Employee retention should be something every business worries about. In addition to the actual monetary cost of losing employees, there’s the hard-to-quantify costs of decreased productivity and effect it has on your remaining employees. Instead of dealing with the ramifications of high employee turnover, businesses should focus on employee retention keeping the employees they have happy and engaged. Here are five key employee retention strategies for you to try:
1. Hire the right employees
The best way to retain employees is by hiring the right employees, to begin with. With 52% of employee turnover occurring within the first year of employment, it’s apparent that what a company does isn’t always the primary factor in whether an employee stays or goes. Those employees that leave within the first year were not the right fit from the very beginning. Avoid that expensive mistake by taking more time and care when hiring. Take the time to find the right person and save yourself the headache of losing them almost immediately.
2. Create and foster the best managers possible
It’s often said that employees don’t quit companies, they quit managers. It may sound like a cliché at this point, but it’s never been more accurate. Employees may love the company they work for. They may totally buy into the mission statement, the culture, everything the company stands for, but if they have a bad manager, they are still likely to leave. Avoid losing employees for this reason by helping managers learn how to lead and manage employees effectively and kindly.
3. Measure employees performance
People like to know how they are doing. Or more specifically, they want to know they are doing well! Entrepreneur suggests helping employees understand how they are doing at your company by setting clear and achievable objectives, ensuring employees receive feedback as they strive to achieve those objectives, and recognizing those employees when they do.
4. Recognize and show appreciation for employees
Speaking of recognition, an important employee retention strategy is recognizing employees and their performance. We recently shared several easy ways to say thank you to employees if you’re looking for specific ways to show your employees how much you care.
5. Invest in employees
Investing in your employees is more than simply recognizing them (though that’s important as well). Keep your employees around by showing them you care about their careers, not just the work they are doing right now. Have regular meetings between employees and managers to discuss the employee’s’ future with the company. Consider offering continuing education incentives, professional certification bonuses, and company sponsored conferences. Employees will feel appreciated and they will learn new skills (or enhance their current skills), which they will then use to the company’s benefit.
Don’t miss out on the true value of your employees by overlooking the importance of employee retention! If you haven’t been employing an employee retention strategy, it isn’t too late. Start with one of these today.