Don’t get me wrong some staff turnover is vital for business in order to inject fresh ideas and strategies into the workplace or to weed out any individuals who are not pulling their weight and creating a negative environment in the office.
However too much can be costly to a business and these costs can fall way beyond the cost of just replacing that individual. Whilst affecting the internal morale of the company it could also damage the companies external image and prevent future talent joining them.
It is important to get this balance right so have a look at these top strategies to increase Employee retention. How many is your business doing at the moment?
The right Management and Leadership
People leave managers and supervisors more often than they leave companies or jobs. It is not enough that the supervisor is well-liked or a nice person. The supervisor has a critical role to play in retention, starting with clear expectations of the employee.
Anything the supervisor does to make an employee feel undervalued will contribute to turnover.
Frequent employee complaints centre on these areas;
- Lack of clarity about expectations
- Lack of clarity about earning potential
- Lack of feedback on performance
- Failure to hold scheduled meetings
- Failure to provide a framework within which the employee perceives they can succeed
Permission to speak freely
The employee's freedom to speak his or her mind freely within the company is another key factor in employee retention. Does your company solicit ideas and provide an environment in which people are comfortable providing feedback? If so, employees can offer ideas, feel free to criticise and commit to continuous improvement.
Firm but fair
The perception of fairness and equitable treatment is important in employee retention. It is not a nice feeling for any employee if they feel that there is favouritism in the team leading to them missing out or not feeling as valued.
The right tools to do the job
It’s quite simple really - the employee must have the necessary means to do their job well – or they will move on to an employer who provides them.
Nurture their career
Your best employees that you want to retain seek frequent opportunities to learn and grow in their careers, knowledge and skill. Without the opportunity to try new opportunities, sit on challenging and significant teams, attend seminars and read and discuss books, they will stagnate.
A career-oriented, valued employee must experience growth opportunities within your organisation.
Reward, Recognise and Appreciate
Frequently saying thank you or well done goes a long way. Monetary rewards, bonuses and gifts make the thank you even more appreciated. Understandable raises, tied to accomplishments and achievement, also help retain staff.
As a last resort
If it has come to it and your employee does leave then ensure that the business has a process for gathering feedback to prevent the same scenarios repeating. These are called exit interviews; when the employee has nothing to lose they may be more open to share how they were really feeling about their role and the business.