Some employee turnover is inevitable, and arguably necessary. At times, turnover replaces employees that perform poorly with more productive ones, and new people tend to bring in new ideas. However, high turnover is undesirable.
When it comes to high turnover, it can cost your company valuable time and money in terms of:
- Recruiting costs
- Orientation time
- Lost productivity
- Potential client dissatisfaction
- Lost expertise
The time to work on your company’s retention and work environment is not during a crisis. It is best to organize your efforts, establish processes and work on talent management now.
Employees who are satisfied, feel valued and are happy at work are generally more productive and likely to stay at their job longer. According to a number of reports, happier employees are also more innovative and enhance the overall work environment. So how do you go about ensuring the happiness of your employees to increase efficiency and your retention rate?
There are a number of tactics you can consider when it comes to employee retention. Find a strategy that fits your company culture and use it to your advantage. Some of our suggestions include:
Offer a competitive benefits package. When possible, provide proper health insurance, retirement savings plan, etc. Benefits play a significant role in the lives of your employees as well as their families.
Provide perks. Small seemingly insignificant gestures, like free brunch on occasion, are a way to show your employees you appreciate them.
Promote within. Employees with the potential for career advancement and promotions can get comfortable and are more likely to stay with their job longer if they see a future for themselves.
Conduct performance reviews. Performance reviews help companies gauge employee satisfaction and also tell employees you are interested in their progress and performance within the organization. The secret is in conducting it regularly, and not just when things go wrong.
Hire an HR professional. Putting someone in charge of your benefits, perks, reviews and related tasks helps streamline your processes and ensures everything is taken care of. In addition, putting all this responsibility with an HR professional is a wise decision because it will ensure consistency and you will benefit from their expertise.
A good motto to remember for your team is to “Retain and gain.” Keeping your employees happy means better retention rates that lead to saved time and money for your company. Consider utilizing an HR professional for your retention efforts so you can find the best possible solutions for your growing business.
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