Employee retention is a crucial issue for your company as the cost of turn over maybe as high as 2.5 times the annual salary depending upon the role they play in your company. Lowered productivity, decreased engagement and the impact on the rest of the employees are additional costs that may not come with an immediate price tag. The payoff for focusing on retention is worth the time and small investment it may cost as it increases performance of the employees, raises morale and improves productivity.
Retention Begins at the Beginning
While you might not have the ability to make changes immediately, as you hire new employees it’s important to choose those who have experience in the field and go above your expectations. Retention begins during the application process as you identify the aspects of your company culture you want to emphasize and seek out those candidates. Once hired, it is also important to pay attention to onboarding and orientation as this sets up a new employee for success from the start. Consider pairing new employees with a mentor but choose well as you want to ensure your new employee walks away from orientation with a strong sense of the direction your company is heading and with a positive outlook.
Pay Attention to the Company Culture to Retain the Best Employees
By creating the right culture, you build productivity and creativity within the company and you are better able to identify the type of employees you’d like to hire. Many employees are grateful for the opportunity to take ownership and responsibility within the company and conveys trust in the employee. When you hire experienced and talented people, empowering them improves retention and productivity. Part of raising retention is putting in place a recognition and rewards system to help your employees feel appreciated for the work that they do. When people go the extra mile, it’s important to use a sincere email, gift card or next day off to show your appreciation for their hard work and how they help to boost the success of the organization. These actions incentivize employees and can work even with a very small budget.
Another piece of the company culture puzzle is helping employees establish a healthy work-life balance. If your company culture is sending the message that staff are expected to regularly work long hours and being at your beck and call, you’ll have low retention levels. Burnout is a real issue that happens in every market and is linked to the ability of employees to balance their work and life outside of work. Your employees need to know that management understands the importance of balance and encourages staff to take vacation or offers an extra day off to compensate for late nights necessary to finish a project.
Raise Your Retention by Fostering Teamwork
The days of sitting in a small cubicle away from interaction with others is long gone. People enjoy working together and on teams. When two people work together, they often achieve more than they could have if they had attacked the task individually. Foster a culture in your company of collaboration that accommodates work styles of others and allows their talent to shine. You can do this by clarifying objectives for the company, goals and the roles that people play to achieve success.
Keep Lines of Communication Open and Call Us!
Keeping open lines of communication is another essential piece for retention and teamwork. Employees should feel as if they can approach management with ideas, questions and concerns and can be honest and open. Smallest also appreciate it when management is open and honest with them about the type of improve. Issues should not be allowed to build until an annual review, but communication should always be focused on respect and honest critique, steering clear of criticism. We can help you make a plan to improve retention while finding qualified employees for your business. Call us today for a consultation with our professional recruiters.