Retain Your Most Valued Assets
Joy Duce, SPHR, Director of Human Resources email | bio
The current economy may limit your ability to hire new people, and if you are hiring, finding good employees is a constant challenge. Organizations must focus on retaining their best employees. Key employee retention is critical to the long-term health and success of your business. Maintaining a strong work force ensures greater customer satisfaction, increased sales, satisfied staff and effective succession planning.
While some turnover in an organization may be healthy, even desirable, it can impact your bottom line. Estimates suggest that losing a middle manager costs 100 percent of their annual salary. Loss of a senior executive is even more costly, nearly double the individual's annual salary. With these figures at risk, it is evident efforts need to be made to retain your top performers.
Often times most of a company's energy is invested in underperformers. The old adage, "the squeaky wheel gets the grease," rings true throughout many organizations. By placing your efforts on mentoring, guiding and even disciplining poor performers, you neglect your top performers. Dedicate as much time, if not more, to your top talent.
Why Do They Leave?
Employees leave managers more than they leave companies. The quality of supervision an employee receives is critical to employee satisfaction. Take a look at the leadership of your organization. Employees value leaders that provide clarity on expectations, career path and earning potential; regular feedback; and scheduled meetings. A good relationship between an employee and their manager is critical to employee satisfaction and retention. All managers should participate in training to develop strong management skills and be accountable for the engagement and retention of those they manage.
How to Keep Them?
Consider the following strategies for engaging and retaining your employees:
Pay competitive and fair wages - Money is and always will be a motivator. Offering below market wages increases the likelihood that employees will look for work elsewhere. Participate in salary surveys and gather data to ensure you are keeping pace with the market.
Offer a benefits plan - Employees evaluate benefits more now than ever before. Determine what benefits are important to your employees and offer a package comparable to your competitors.
Provide opportunities for advancement - Employees are unlikely to leave if they recognize your organization is interested in helping with their professional development. Make sure employees know what is expected and establish standards to receive a promotion. Provide them with the tools to succeed. Set goals for each individual during the performance appraisal process and continually review them.
Communicate with employees - Employee loyalty increases when employees feel appreciated and included. Have open channels of communication. Providing accurate information from leadership reduces frustration, as well as rumors.
Conduct employee satisfaction surveys - The best way to find out what your employees are thinking is to ask. Conduct an anonymous employee satisfaction survey and determine what is and what is not working.
Recognize accomplishments - Take the time to recognize big accomplishments as well as the little ones. "Thank you" goes a long way.
Be flexible - Employees are willing to go above and beyond for an employer that encourages work/life balance. Offer flexible hours, on-site services (such as dry cleaning, oil changes or day care) and the ability to work remotely.
Have fun! - People spend too much time at work to be serious all of the time. Allow employees to include humor and camaraderie in their day.
If you have any questions, please contact Joy Duce at jduce@KolbCo.com or 262/754-9400.