A. People are still the most valuable asset in a company. By finding ways to retain them you’ll see a change in employee satisfaction, and in turn, your bottom line. Exit interviews combined with third party research reveal the reasons that people leave a company.

Surprisingly, inadequate compensation is at the bottom of the list. Most employers err by assuming that more money will keep the employee happy. Job satisfaction surveys show a clear connection between the working environment, supervisor relationships, and support.

Environment

Creating and maintaining a work environment that emphasizes open communication, customer satisfaction, integrity, safety and a feeling of family are ways to retain quality employees.

Relationship

Treating your employees with respect and trust is a very important. Also, talk to your employees and learn why they work for you and solicit their suggestions for improvement. Additionally, employees benefit by being given information about the company and how their work contributes to its success.

Support

A main component of support includes providing people with the resources they need to do the job. Resources such as ongoing training make employees feel valued and gives them the tools they need to grow within the organization.

Compensation is of course important too! However, it is only one part of the equation. Without the other parts, you will not be able to pay an employee enough to stick around.

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