Employee retention is one of the most fundamental topics in business today, yet retaining key employees is often an overlooked part of the hiring process. We all know that we don’t want to lose our best employees or hire people who will quit in two months. Yet many businesses do not actively try to retain employees. Some employers feel there is little they can do to stop an employee from leaving, especially if they are unable to offer raises or meet other demands.
Fortunately, there are strategies and steps that can be taken to encourage loyalty and retain employees. These techniques can ensure that your employees feel valued while also gaining you more skilled, devoted workers.
1. Increase Opportunities for Retention
Many employees report they feel unsatisfied at work. One way to combat this restlessness in your own employees is to ensure there are some opportunities for learning and advancement.
This doesn’t mean you need to provide extensive training or promise promotions beyond your capabilities. Encourage employees to develop new skills and suggest managers and supervisors to do the same in their jobs. Small projects can go a long way towards making employees feel that they have opportunities to develop professionally.
Of course, any chances for genuine, sustained training and a clear willingness to consider internal hires will do even more to make employees feel valued.
2. Nurture New Hires
Get a clear idea of where the candidates you interview want to go in their career. Not every employee will have a clear goal or plan, and of course you must consider past behavior and capacity for growth first. However, taking note of candidates who truly want to learn and become involved in the company will allow you to select for employees who are likely to make a genuine commitment.
Dedicate some extra time to introducing new hires to the workplace. Encourage suitable employees to make themselves available to new hires for questions or advice. This benefits you, as well, as it may save mistakes and will assist in setting clear expectations.
Go out of your way to debrief with the new employee about their progress, even take them out to lunch to make sure they are socializing well with the rest of the team. These little touches will go a long way to demonstrate your interest in their well being.
3. Collect Feedback from Employees
Collecting feedback from employees can be a vital step in preventing employees who may consider leaving. By offering avenues for feedback – whether written, through supervisors, or at meetings – you will be able to understand what employees are thinking. Consider creating a pathway for employees to provide this feedback anonymously, outside of direct conversations or performance reviews.
4. Pay Appropriately
Unsurprisingly, many employees feel underpaid. As the economy continues to recover from the recession, companies must understand that a lower unemployment rate will increase worker confidence. As a result, employees may search for opportunities elsewhere. Businesses willing to pay higher salaries will have a great advantage, particularly when it comes to highly-skilled workers. Depressed wages may seem like an advantage, but in reality, paying employees below what they are worth can result in dissatisfaction.
There are many reasons employees may choose to leave your company, it would be a mistake to behave as though nothing can be done to stop it. Providing opportunities for growth and making employees feel valued are major steps for reducing turnover. Thankfully, these steps should also leave you with more skilled, dedicated workers.