Key ways to unlock your employee retention potential
Employee retention is becoming subject to increased focus and higher demand in recent years. Companies are now, more than ever, looking for ways to increase quality of workplace management and employee satisfaction.The financial ramifications of employee retention are significant. Each disengaged employee costs you 34% of their salary, according to a survey by Gallup. It is imperative that companies do not gain a reputation for mistreating their employees as it is a needed factor for company success. A study by Future Workplace shows that 87% of leading HR professionals agree that employee retention is deemed critical, if not, a high priority for companies.
As the costs of hiring and training a replacement can cost from 50% to 200% of the position’s annual salary, according to Hiresmart, it is worth in investing in securing your talent and creating a pleasurable working environment. With this in mind, let’s take a look at the adjustments you can make to boost employee retention and hold on to the blossoming talent in your organisation.
Recruiting well is an important first step. Get a hold of the candidates that are not only experienced and qualified but who you think will best fit your company values. The better the fit for your style of company and management, the more likely they are to stay with you. Extra investment in finding the right person will pay off in the long run.
When it comes to holding on to your most talented employees, it’s important to keep an eye on how your management operates. A survey by Personnel Today shows that 47% of workers dislike their job because of poor management. A further 32% didn’t feel like they related to the company ethos and culture. This can be solved by making sure management are not severely compromising the needs of the staff in doing their job. Be vigilant about company policy as well. Regular reviews and team building days are a good way to keep company values fresh and to better understand employee needs.
Include employees in the decision making process
The bottom line is you, your managers, and staff are a team. Decisions that affect finance, productivity or work ethic should be discussed with the team. Regular meetings where your staff can be involved in the decision making process can really make them feel like they are contributing and are involved in helping your company meet its objectives. A simple survey will let you know how satisfied your staff are, and will allow them to recommend improvements. A free flowing communicative environment will help build employee retention. If your staff are looking at other jobs, there is already a problem. Make sure you act fast and implement changes as it will pay dividend in the long term.
Open communication channels Establishing an open channel and listening to employees is crucial. Very often employee concerns focus on things that limit their productivity and can be easily resolved. Having readily available connections can actually save time and money as well as it allows problems and solutions to be found faster. This makes your employees feel like they are being listened to as well as improving the efficiency of business which, in the long term, will help build a better reputation and boost employee retention.
Reward and recognise your team
The foundations of employee retention are built on making sure your team feel appreciated. Valuing the work of your employees and recognising each and every person as an individual character will really help to build satisfaction, productivity and company loyalty. Try implementing a recognition and rewards scheme to acknowledge the work that is being done to push your company forward.
Employee satisfaction is an investment in the future.This time last year, in a National Employee Survey carried out by Each Person, 52% of employees said they would be looking for a new job in 2018. The need to keep a happy workforce is now more than ever. If employees can see their own effort reciprocated back to them, they will be more inclined to increase productivity.
For more information about the Each Person employee reward and recognition scheme, contact us today.