One of the main pratfalls of any working environment is high staff turnover. You spend time and resources in finding the best person for the job – and then they leave within a year. Most companies place high priority on interview techniques and headhunting. But what is perhaps more important than hiring is the ability to retain that talent. Employee retention is one of the cornerstones of a highly productive workplace. Ensuring that staff feels engaged and satisfied with their daily operations will inevitably lead to an efficient and successful working environment.
How do you keep your employees consistently happy in today’s highly competitive workforce? Below we examine an employee retention strategy worth investing in.
1. Create A Community Environment
Employees often become embedded in their jobs and their communities. As employees participate in their professional and community life, they develop a web of connections and relationships on and off the job. Leaving a job would require severing or rearranging these connections. Employers can capitalize on this structure by encouraging a strong, cooperative environment. Provide mentors to new employees or tie financial incentives to tenure within the company. Help your employees feel like they are a part of something and they will be hesitant to leave the ‘family’ they have helped create.
2. Insist On Openness and Honesty
Employees feel valued when they are listened to. Never underestimate the value of sitting down face to face and discussing work-related concerns. Being an open and available employer creates an environment of trust that is unparalleled. Communicating with everyone, especially top-talent about changes taking place in the company and being receptive to their response will create an arena of respect that can help weather any hard times.
3. Develop Better Managers
Research reinforces the fact that companies with high turnover rates are often rife with bad management. It’s difficult to retain prime talent if they are consistently harassed and undermined. Every organization has a responsibility to develop high-level staff that is equitable and even-handed. Provide regular leadership training for supervisors and hold them accountable for high turnover rates. Teach them how to develop effective relationships with staff – and if they prove that they can’t, then let them go.
4. Support Staff
Providing staff opportunities to grow will always work in your favor. Discuss their career aspirations with them and help facilitate movement within the company. Send them to conferences, encourage ways for them to improve their skills and most of all, support their long-term goals. An employee that feels appreciated is one that will always go the extra mile for the company.
While someone may be attracted to the position because of salary, health plans and vacation benefits – they won’t likely stay long enough to take advantage of them if they aren’t satisfied with their environment. Not only can this affect morale and productivity, but employee turnover can cost a company time, money and other resources. Avoid shortfalls in organizational performance by treating your employees equitably. Arm them with confidence and the skills they need to thrive – and then watch as your company thrives as well.