Employee turnover is a concern of many companies because it lowers company productivity and increases the workload of remaining staff. According to the Wall Street Journal, “High employee turnover hurts a company’s bottom line. Experts estimate it costs upwards of twice an employee’s salary to find and train a replacement.” With that in mind, key employee retention is critical to the long-term health and success of your business. Apropos to this, retaining key employees must be an economic imperative for most companies. If your organization is experiencing significant turnover and you’re afraid your best employees may be leaving, we’ll show you how you can hang onto them.
- Recognize employee contributions. Show your staff how much they are valued by sending them “thank you” comments and recognizing and flaunting their contributions company wide. When employees feel undervalued and unappreciated, they look for other employment. They need to feel that their contributions to the business are important. But the feedback and praise must be sincere.
- Create an environment that makes your employees feel like an asset to your company. Allow them to feel secure in their job by greeting them by name and letting them know that you know who they are.
- Solicit feedback from employees. Get their input about rules or changes that may need to be made. Accept suggestions for problem-solving. Encouraging feedback lets them know that you are listening to their concerns and ideas.
- Create an open and honest work environment. Giving feedback should be a two-way street so provide it on work performed and be willing to listen to the concerns of your employees. Be open and listen to new ideas. Be available and open when your employee asks for your guidance. Keep employees informed about what is happening with the company. Don’t let rumors and gossip run rampant.
- Provide opportunities to grow and let your employees know there is room for advancement in your company. Provide tuition for continuing education classes. Tap into employees’ passion and interests and allow them to focus their time and energy on projects they enjoy. Let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
- Share the company’s priorities, expectations and goals. When employees know what is important to the company, they make better decisions. Also, be sure you have job descriptions so your employees know what is required of them. You must communicate directly and clearly. Good employees want to please you, but they need to know what it is they need to do to make that happen.
- Provide a competitive benefits package. Flex schedules, telecommuting, health insurance as well as disability and life insurances, make a difference when it comes to attracting and keeping employees.
If you want more information on retaining your best employees or any other human resources issue, contact us and we’ll share our strategies and tools for your company’s success.