As the economy recovers, employee retention is becoming a key challenge in the work place. High rates of employee turnover can create turmoil, poor morale, increased training costs, and loss of productivity in almost any company. Businesses risk losing top employees, even those who have been with a company for years, who feel they are under-valued. It becomes compounded when you add that challenge with a feeling of employees being de-motivated, it opens the door for employees to look for more fulfilling jobs with competitors or a complete industry change altogether. This is true for all businesses regardless of size.
These feelings reflect increased pressure in the workplace resulting from factors such as budget cuts, downsizing, and a necessity of employees to pick up the slack because of these factors. More employees are taking on more tasks, without being rewarded for it financially or being recognized for their contributions. A recent on-line study of nearly 600 workers indicates that loyalty cannot be bought. The survey identifies alternative solutions to improving retention based on improved communication and empowering performance.
The study of nearly 600 working Americans found that more than half agreed that, after compensation and benefits, feeling that they were appreciated would motivate them to stay in their current position. Also, almost all said opportunities for career advancement would motivate them to stay. And, just over half felt that colleagues appreciated them more than supervisors or senior managers. Other factors that affected those surveyed said they received no useful feedback from supervisors in the last six months. In addition, there is a lack of a clear understanding of how their role contributes to company objectives.
Use these tips for developing strategies to retain good employees to build and grow a successful enterprise.
· Compensate fairly. Money isn’t the only reason people stay, but it does play a significant role in job satisfaction.
· Be open to their ideas. Good leaders listen to their employees and treat them as valuable team members.
- Treat people as equals. Give your employees a sense of ownership, and keep them engaged.
- Provide growth opportunities. Allow your employees to take classes and attend professional development seminars. Challenge them with new responsibilities that help them acquire new skills.
- Say thanks. Just taking the time to say “thank you” is a simple yet effective way to show employees that they’re valued and appreciated.
- Make time. Make an effort to spend one-on-one time with individual employees.
- Be flexible. It’s important to help each employee achieve a balance between their work life and personal life
- Encourage creativity. Employees need to enjoy the work they do, and you need to provide a creative and challenging work environment.
For more information on how your company can help with employee loyalty and retention other employee administration issues, contact LL Roberts HR Department (toll free) at 877.878.6463