All managers can agree: employee retention plays a major role in a company’s success. The higher employee retention is at a company, the happier the customers or clients, the more profitable the company, and the faster the growth rate of sales or any other way to measure success.
If employee retention is such an important piece to the company’s success, why is it still a problem for so many?
Key Tips to Employee Retention
Employee turnover is costly for a company. Not only does it actually cost money in recruitment and hiring costs, but productivity takes a hit too. Sometimes, it can create a domino effect as well, if key team members choose to leave the company. This can truly be devastating.
To avoid turnover and increase your employee retention at the company, follow these tips.
1) Be Clear About Expectations
It’s so important that managers and supervisors are clear about their expectations for their employees. It’s more often that people will leave a manager rather than leave a job or company. One of the best ways to keep your employees is to be clear about expectations regarding growth opportunity, daily tasks, wages or compensation, and company goals. When workers know what’s expected of them they have a greater sense of purpose which translates to overall worker happiness.
2) Allow Employees to Speak Their Minds
Another great way to achieve higher employee retention is to create an environment where employees can feel comfortable speaking their minds. Workers want to be able to share ideas, feedback, or frustrations. When a company allows the proper avenues for open communication, it makes their employees feel significant and valued. Workers are less likely to leave a company when they feel as though they can speak their minds to their coworkers and supervisors.
3) Reward and Recognize Your Employees
Employees want to feel as though their work is appreciated. A company can retain their employees by recognizing effort and accomplishments and rewarding those workers who meet or exceed job performance expectations. Sometimes, the reward or recognition can come in the obvious form of an increase in compensation. Other times, small gift cards, or lunch outings are appropriate.
4) Create a Healthy Company Culture
There are many ways to create a healthy and positive company culture. This can also help increase your employee retention.
Are you looking for employees?
For more information on how to enrich your office culture and retain happy employees, contact Integrity Staffing Services.