It’s a fact of business life: Employees aren’t likely to stay in one job forever. Something might happen to prompt them to start looking for a new opportunity and, regardless of what you might to do try and retain them, they leave and the company has to find someone new.
Employee retention is a challenge for all companies, and for managers in particular. Finding, hiring and keeping great employees is an ongoing process and one which deserves adequate attention and care to do correctly.
It costs more than just time to replace an employee
Columbia University research suggests it can cost 150% of an employee’s salary to find a replacement for someone who leaves a position to move to a different company. Is that a cost your company can afford?
Keep these tips in mind to improve your employee retention and keep your best workers happy and under your roof:
Talk to your team members before they look to leave
Most companies have annual reviews but try conducting regular, or semi-regular, one-on-one conversations with your employees to find out how things are going. What do they like about their position and what would they change if they could? What’s the biggest challenge they’re facing in their workday? Listen closely and carefully to these answers and provide detailed feedback on what they say. Also take the time, in these meetings, to offer feedback and, importantly, detailed reinforcement of what’s going well or successes they’ve had. Employees who feel their hard work is going unnoticed will be more inclined to go somewhere that their efforts are acknowledged.
What are the benefits of working with your company?
Most employers will offer health insurance packages, and that’s very important. But what else do employees receive for their efforts and dedication? Does the company offer any kind of rewards program for consistently exceeding expectations? Can employees who take initiative and implement new procedures successfully be acknowledged for their work? It doesn’t have to be a big overhaul, but find ways to reward employees for what they do above and beyond. People want to be given a pat on the back and congratulated for their efforts.
Review your company culture
This is more than the occasional dress-down day or hanging platitudes on the conference room wall. What does it mean to be part of your team? What does it mean to be an employee at this particular company? If the company boasts community involvement, are there multiple opportunities for volunteering throughout the year? If the company wants people to feel they’re part of a team, there needs to be a manifestation of that ethos as well.
Employees who feel they aren’t being challenged, or that there isn’t an opportunity to learn and grow on the job might become bored or feel their career is getting stale. Offering training or enrichment workshops is an investment in your employees, which can lead to their re-commitment to your company.
Value their time
Employees who know their managers value not only their on-the-clock time but also the importance of time away from work are more likely to feel that they matter to the company. If you can’t incorporate an unlimited vacation or time-off policy, try offering flexible work arrangements when needed. Make it easier for workers to be present at important family functions without feeling guilty for leaving early or coming in late. Understanding and making it apparent that you appreciate a worker’s obligations in their personal lives will cut resentment and foster gratitude.
There’s no silver bullet or one-size-fits-all solution that will result in 100% employee retention, but there are ways to keep employees happy longer and stop them from giving in to the urge to look around.
Create your employee retention strategy with LeadingEdge
Here at LeadingEdge Personnel, we’re ready to help you find the employee retention strategies that will work for your company, but we’re also ready to assist in finding new employees when positions open. Give us a call today for more information and the advice you need to build a successful team.