Hiring new employees is time consuming and expensive. From recruitment, to the hiring process, and training, finding someone that fits into your organization can be frustrating. Having a strong employee retention plan is essential to hanging on to and cultivating your best talents. Here are some tips to keep your valued employees, and encourage loyalty within your company.
1. Hire good people, and then let them do their job.
When you hired someone for a specific job, you probably hired them because of their skill-set and talents. Try to stay out of their way, and let them do the job you’re paying them for. Let them know what your end goal is, and then allow them to make it happen. While they will have different approaches to get the job done than you, their method may be better than yours. After all, you hired them based on their capabilities. When you try to micromanage, it sends the message that you don’t think they can do the job you hired them for.
2. Ensure they have what they need to do the job.
Your employees should never have to wonder about what is expected of them, or have to go looking for materials. Make sure that they have the tools they need to effectively do their jobs. If they have 4 weeks to complete a task, make sure they don’t have to spend 2 of those weeks fighting with your finance department over purchasing materials that they need. Make sure scheduling, customer databases and company policies are all clearly defined and easily accessible to your employees.
3. Keep your employees happy.
The primary threat to employee retention is poor morale. Workers that feel they are appreciated and supported are more likely to stay in a position. Listen to their ideas and give recognition when due. Keep the work environment relaxed and positive, and be generous with leave time; work life balance is important to keeping employees from looking elsewhere.
4. Give Employees Feedback
Keeping up with employee feedback will let you know when people are frustrated or ready to start looking for another job. Make a point to seek them out for a lunch meeting, with the purpose of understanding how they feel about their position. Consider small ways to let them know that you appreciate the job they’re doing. Throw in a day off for an excellent job done, or surprise them with allowing them to leave early on a Friday before a Holiday weekend. These little things may not seem cost effective, but will save you money in the long run if they add to your retention rates.
5. Offer Career Advancement Opportunities
Employees often seek other employment if they feel they have stagnated in their career path. Use performance reviews to find out what an employee’s career goals are, and see if those goals can be met at your organization. When opening new positions, see if there is someone inside that can transition to the position, allowing for personal growth and giving you the added security of knowing what you’re getting.
6. Hire Good Managers, and Train Them Well
If you find yourself with a high turnover rate, take a look at your management. If they’re happy in their chosen profession, people generally leave due to the way things operate. See if there is a pattern, and if it can be traced back to specific managers. Thoughtfully consider management skills when deciding who to promote. Seniority or rankings don’t indicate that someone has what it takes to be a good manager. Promoting a top performer to a position they aren’t prepared to handle may do significant damage to your company.
Following these guidelines should help you hang onto your most valued employees, and reduce turnover rates. Investing in employee retention is one of the most important things you can do to keep overall HR costs low.
About the Author:
With her thirst for writing and a background in Business Administration and Management, Tess Pajaron currently works at Open Colleges, online education provider from Australia.