Employee turnover is painful, both to morale and to a company’s bottom line. While it is inevitable that employees will come and go, you can reduce the frequency of employee turnover by being proactive. Here are some tried and true suggestions to help.
Work to “keep” employees BEFORE you even hire them. Employee retainment efforts should start at the point of hiring. A stellar resume isn’t enough. Consider more than a candidate’s education and experience in your hiring decision. Does your potential hire “fit” into your team and company culture?
Pay competitively – both in salary and benefits. Know what your industry pays. But also research what other benefits and perks (bonuses, flexibility, etc.) will draw – and keep – quality folks on board. Don’t just establish a good baseline; keep current on marketplace trends too.
Make what they do matter. Employees need to see how their job fits into the big picture and how their role is valued and necessary to the company as a whole. Provide opportunities for your team to work together. Solicit their ideas and suggestions and make it clear that their voice is heard.
Keep them current. What’s on the horizon for the company? What ideas are you working on? What challenges are you dealing with and goals are you reaching for? Let your employees know. They’re more likely to be invested in your plans if they’re part of the conversation.
Help them see a future with your company. Demonstrate that you’re committed to a long term working relationship. Encourage upward mobility. Invest in opportunities for your team’s growth and learning.
Foster an engaged and positive workplace. Focus on the good. Provide positive reinforcement. Highlight milestones and accomplishments. Incentivize goal achievement (find out what makes your team happy and, when possible, put that on the table as an incentive to meet/exceed goals). While there are plenty of (costly) formal employee reward and recognition programs available, never underestimate the power of a simple acknowledgment for a job well done.
Provide quality feedback. Year-end reviews are important, but so too is ongoing feedback. Maintain open lines of communication so that any concerns or questions (by either management or employees) can be addressed promptly.
The bottomline is this – people want to work for people who appreciate them. So appreciate your people!