Retaining quality employees is an obvious strategy. The cost of recruitment is high and risky therefore churn rates need to stay low if your business is to be successful.
Employee retention is worth investing time and effort into and creating an environment in which your talent can thrive will pay dividends in the long run. Here are my top six recommendations for how you might approach this:
1. Communicate clearly and often. A lack of communication is the biggest complaint made by employees. So it’s important to keep them informed, invite and listen to their input, and show them they are valued.
2. Employees need to know that their employers think as much and understand their need for work/life balance.
3. Create career pathways that are aspirational in nature. This helps grow the employee within the business. It promotes their effectiveness to the company and their self-worth.
4. Provide opportunities for training. These not only help the employee become better in their role but have the positive side effect of showing that the employer is investing in them.
5. Say ‘thanks,’ for a job well done and showing your appreciation goes a long way to creating loyalty and increasing those personal feel-good vibes.
6. Give employees some space to manage themselves rather than breathing down their necks.
Andrew Ross | Business Advisor