Most employers agree that finding good employees is extraordinarily difficult. After some years in a difficult economy it’s likely that staff turnover will rise significantly once the job market improves. If you haven’t done so already, you might want to give some thought to employee retention.
Employees leave organisations for different reasons and often employers don’t know what those reasons are. It could be friction with their manager or colleagues; frustration with processes or the culture; boredom; poor pay, lack of growth prospects, lack of challenging work and poor supervision. Employees don’t stay in a job for life anymore and if you don’t give some thought to a retention strategy you face the risk of losing your best workers and the consequences could be severe.
Statistics suggest that 80% of employees are actively looking for their next job (often in our time). It costs a considerable amount of time and money to recruit and replace employees. So, how do you increase employee retention?
Start by taking time to recruit the right people i.e. they have both the skills to do the job and will fit your culture. Select the right people in the first place through behaviour-based testing and competency screening. The right person, in the right seat, on the right bus is the starting point for a good retention process and is far more likely to stay and thrive.
Recognize good performance whether it’s financially with performance related pay or with some other non-monetary benefits. Make sure employees are recognized when they achieve their goals and perform above and beyond your standards. Offer performance feedback and praise good efforts and results.
Involve employees in decisions that affect their jobs and the overall direction of the company whenever possible. Communicate goals, roles and responsibilities so people know what is expected and feel like part of the in-crowd.
Employee development is also key. Provide coaching, educational opportunities, training and career progression. People like to know that they have room for career movement.
Recognise that employees are people, not robots. Enable employees to balance work and personal commitments. Allow flexible starting times, core business hours and flexible ending times. Make work fun.
Get the right managers in place. People leave managers more often than they leave companies or jobs. Frequent employee complaints are lack of clarity about expectations, earning potential, and performance.
If the right people are in the right place on your workplace bus and those people are happy and feel well-supported, you’ll find the bus is rolling along on rocket fuel.
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