Does your company have a formal employee retention strategy? If not, you’re not alone.
Why is that? Why wouldn’t companies want to protect their investment in recruiting and employee development, as well as their bottom line? With the Bureau of Labor Statistics showing “quit rates” rising since 2009, without a retention strategy, what’s keeping talent from walking out your door?
In the recent study, “Keep Your Talent From Walking Out”, Globoforce estimates the cost of turnover ranges from 30% to 200+% of the departing employee’s salary. That’s a stunning amount and doesn’t even capture the loss in productivity and investment in hiring and training a replacement.
According to the article, “How to Create a Winning Employee Retention Strategy”, in Entrepreneur Magazine, many business leaders and company owners mistakenly think retention is just about wages. Why an employee wants to stay in the workplace is much more complicated than simply money. Factors include: if the employee feels respected, valued and appreciated; the perceived quality of leadership and their relationship with their boss; if there are opportunities for interesting challenging work; if the work environment is positive and fulfilling; and if there are opportunities for advancement.
Entrepreneur Magazine goes on to recommend that a complete retention program should address four key elements – “performance, communication, loyalty and competitive advantage”.
Everyone wants to do a good job, and no one likes bad surprises. That’s why clear measurable performance objectives tied to company goals are so important. When employees know and understand goals, they become more engaged and committed, and less likely to leave their positions.
Communication about how employees impact the business objectives of the companies they work for are essential to retention. Regular meetings with two-way communication and real information, good listeners in management, and solid employee survey programs that are acted upon and not just filed away in a drawer mean employees have a solid link to business results.
Show Your Loyalty
It’s no secret that company loyalty is a rare beast these days. No more gold watches at retirement, few organizations have pension plans anymore, and wage theft and mass layoffs have devastated many in the workforce. Demonstrate your commitment to your employees regularly as part of your retention plan. Take an interest in their career plans, create opportunities for interesting work on important projects, and show you care about them as employees and individuals and they won’t be looking for other jobs.
Make Sure You Have a Competitive Advantage
Be sure you know and develop your company’s competitive advantage. Give your employees something to be proud of and make sure everyone knows what distinguishes your company from the competition.
We would add a few other critical elements to a robust retention plan in today’s environment:
1. Provide workplace programs designed to support employee needs such as: work flexibility, mentoring programs, commitment to internal hiring/promotion, and workplace wellness initiatives.
2. Create and maintain a positive workplace of respect, appreciation and gratitude. A positive work culture has a measurable and remarkable impact on employee satisfaction, happiness and thus retention.
3. Train managers in recognition and engagement best practices.
To learn more about building a workplace culture of appreciation and gratitude, please download our free eBook, “Workplace Gratitude” by clicking the image below.
Make employee retention a priority in your company today with an integrated employee retention strategy and a commitment to making employees feel valued and appreciated.
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