Do you have some pretty amazing employees that you’d hate to see leave? Do you know how to get them to stay? Employee retention should be a top priority, but it can be challenging for a company. It’s crucial to know what steps to take toward success. The more you know about the importance of employee retention, the better!
Since you don’t have full control over your employees, you cannot totally prevent them from leaving. It’s essential to the health of your organization for you to do what you can to reduce turnover. A low retention rate looks bad and becomes costly if it’s something that frequently occurs. Having a strategy to help employees stay put is going to keep your retention rates high and productivity levels higher.
You want great employees just as much as employees want the following:
- Career development opportunities and a chance to grow in their chosen field.
- Regular feedback on how they and the company are doing.
- A chance to contribute directly to the organization and be recognized for doing so.
- Flexible work schedules that recognize their need for work/life balance.
- A good salary or wage and an opportunity to increase it over time.
- Benefits tailored to their individual needs.
Take these actions to support good retention. Wondering why your employees are leaving? Cited are the top reasons employees find new jobs:
- 53% seek better compensation and benefits.
- 35% cited dissatisfaction with potential career development.
- 32% said they were ready for a new experience.
Strategies for employee retention
Hire who fits
During the hiring process, you have an opportunity to make a huge difference in retention rates. If you start off by hiring the right people, you’re bound to see those people stay for a longer period of time. Highly skilled, positive and friendly people are ideal candidates. Anything less can contribute to them leaving the company earlier than you’d like. Hire who fits your team the best.
Retention rates should constantly be measured and tracked. If you aren’t keeping an eye on these rates how do you expect to see any kind of change? Focusing in on this data can prepare you for what steps should be taken next. You’ll be able to see who has been excelling and who might need some additional training. If you direct attention to what needs fixing, you’re a step closer to retaining your employees.
Give additional coaching
If you notice that managers are not giving their best performance at work, coach them! It’s often said that people quit a job because of a manager rather than the job itself. An easy fix to avoid this in the future is to start with a strong candidate and to then keep track of performance levels. Well trained managers are less likely to have negative feedback from employees. As long as you know where your managers stand, you’ll be able to step in and avoid further issues from arising.
If you want your employees to stay, prove it to them. If you notice that retention rates are low, you may need to reconsider some things. Try re-evaluating what’s being offered to your employees. This includes enhancing benefits packages, fixing inflexible schedules and providing a path for growth within the company. Employees want opportunity and the potential for growth, within a company.
Communication is key. You must be more than willing to have open lines of communication at all times so you have an idea about your employees thoughts on working for your company. Hold meetings and give feedback. Being in touch will give you the opportunity to talk to any employees who are having second thoughts about working for your company. You have a chance here to make some changes and prevent them from leaving.
It makes sense that an employee that stays with a company, grows within it and contributes to it accordingly. The longer you keep an employee the more knowledgeable about the company they’ll become and the more success your team will see.