Successful businesses operate with happy, experienced employees. In order to keep with this flow, employees have to be retained. How can you expect your employees to become experienced and fully engaged with their work if they aren’t staying with the company long?
Almost 70% of organizations report that employee turnover has a negative financial impact.This is because recruiting, hiring, and training a new employee, added with the overtime that current employees work to compensate for the loss, is much more costly than retaining one individual long term (source).
So how do you minimize employee turnover and start improving business? We’ve gathered some great tips to help you revamp your employee retention strategies today!
The first process that employees should go through is onboarding. This is how they get a feel for what the job will be like and what will be expected of them. If your onboarding is not successful, employees will not feel confident or comfortable in their positions. At the same time, if you’re not setting a good example for new employees during onboarding, they’re less likely to work hard to succeed and keep things up to company standards.
Employees, especially millennials, want training (source). A chance to learn a new skill on the job is a great opportunity, and employees know that it makes them more valuable. Employees are more likely to stay if they’re given more opportunities to learn and grow with the company. Don’t underestimate your employees’ desire for more experience.
It can be tough for employees to gauge what you think of their work if they’re not getting enough feedback. Don’t wait for them to catch you off guard and ask for your input in passing. Make it a point to deliver regular feedback to employees so they know that you appreciate their effort and care about them. Feedback can be as small as noticing something that they’ve done or offering some advice on a difficult task.
An engaged employee is the best thing you can strive for. Engaged employees tend to be happier, safer, and more productive; and making employees feel this way about themselves leads to high employee retention. There are so many easy ways to engage your employees, and you should find something that is received well in your workplace.
Employee retention is important for everyone. It strengthens your team, improves morale, and creates an overall stable business. Don’t wait to start working on a solution for your organization.
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