Employee retention is critical to business success. Top executives agree that great employees provide value to the team and the company. Better customer experience, team engagement, and succession rate are some of the benefits. In this article at the Balance Careers, Susan Heathfield shares ten tactics for top employee retention.
Strategy for Top Employee Retention
Top employees are not always high performers. They can also be mediocre coworkers who are great team players or senior employees who have a fantastic rapport with customers. When such employees leave, it results in organizational chaos like disengaged and burned out team members. You also have to restart the recruiting process for a new hire.
According to a Gallup study, employee replacement costs almost twice the salary of the employee you are replacing. Also, an organization with 100 employees and $50,000 as average salary encounters $660,000 to $2.6 million in attrition and substitution costs annually. Exit interviews can provide insight into the underlying reason behind the problem. Here are the ten tips for top employee retention:
Set Expectations Clearly
Management thought leaders like Ferdinand Fournies, Marcus Buckingham, and Curt Coffman observed that frequent changes in expectations stress employees. Specify the basic principles and ethics you want them to adhere to.
Provide Proper Mentoring
Employee retention becomes hard when managers provide vague expectations, unclear feedback, irregular meetings, and no career goal setting. Enable an engaging and growth-oriented environment.
Be Open to Discussion
Employees work at the frontline, so they face more issues than management acknowledges. Be open to feedback on organizational issues to increase employee retention rates.
Allow Them to Explore Skills
Talents do not have boundaries. Allow employees to contribute to other departments, explore, and expand their skillsets.
Create an Inclusive Environment
Employees feel motivated when you acknowledge their work. Have an unbiased, diverse, inclusive, equal, and ethical workplace culture.
Arm Them with the Right Tools
You can expect employee attrition to increase if obsolete systems decrease their productivity. Facilitate them with the right equipment to get their best performance.
Let Them Grow
Apart from delivering their regular work, high performers yearn to learn more. Encourage them to attend seminars as well as throw some challenges at them to keep them engaged.
Introduce Them to the Top
Top executives do not usually interact with employees in the lower hierarchies. A one-on-one meeting with a new employee might give them a fresh business perspective.
Never Make Them Insecure
Even if they have been underperforming for a while, avoid declaring their layoff until you are sure. The fear may spread to the best employees also, and your employee retention would go down.
Appreciate Small Wins
Do not wait for the annual review to appreciate their hard work. Acknowledge the small wins always. You can celebrate it with an impromptu pizza party during a break. Reward them with added perks, cash prize, and coupons.
To view the original article in full, visit the following link: https://www.thebalancecareers.com/top-ways-to-retain-your-great-employees-1919038