10 WAYS TO KEEP YOUR BEST EMPLOYEES
Keeping your best talent is good for your company’s culture, competitive edge and bottom line. When key and high potential employees remain with your organization, their loyalty will help to create and maintain a healthy environment for every facet of business. These key employees ensure customer satisfaction, increased sales, happy coworkers, clear succession planning and a wealth of organizational and training knowledge.
Employee Turnover will cost your company unnecessary expenses. The costs are not only financial, they can be loss training time and investment; lost knowledge; coworker insecurity; not to mention recruitment cost that is needed to fill your now open position. When a company loses a manager, this loss will cost 100% of his/her salary to replace that manager. Losing a key Senior Management employee is an even higher cost. With the baby boomers retiring, there is a rather large gap in quality employee talent. Unappreciated or insecure key employees are too great of a risk for your company. It can be just a matter of time before they leave. Do what you can to retain the best talent that is already in your company. It will pay dividends at the end of the day! Here are 10 ways to keep your best employees in your company:
1) Competitive Benefits:
Offer a competitive benefits package, including health & life insurance and a retirement plan. If you have the resources, provide a free benefit like a VSP Vision plan. This is a low cost option that goes far in the eyes of employees and potential employees.
2) Competitive Pay:
Ensure that pay in competitive to your market. Do market research often to ensure that your company remains competitive. If you don’t, you will get what you pay for. High potential key employees are a rare find in most industries. They add more value to your organization, managers and coworkers. Pay them what you know they are worth.
Provide employees financial incentives such as raises, bonuses and stock options. If you have the ability to implement a profit sharing bonus, this can be a win-win for everyone. Employees work harder and push sales when they feel that they have skin in the game. Other less costly options are annual employee appreciation luncheons, BBQ’s, Holiday Parties, etc.
4) Expectations & Promotions:
Make sure employees know what’s expected of them and how they can grow within your company. Holding annual or semi-annual employee reviews/evaluations can really help to ensure that all parties are on the same page. Also, promoting from within the company will increase employee engagement dramatically. Companies who promote from within have a higher success rate with internally promoted and trained managers/staff. These employees have a great appreciation for their position within the company. As a bonus, coworkers will notice the employee promotion which will provide an example of a path that has succeeded.
5) Open Communication:
Foster an open door policy for employees to have time and access to management. When employees offer ideas, they must feel free to criticize and offer solutions. If not, they keep their mouths shut or find themselves constantly bucking the system, until they leave. Problems and negative situations are taking place at some level…But if you take an offensive stand and fix problems, your employees will take notice and appreciate your desire to make their workplace better.
6) Survey Your Audience:
Conduct Exit Interviews, Stay Interviews and Employee Surveys. Try to obtain high-quality feedback from employees, ensuring that you continue to learn, grow and challenge your business. Learn why employees are leaving, consider asking longer-tenured employees why they stay. Ask questions such as: Why did you come to work here? Why have you stayed? What would make you leave? And what are your nonnegotiable issues? What about your managers? What would you change or improve? Then use that information to strengthen your employee retention strategies. Any negative information that comes out of these sources should not be shared with others. This is crucial to open communication and trust. Create a way to turn that negative situation into an opportunity for improvement. Private e-surveys are also another great option to obtain constructive feedback. You can survey your employees annually on various subjects such as benefit insurance option satisfaction, employee satisfaction or management satisfaction. Some of the best ideas come from these private surveys.
7) Employee Development:
Develop your staff! Pay for training or provide resources to increase staff knowledge. Allow a reasonable amount of time for your employees to complete training. Education and Certification Assistance Programs are also great tools to show your employees that you what them to continue to succeed and grow their career with your company.
8) Manager-Employee Relationship:
Create a learning culture where managers are able to coach employees and share their experiences to better the employee’s career. This also dovetails into the manager-employee relationship. People leave managers and supervisors more often than they leave companies or jobs. It is not enough that the supervisor is friendly and well-liked, the supervisor has a critical role to play in retention. Anything the supervisor does to make an employee feel unappreciated will contribute to turnover. Many employee complaints about managers are usually on these areas: lack of clarity about expectations, lack of clarity about earning potential, lack of feedback about performance, failure to hold scheduled meetings and failure to provide a structure within which the employee perceives (s)he can succeed.
9) Solid Onboarding Program:
New Hires should feel welcomed upon their hire date and during orientation. This is only the first step to onboarding. During this 90 day period, the new hire should have all the tools and information that they need to ensure that they are set up for success. On the company side, you should share your business’ vision and mission. (This should be posted in board rooms and appropriate areas around your office.) A proper Onboarding experience will go a long way to ensure that your hiring manager or recruiter does not lose all of that hard work in getting the new hire to work for your company! There is so much more that I want to share with you concerning onboarding, but this article would go on forever. You can check out the Onboarding Toolkit. It provides valuable information on implementing an excellent onboarding program. The work is already done for you in the toolkit.
Be open to allow employees to take time off for appropriate reasons. The majority of employees will not take advantage or misuse this option, but having the ability to take off of work for emergencies or appointments is a burden lifted. Consider Flex time if your business needs allow. This can be in the form of 9-80 schedules or individual needs schedules. When a company allows their employees to take care of their personal appointments, child issues, etc…Scheduling options go a long way in retaining those key employees.
Because turnover is so costly, do as much as you can to retain your key and high potential employees. These tips should help you to be on your way to maintain the competitive edge in your industry and build a healthier company! 10 Ways to Keep Your Best Employees
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