Employee turnover is expensive for your organization not only because it can cost almost twice the departing employee’s salary to find a replacement, but turnover can decrease performance and morale. Use the suggestions below to help retain your good employees:
#1 Hire Correctly: Before you begin looking for your next employee make sure you are clear about what their responsibilities will be and what key skills the new employee will need to be successful in their job. When speaking with candidates, be honest about your expectations and company culture to gauge if they will be a good fit for the job.
#2 Provide Competitive Compensation and Benefits: Do a market survey to find out if your salary and benefits are competitive in your industry. You don’t want to spend time hiring and training new employees only to have them leave for your competitors who may be offering better benefit packages.
#3 Develop Your Employees: It is important to provide skills development to all levels of employees. Not only does training keep your employees engaged, but it can keep them up to date on communication skills, technology changes and industry specific developments that will help them be successful at their jobs. Informed employees will improve client retention while providing improved job satisfaction for the employees.
#4 Listen: You can learn from your employees if you listen closely. Often they will have the best grasp of changes you can make to improve efficiencies, reduce costs, or impress customers. Let them know that you are open to suggestions by implementing a virtual suggestion box and give prizes for the best suggestions. Ask employees to be part of the solution to demonstrate that their opinions matter and that they are an important part of your organization.
#5 Recognize Your Employees: Don’t take your employees for granted. Take the time to recognize their accomplishments with a simple thank you note or a sincere praising statement like “You continue to amaze me with your attention to details. I could not have completed this project without your help.” It will go a long way in making your employees feel appreciated. If your budget allows include small tokens of appreciation like gift cards or certificates to encourage future performance.
#6 Provide a Positive Work Environment: Employees appreciate the little things that make their lives better. Explore local vendors who may want to provide services to your organization at no or low cost. Some suggestions are chair yoga classes; blood pressure screenings; chair massage treatments; lunch and learns; casual dress Fridays; ice cream Tuesdays; etc. These type of events help employees build a community of shared experiences as well as create a positive work environment.