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Top 8 Secrets On How To Retain Team Members | Revealed

Do you ever wonder on how to retain team members ?

If yes, then read on.

I’ve learned a lot about this in my time as a business coach, especially about keeping a team together in small and medium-sized businesses.

I know – managing a team can feel like herding cats – everyone has their own mind and might wander off if not engaged properly.

But trust me, it’s not rocket science.

And neither is it magic.

All that you need to do is understand the secrets to team retention. Who better to share these secrets than someone who’s been in the trenches of MSME business coaching for 16 years now? 🙂

So – grab a notepad (or your tablet) and let me reveal to you 8 secrets that I have decoded that can help you keep your best players loyal to you. Let’s dive right in.

Secret #1: Build a Culture Where Team Members Have Mutual Respect and Understanding For Each Other

Sounds obvious?

Well, this obvious hack works wonders!

Ever noticed how a football team wins more when they play for each other rather than just for the goal?

That’s what mutual respect does in a business.

I am not talking about nodding along when someone talks. It’s about genuinely understanding and valuing each other’s ideas and contributions. Create an environment where every team member can voice their thoughts without the fear of being dismissed.

That would make them feel valued.

Understanding how to retain team members boils down to a human need: feeling valued. When people feel valued, they stay. It’s simple.

How to retain team members who have mutual respect build a better work culture.

Secret #2: Tailor Recognition to Each Team Member

Imagine giving a cat a bone as a treat.

Doesn’t quite fit, right?

It’s the same with your team members. Everyone has their own flavor of what feels rewarding. While for some it is public praise, for others, it could be a quiet thank-you note or an unexpected day off.

Recognizing their efforts in a way that resonates with them personally can boost morale and loyalty.

Among an entrepreneur’s must-have skills, understanding and recognizing what the definition of “rewards” means to each team member is the key to retaining team members.

4 Ways You Can Reward A Team Member

  1. Professional Development Opportunities
  • Offer to sponsor their attendance at a conference or workshop related to their field.
  • Provide access to advanced training programs or paid subscriptions to online courses.
  • Arrange for them to have mentorship sessions with industry experts.
  1.  Recognition and Celebratory Events
  • Host a team lunch or dinner to celebrate major milestones and achievements.
  • Create a “Team Member of the Month” program with a dedicated spotlight in the office or on company channels.
  • Arrange surprise treats like a team outing, movie day, or a casual fun day at the office.
  1. Monetary Bonuses and Gift Cards
  • Provide performance bonuses or profit-sharing options.
  • Offer gift cards for popular retailers, restaurants, or online platforms as a token of appreciation.
  • Create a points system where employees can earn points for achievements and exchange them for various rewards.
  1. Personalized Gifts and Experiences
  • Give personalized gifts like custom-made items, books, or gadgets relevant to their interests.
  • Offer experiential rewards like tickets to concerts, sports events, or theatre shows.
  • Arrange for a spa day, wellness retreat, or a fun class (like cooking or pottery) as a way to relax and enjoy.
Importance of personalized rewards in Team Building in an MSME business.

Secret #3: Champion Continuous Learning For Team Growth

In a world where change is the only constant, stagnation is the fast track to losing your team.

You have to proactively offer opportunities for them to learn and grow – it could be an online course, a workshop, or even a weekly book club. Show them that their growth is your priority.

“Team Building” isn’t just about increasing the headcount of your company, but also increasing their capability and competency by continuous training and development.

When your employees see that you’re vested in their growth, they pay it back with loyalty.

If you want to know more about how to retain team members, first you have to know why team building is essential in your MSME business.

Secret #4: Give Your Team Members A Work-Life Harmony

Remember, your team members are not robots programmed to work 24/7.

A well-rested, happy person is more productive and creative. Encourage them to find harmony between work and life.

Please understand – More Hours ≠ More Productivity.

Help your team focus on being productive during their shifts, so they can leave on time. Getting this right is a huge part of how to retain team members – everyone loves their ‘me time’ after all.

Trust me, when you don’t question when they leave, they seldom leave… the company.

You’ll have a team that’s more focused at work and also grateful.

Secret #5: Allow Open Communication Among Team Members

Think of this as having a team huddle before every match.

Regular meetings, feedback sessions, and an open-door policy can create a platform for honest and constructive communication.

Make sure that people don’t feel threatened or afraid when they share what they feel – that’s one of the challenges of team building. However, once you have established that trust and built that open line of communication, it will help address any issues head-on and strengthen the team’s bond.

And you know what happens when bonds between teams are strong? They don’t let go easily.

Open communication between team members is key to retaining team members.

Secret #6: Align Team Goals With Individual Aspirations For Better Growth

Every team member has their personal goals and growth aspirations.

Aligning these with your team’s objectives creates a win-win situation. When they see how their work contributes to the bigger picture and their own growth, it gives them a stronger reason to stay committed.

When you know that you matter and that your presence makes a difference, you don’t leave.

Every good, better, best business coach in India would agree.

Secret #7: Provide Your Team Members Competitive Compensation and Benefits

Let’s be real; everyone works to make a living.

No matter how “good” or “understanding” you are as a boss, it ultimately is about the money. All of us are working to keep our kitchen fire burning.

So if you pay unfair compensation, thinking to compensate with good behaviour – well, that ain’t happening my friend.

Ensuring that your team’s compensation is competitive and fair is crucial.

And don’t forget the extras – health benefits, performance bonuses, and other perks. These not only show that you care about their wellbeing but also make them think twice before considering a jump ship.

Secret #8: Create a Sense of Community For Better Team Building

Ever seen how friends stand up for each other? That’s the power of community.

Regular team outings, celebrating personal and professional milestones, or even a casual Friday lunch can foster this sense of community.

It’s about creating an environment where they don’t just work with colleagues; they work with friends. That’s one of the more effective ways how to retain team members.

Conclusion

So there you have it, eight secrets straight from the horse’s mouth.

Implementing these might seem like a handful at first, but remember, great things never came from comfort zones.

These strategies are less about doing big things and more about doing the small things right.

Here’s to building a team that sticks together through thick and thin! 

Further Reading

Further Reading

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