No business or operation can afford to lose their top talent. The ultimate goal of any organization should be to recruit and retain their human capital.
Increasingly, it’s become a quite a challenge for organizations to keep good people.
The costs associated with talent turnover with regard to employee morale and real dollars is potentially devastating to the substance and growth of any organization moving forward.
How can one expect to build a successful company if employees are coming and going?
When the work environment is essentially a revolving door, it’s virtually impossible for organizations to maintain any momentum. Instead of focusing on the larger goals, managers are forced to retrain new employees constantly, as well as keep their other workers engaged.
Successful employee retention can bring an organization to new heights, weather potential storms and most importantly generate substantial employee morale in which everyone benefits. This translates to potentially much stronger revenue generation.
Premier Search the nation’s leader in successful recruitment and placement of key professionals has concluded that many factors are relevant with regard to employee retention.
It’s all about the relationships between management and employees. As in any relationship, treating employees with respect and dignity is critical to retaining happy employees. Research continues to show that employees who do not feel respected by their employers are over 3 times more likely to leave their jobs within 2 years than those who feel they are treated respectfully.
More than 90% of employees (who are changing jobs) say that they do not receive proper acknowledgement for the work that they do.
When one feels recognized, we feel more motivated to succeed.
- Acknowledge all employees for their accomplishments (when appropriate) and provide them with the freedom to use their judgement
- Appreciate employees in frequent and creative ways, such as public awards or time off
- Solicit employees to find on how they can be more successful and then put words into action.
- Encourage employee’s ideas. Sometimes the solution to problems or business growth ideas are known by employees
- Provide employees with helpful coaching and timely feed back
- Be inclusive with employees and value their input.
- Encourage full communication without fear of negative consequences
- Listen to employee’s complaints and mitigate immediately concerns if possible.
In summary, your employees should feel valued and proud of the work. This will not only do wonders for your employer branding strategy, but will immediately reduce your turnover rate. Develop a work culture that encourages diversity and creativity and put in place effective anti-discrimination policies that promote flexible working, where possible.
Creating a strategy for staff retention is not always easy, but it will greatly benefit any organization.
Bernie Reifkind is the CEO and founder of Premier Search, Inc. a nationwide executive search and placement firm. In addition, Bernie provides career guidance and strategic interviewing techniques to professionals at all levels.