Frequent turnover is a growing problem for a number of industries, and companies are becoming increasingly concerned about retaining good employees. While some turnover is to be expected, high turnover rates are not only costly to the organization, but they are also detrimental to the organization’s morale. Excessive turnover can have a negative impact on workplace productivity and can diminish the atmosphere within a company.
Employees are the most valuable asset to any organization, but if you aren’t doing enough to make them feel valued, you better be prepared to watch them hit the door. Managers need to be able to recognize talent, acknowledge hard work, and keep an open line of communication if they want to keep their employees happy. Here are just a few strategies leaders can implement to improve employee retention at their company.
You want to ensure that your employees are set up for success right from the start. During those first few days, it’s critical that new hires get an in-depth team introduction, a company overview, a friendly meet-and-greet, and even a few extra perks like a welcome lunch and goodie bag with company swag. Your onboarding process should teach new employees everything they will need to know about their new company, while also creating a positive and welcoming atmosphere where they know they will learn and thrive. The training and support you provide at the beginning will set the tone for your employees’ entire tenure at your organization.
There’s no doubt that work is about more than just a paycheck, but money is still a major factor when employees decide whether to keep or leave a job. Though many companies look for creative ways to compensate their employees such as a flexible work schedule, extra vacation, work from home benefits, or a positive work environment, if your wages are not competitive then you are likely to lose good talent to your competitors. Paying your employees well is a sign of respect, and it signals to them that you value them and care about their well-being.
Appreciate Hard Work
Don’t let hard work go unnoticed. Never miss an opportunity to thank an employee for a job well done. This is one of the simplest, yet most effective ways to retain employees. When employees receive praise, they feel valued for their efforts and it lets them know that you care about the work they are doing for your company. Recognizing an employee at a meeting, during a presentation, or simply through an email can go a long way in making them feel appreciated.
Be a Good Communicator
Communication is the key to building a successful team of engaged employees. Encourage employees to come to you with questions, concerns, or ideas. Invite feedback during team meetings. Promote a work culture where employees feel comfortable sharing their ideas and provide tools for them to communicate more effectively with each other. In addition, you want to communicate clearly and make sure your employees know exactly what you expect from them. Furthermore, provide regular feedback and seek opportunities to connect with each team member individually.
Provide Opportunities for Growth
Many employees leave companies because they don’t feel like they have room to grow. People who feel stuck at a dead end are more likely to seek new careers. For this reason, it is important to lay out a growth plan and collaborate with each employee to outline a career path that meets their goals. An employee who can visualize their future at an organization is more likely to stick around and work harder to achieve those goals.
Empower Your Employees
Nothing speaks louder than allowing employees to take the reins on their own projects. Leaders should not be there to micromanage, but rather convey trust and facilitate support for their team members. Give your employees the opportunity to take on new projects and tackle new responsibilities. This demonstrates that you trust your employees to do their job well and it empowers them to strive for greater things.