Employees are the backbone of a company. They are the cogs in the machine that is the business. They understand what your company is all about, they know how to get things done and, most importantly of all, they know each other. Simply stated, employees are an organization's most valuable asset.
When employees don’t feel appreciated, it leads them to explore other opportunities like a new role at a different company or being their own bosses in an entrepreneurial endeavor. Employee Benefit News reports that it costs employers 33% of a worker’s annual salary to hire a replacement when that worker leaves. But this turnover can be avoided when employees are trained correctly, reminded how appreciated they are, and given space to do what they were hired to do. Here are 5 tips to retain your best employees.
Make day 60 as important as day 1. As we have mentioned in other blogs, proper onboarding is crucial to a successful employee’s career. A positive and engaging onboarding experience creates a great first impression and an opportunity to truly engage with the new hire. Scheduled 30-60-90-day check-ins optimize your program and provide new hires with the ideal company experience to start their new career off on the right foot. Ensure your onboarding experience is tip-top with these tips and tricks.
Make professional development a top priority. Guaranteeing that professional development and growth are top priorities at your organization will lead to top talent sticking around. Building a mentorship program to pair senior-level executives with your high performers can contribute to a positive culture, where you develop employees through a learning management system. Also, offering leadership courses, communication styles lessons, and more can keep your employees engaged and growing. By strategically and cost-effectively creating, managing, and delivering personalized training to employees, you can improve employee engagement and retention.
Say thank you. Recognizing your employee’s hard work is crucial to ensure continued employee engagement and satisfaction. Everybody likes to be appreciated and thanked for their hard work! Recognizing your employees for a job well done can avoid turnover. According to Gallup’s annual study of the American workforce, people who routinely feel that their best work is ignored are twice as likely to say they’ll quit in the next year, so it’s easy to see why it’s important to incentivize employees to stick with you. Find five ways to show appreciation to your employees here.
Offer work from home - everyone is doing it! Do your employees really have to be in the office from 9-to-5, five days a week? By incorporating flexible work schedules and telecommuting, you just might find that your employees are more productive and satisfied, and experience less conflict between work time and their personal obligations. It’s very important to outline the policy for success to ensure there’s no ambiguity.
Make sure equipment is up to date for success. Providing your employees with the tools they need to be successful seems like an easy concept to understand. But this takes resources and intentional conversations with each employee to find out how to make their workday a little bit easier. Not only does ancient equipment or lack of certain software solutions make your employees inefficient, but it can also send a message that your company has zero interest in staying up to date with the latest tools and technology. Would Brenda in accounting benefit from a standing desk? Or would Joe from finance be even more efficient with a second monitor screen? These small changes can make a big impact and show employees that you truly care about them.
Companies should value employee retention because it costs time and money to replace employees, especially good ones. Not to mention, a valuable team player leaving the team, can also derail employee morale and team engagement leading others to leave along the way or feel overworked for having to take on additional responsibilities until the position is backfilled. Given this, retaining your top employees should be a top priority especially in this tight labor market.