Employee turnover is a concept that can be interpreted in many different ways. For a startup business owner, employee turnover could be nothing more than a little bend in the road. However, for a seasoned employer it may mean a different story altogether. This involves calculating costs that are both directly and indirectly associated with hiring new employees including the costs of job advertising, recruitment agencies and payment for training and onboarding sessions. To steer clear of these, strengthening your employee retention policies is a good call. Start small by reading the following recommendations of how to retain your best employees:
- Promote when necessary.
There is nothing better than recognising the best efforts of the hardworking and dedicated members of your team. To that end, a well-deserved promotion is a great incentive - it will keep your employees happy and motivated. A note of caution; be sure that your employee is interested and ready for the shift otherwise it will defeat the purpose of the promotion.
- Improve compensation and benefits.
More often than not, keeping employees interested has a lot to do with showing them that their work is valued and appreciated. One of the best ways to do this is to pay them above-industry wages. If you fail to do so, you run the risk of your best employees jumping at the first opportunity to leave your company for a better offer.
- Seek and apply employee input.
There is more to employee retention than just the lures of a competitive salary and a prestigious job title. If you're serious about keeping your employees under your wing, put a lot of effort into reaching out to them - listen to their suggestions and look into which of these can be applied. Keeping communication lines open is a great way to make your employees feel that their best interests are being protected. And for some, that just might be enough reason to stay for good.
- Make room for creativity and innovation.
Whatever you do, don’t let your employees get bored. Boredom breeds disinterest and will likely affect productivity as well. Let your employees’ creativity and zest for innovation soar; that will keep them engaged. Happy employees work harder, giving you the upper hand in hitting the nail on the head where employee retention is concerned.
- Let employees work.
Some business owners and managers have the misconstrued notion that micromanaging their staff is a good way to go. The truth is, it has the opposite effect. Constantly looking over your employees’ shoulders will strain their focus. Instead of checking up on them every so often, give them ample time and space to accomplish projects on their own.
Seeing as employee retention is a simpler, better and more cost-effective way to manage your workforce, could you think of a good reason why you shouldn’t go ahead and put it at the top of your workforce management agenda?
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