a unique role in achieving the goals of the company.  People are likelier to stay with a company when they are part of a team because they don't want to let the team down by abandoning them because they know their role is essential and valued.

   Tip: If the role doesn't include teamwork, try to incorporate team-building activities to strengthen the team culture and ethos.  Strengthening your culture can also encourage people to feel more part of the team.

2. They believe in what they're doing, which has purpose and meaning

   When people believe their work is valued and has a purpose and meaning within the company, they are more likely to be satisfied with their work.  People will stay with a company they work for longer if they feel their work is of meaning and brings value to the team – or what's the point of doing it at all? You don't want people in your team who are only there for the paycheck.

   Tip: If people aren't seeing results from the work they do, help them establish where they're going wrong by offering training, support and mentorship.

3. Their work is recognised and appreciated

   People need to feel that their work is being appreciated and valued in the workplace. They need to feel their work is recognised as being important. If people don't feel appreciated, they will look for a different position where their work will be recognised.

   Tip: You can never give enough praise or recognition, so do it whenever you can, so your team feel like their work is appreciated and they are reassured they are doing a good job.

4. They appreciate and respect their co-workers.

   People who respect and appreciate their co-workers tend to get along with them, and the sense of team belonging is a big reason why people stay with companies. Feeling as though you can lean on your team and trust them to work with you is crucial to workplace satisfaction.

   Tip: Encourage teamwork through team-building initiatives and offer incentives for supporting one another.  Incorporate team appreciation when someone does well.

5. They have a mentor who encourages them.

   People who stay with companies for long periods of time are encouraged to constantly do better and continuously learn.  Mentors are there to offer advice and assistance during your time at the company, offering guidance to help you get to where you want to be in the future.  By constantly learning and having someone to call upon for advice, people feel they always have a safety net and are comfortable asking for help, encouraging them to want to stay at the company. Get the most out of your mentor by using these tips.

   Tip: Encourage continuous learning and training for all team members from the day they start.  This makes people feel like they are improving without the need to find another role.

6. They have trust in the business

   People who trust the business they work for and the leaders who are part of it are likelier to stay with the company longer. If people don't trust who they work for, they're unlikely to feel passionate about the business they're working for.  Leaders need to be role models for those they work with to convey the right attitude and culture throughout the company.

   Tip: Always be genuine and upfront with your team members, and always do what you say you will do. Also, have trust in your team, and they are more likely to reciprocate and trust you.

7. They are emotionally invested, and they genuinely care about the company

   People who stay with a company for an extended period genuinely care about the organisation and are emotionally invested in the organisation.  It shows they are passionate about what the company does, and they are passionate about contributing towards the company's goals and growth. There is no way of making someone passionate about something, so it has to come from the individual.

   Tip: Passion can't be taught or learnt; it can, however, be influenced by a great culture, a mentor and a great team.

8. They are treated fairly.

   People will only stay with a company if they feel they are being treated fairly.  People need to feel valued, which needs to be reflected in the amount they earn, their benefits, and their workload.   If they're not treated fairly, or there's a better offer, people are more likely to move companies.  Why stay when there is something better just around the corner?  There needs to be the right balance between everything in someone's work life so that they do not imagine the grass being greener.

   Tip: Make sure nobody gets special treatment over other team members and that people are rewarded fairly for their efforts and achievements. Give your team every opportunity to give their feedback – listen to your people, and they will recognise the value you place on them.