Talent, stay
When good employees leave, productivity sinks, morale suffers and colleagues struggle with increased workloads. Add in recruitment and training costs, and onboarding new hires can make for a difficult and expensive transition.
The best solution is to keep your workers happy so they don’t leave. To help you hold on to your top performers, here are five ways to ensure your employees never quit:
Keep them in the loop
Engagement in what your business is doing is a big motivator for employees. It’s also a big money-maker for your business.
Give your employees more ownership in their work and in your company as a whole. By keeping your team in the loop, they’ll be happier in their jobs, more passionate about their work, and more motivated to perform well. This high performance and increased on-the-job happiness will reduce turnover.
Regular performance feedback
Everyone wants to improve, and if employees don’t get constructive performance assessment on a frequent basis, they feel abandoned by the organization. They have no idea what they need to do to improve and as a result feel that no one really cares about helping them do a better job. Employees who don’t get feedback leave for an organization that has employee performance management hardwired into its culture. Show your people that preparing employees for future opportunities is a priority for leadership.
Career development plans
Every employee needs a specific plan for how they’ll learn new skills and get exposure to new opportunities. Leaders are responsible for making sure every employee has a detailed career plan, including potential lateral moves that could enhance their long-term potential.
Save time in meetings
One of the biggest employee motivation killers is wasting their time. Holding a poorly prepared status update meeting that lasts for hours wastes everyone’s time, including your own. Prepare for meetings; replace unnecessary meetings with online real-time tools.
Fair compensation
The most obvious way to retain employees is to satisfy their basic needs: pay and benefits. Without those fundamentals, it’s difficult to attract people through the recruitment process and to hold them if they take a position with you. You must be at least comparable to your competitors to play the game.
Standout organizations with incredible retention rates invest heavily to both discover individuals who align with their vision and values and to build a culture that encourages them to stay. The leader who wants to retain loyal employees makes it an everyday priority. Focus on practices and not only will your retention rates improve, your peers will look at you as the organization to watch in the field.
