When the labor market is tight, it’s more essential than ever that you hold onto your best people. It prevents productivity gaps, allows you to stay focused on business, not hiring, and it cements your company’s reputation as a great place to work. Here are some smart strategies to keep your employee turnover rates low.
Compensate competitively. Keep your finger on the pulse of the local market to know what your competition is paying. You don’t have to match their pay rate, but you should know – because your employees do. If you have other perks, like great benefits, a positive culture and a commitment to personal development, a slightly higher paycheck is unlikely to woo your employees away. However, if you pay below market rate or neglect the intangibles that keep workers engaged, you may soon find your employee entrance turning into a revolving door.
Keep them engaged. Be sure that every employee understands the impact their work contributes toward the organization as a whole. Communicate company goals and plans so that they can see the big picture and have something to work toward. Be sure that your management team understands the importance of employee engagement in retention and productivity. One of the top reasons employees leave a company is because of their direct manager, so check in regularly to ensure supervisors are conforming to management best practices.
Show them you care. Talk to your employees about their goals and interests. If possible, you want your best people to build their careers within your company. If you know what they want their career path to look like, you can provide the right resources. Provide training materials, tuition reimbursement or encourage them to take a lateral internal move if it will get them on the right track.
Typically, people don’t stay at one company for the length of their careers, but some do. Others will spend at least a few years with you, years that could be productive and impactful. By making your company a place that attracts the best and gives them reasons to stay, you can reduce turnover even in a competitive economy near full employees.
If you need help hiring or advice on retention, contact the experts at Stellar Staffing Solutions. We help Napa Valley employers find great people and keep them happily employed.