Thursday, November 14th, 2019
Your employees are your greatest assets. When companies find themselves in a situation where they’ve become a revolving door, that typically indicates employees are unhappy and looking for greener pastures elsewhere.
If you want to look at the depressing numbers of how much losing an employee can cost, here’s a good LinkedIn article (but you might want to bring some tissues). What’s even more interesting is the Forbes article that the LinkedIn post cites, which states that employees who leave a company receive on average a 10% to 20% increase in salary.
To keep your employees, you obviously have to offer competitive wages. But there are other factors that play into keeping your employees happy. Here are five quick tips to consider:
1. Shift your retention philosophy
Many companies get caught up in making splashy outside hires. However, you run the risk of missing the talent that sits right under your nose. Make sure you focus on retaining key employees, as well as making good decisions with new hires.
2. Make sure you have great managers
The manager-employee relationship is critical for retention. This relationship and compensation are arguably the two most important factors in employee satisfaction. Having great managers starts with identifying strong leaders, but it continues with weeding out your weak ones.
3. Determine your true retention rate
Believe it or not, one reason why companies struggle with employee retention is due to the fact that they don’t accurately measure retention rates. Measuring your successes and failures will allow you to track progress and patterns—and then set benchmarks that aim for improvement.
4. Encourage employee feedback
While feedback should be a part of any organization, offering opportunities often comes across as lip service. Employees will only offer feedback if they feel like future opportunities are being genuinely discussed, and if good ideas are being implemented.
5. Learn from your mistakes
An exit interview shouldn’t be viewed as a boring step in procedure. These interviews should be approached as a way to glean valuable intel. When an employee is on thier way out, your chance of getting honesty is much higher. Use these opportunities to find out what you’re doing well, and what you aren’t.
Sometimes it takes great pain to retain. It can involve small tweaks, or take fundamental philosophy shifts. No matter the level of commitment, it’s important to focus on retaining your top talent. Because you can be assured that if you’re not keeping an eye on them, one of your competitors probably is.