The inability to retain employees has numerous negative repercussions on businesses. For instance, locating and preparing replacements is expensive, you lose knowledge gained through experience, and overall morale suffers. To avoid the declines in performance and growth that accompany these difficulties, it is imperative that you do everything you can to promote employee retention. Here are some ideas to help you.
Hire the Right People
The first step in employee retention is to be extremely selective when hiring. When conducting interviews, consider not only the skill sets of candidates, but also whether they are good fits for your company culture. Take a close look at credit scores, as they are an indication of a candidate’s diligence and discipline.
If you don’t want them to move elsewhere, pay your indispensible employees a decent salary. Additionally, offer them benefits such as life insurance, health insurance, and a retirement plan. Some employees with unique domestic or health issues may be more inclined to stay if you provide the possibility of telecommuting. Another method of rewarding important employees is by recognizing their contributions with personal thank-you notes and special awards.
Create an Environment Conducive to Production
When employees feel comfortable and safe at work, they are more likely to remain on a long-term basis. Create an office environment that encourages production by offering adequate lighting, a pleasant temperature, and healthy ventilation. Be sure to promote a company culture that engages, motivates, and encourages employees.
Provide Ongoing Training
To keep your employees up to date on new technology and techniques and forestall feelings of boredom and stagnation, offer them ongoing advanced training. This training may take the form of mentoring opportunities, outside seminars, computer programs, audio and video classes, and printed material.
One of the most important factors in employee retention is an open line of communication. Encourage their input during brainstorming sessions. Show an interest in their personal lives. When conducting quarterly reviews and goal setting, be sure that the conversation is an open two-way exchange of ideas.
For more suggestions on employee retention, consult with GrowthCC.