6 Key Strategies for Employee Retention
Whether growing a small business, or managing a larger company, creating a strong, supportive
and productive workforce is key to your success. The costs of employee turnover are immeasurable, including not only the financial and time outlay of recruiting but the loss of productivity and working knowledge as well. So how do you avoid this? We’ve come up with a couple of key strategies to improve your chances of keeping your stellar team intact!!
1. Show your Appreciation
A simple THANKYOU cannot be rated highly enough! So many people leave employers due to feeling unappreciated, and no – the fact you pay them a salary or wage for their work is not what we’re talking about. Find a way to make it personal – a free coffee on Fridays, or pizza on Wednesdays! And remember, this is your thankyou (not the PA or receptionist), so be present and take this opportunity to personally connect and thank your staff.
2. Commit to supporting work/life balance!
With most people feeling time-stressed in today’s society, this is one of the major deciding factors for employees when deciding where to work. There are the obvious big perks which can be incorporated such as flextime and telecommuting however, if these are outside your realm at the moment, think of the things that relate to your employees such as medical appointments or school activities and show some flexibility in attending these.
3. Create clear career paths and learning opportunities for employees!
Employees want to know there is a future for them at your company. By promoting from within whenever possible you give employees a clear path of advancement. If this is not an obvious option for your business, then look at other ways you can develop current employees. Meet with team members regularly, ask what their professional goals are and find ways they can incorporate this into the business through the provision of appropriate training, cross skilling, or access to mentors. These strategies will prevent frustration from lack of advancement and you will certainly notice an increase in productivity when an employee feels valued.
4. Ask for feedback!
Most employees conduct ‘exit interviews’ with leaving employees, but what if you could have changed something prior to them leaving? Consider incorporating ‘stay interviews’ into your employee retention strategies and find out in advance why employees were attracted to you in the first place, why they stay, what would make them leave and what improvements would they suggest! Then action these points where possible. A little time taken to connect with your employees in this way, could certainly save you a lot of time, effort & money down the track.
5. Manage your Team!
It’s may be management 101, but ensure your expectations are clear. Often in small companies, employees have a growing breadth of responsibilities. When expectations start to blur and/or job descriptions become vague, you can start to see drops in work performance, along with morale. Avoid this by ensuring your expectations are clear to your
employees and allow them the opportunity to deliver. Too often managers forget their titles and are too busy ‘doing their job’ to ‘manage’ their team. Get your managers involved. If you have a line of management, ensure you take the time to coach your management team and share your expectation of them to manage & mentor their team as well.
6. Seek Professional Advice!
If you’re a larger company, or quickly expanding, consider hiring a human-resources professional. By putting one person in charge of managing your HR related tasks, this can take a huge load off of you. Skilled HR managers are also up-to-date with current legislation and can ensure you are meeting relevant employment laws and regulations as well incorporating your new retention strategies for you, maybe even come up with some more!
At Trayne Consulting, we offer individual tailored programs to meet business retention and recruitment needs. Our accredited trainers also understand the importance of ongoing training and development within any business to ensure the continued development of your teams. Contact us today for further information or assistance with any aspect of your recruitment, retention and training needs.