Losing an employee costs. Losing a great one costs even more. Not only is it necessary to spend time and resources to find a new staff member but also to figure out a way to recover the expertise and knowledge that has left the house. For this reason, companies are more and more looking into ways to retain them.
Minimum requirements for stopping the employees looking for other opportunities are financial compensation that feels just, fair treatment of the employees and decent working conditions. However, this is not enough to keep the stall completely happy.
So if you want employees that are enthusiastic about what they are doing and bring positive energy to their work, look at these tips on employee retention.
1. Hire the right people
The key to employee retention is hiring the right people to begin with. The candidates should naturally have the desired skills but also match with the company’s culture. If there is a clash between the values and expectations of the company and the employee, the relationship might be a short one.
2. Foster employee development
Employees want to stay in companies where they can develop themselves. Gaining new skills helps to keep up with new challenges and investing in the staff creates a feeling of security. If the company is ready to use money to improve the skills of the workers, it is definitely not looking for ways to get rid of them.
It is also important that the employees can see a future within the company. There should be clear career paths for everyone. Seeing that the company constantly promotes its employees shows that they see the potential in their current staff.
3. Create trust
Simon Sinek describes in one of his TED talks organisations where its members feel that everyone, and especially their boss, looks after their best interest in difficult situations. If something goes amiss, the first action is not finding out whose fault it was but how to fix the mistake. This builds a culture of trust and respect that makes the employees want to stay in the company.
4. Give control
High demands and no control over the work have been proven in many researches to cause high levels of stress and even result in burn out. On the other hand, giving employees more control over how they work, or even when and where they work, is connected to decreased levels of stress even if the level of demands is high. Trusting that the employees can make good decisions for the company empowers them and can lead to improved performance.
5. Collecting feedback
Sometimes it is easy to think that everything is going quite all right in the company, especially if the employees do not feel comfortable sharing their thoughts with the management. It is important for companies to find out how the staff members are really feeling and what can be improved. Even more important is to acknowledge that the feedback has been heard and to communicate what will be done to improve matters.